November 15, 2024
Dolphin Cove Limited (DCOVE)
Unaudited financials for the nine months ended September 30, 2024:
Expressed in United States dollars unless otherwise stated:
Dolphin Cove Limited (DCOVE) for the nine months ended September 30, 2024, reported a 10% decrease in Total Revenue totaling US$11.95 million compared to $13.21 million in the corresponding period last year. Total Revenue for the third quarter had a 19% decrease to close at US$3.18 million compared to US$3.94 million for the comparable quarter of 2023.
Direct costs amounted to US$1.47 million (2023: US$1.36 million), this represents an increase of 9% year over year. Consequently, gross profit decreased by 12% to $10.48 million compared to US$11.85 million for the nine months ended September 30, 2023. The company booked gross profit of US$2.81 million for the third quarter versus US$3.58 million reported for the similar quarter of 2023.
Selling costs increased by 4% to close at US$2.68 million (2023: US$2.57 million), while administrative costs increased by 23% from US$1.31 million in 2023 to US$1.61 million in the period under review. As a result, total expenses for the nine months ended September 30, 2024, amounted to US$7.47 million, a 7% increase relative to US$7.00 million reported in 2023.
Profit before finance income and costs for the nine months ended September 30, 2024, amounted to US$3.17 million, a 33% decrease relative to US$4.72 million reported in 2023. Profit before finance income and costs for the third quarter amounted to US$512,286 (2023: US$1.30 million).
Pre-tax profit for the nine months ended September 30, 2024, amounted to US$2.78 million, a 37% decrease relative to US$4.44 million reported in 2023. Pre-tax profit for the third quarter amounted to US$267,387 (2023: US$1.27 million).
Taxation for the nine months ended September 30, 2024, had a 41% decrease to reach US$448,138 (2023: US$758,839).
Net Profit for the nine months amounted to US$2.33 million, a 37% decrease from the $3.68 million reported in 2023. For the third quarter, Net Profit was US$206,779 (2023: US$952,962).
Consequently, Earnings Per Share for the nine months amounted to US$0.0059 (2022: US$0.0094), while Earnings Per Share for the quarter totaled US$0.0005 (2023: EPS: US$0.0024). The twelve-month trailing EPS was JMD$0.69, and the number of shares used in these calculations was 392,426,376.
Notably, DCOVE’s stock price closed the trading period on November 14, 2024, at a price of $19.94 with a corresponding P/E ratio of 28.77x.
Balance Sheet Highlights
The company’s assets totalled $37.34 million; a 6% increase from $35.08 million booked in 2023. This increase was attributable to ‘Property, Plant and Equipment’, which amounted to $26.46 million (2023: $21.71 million).
Shareholder’s equity was $31.23 million (2023: $29.78 million), representing a book value per share of $0.08 (2023: $0.08).
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