November 14, 2022

Expressed in United States Dollars unless otherwise stated

Dolphin Cove Limited (DCOVE), for the nine months ended September 30, 2022 reported total revenue of US$11.20 million, a 106% increase when compared to US$5.44 million booked the year prior. Total revenue for the quarter amounted to US$4.44 million (2021: US$2.57 million).

Revenue from Dolphin Attraction contributed US$5.74 million to total revenue; this represents a 112% increase when compared to the US$2.71 million reported in the prior year. Revenues from the Ancillary Services totalled US$5.46 million, a 99% increase from last year’s US$2.74 million.

Total direct cost for the period totalled US$1.17 million an 89% increase from the US$620,969 reported in 2021.

Gross profit for the period grew by 108%, to US$10.03 million relative to 2021’s total of US$4.82 million, while for the quarter gross profits closed at US$3.91 million, relative to the US$2.30 million reported in of the prior period. Other income for the nine-month period amounted to US$103,803 relative to the US$208,967 of last year.

Total operating expenses saw an increase of 105%, moving from US$2.93 million in 2021 to US$6.00 million. This increase was primarily due to:

A US$1.13 million increase in other operating expenses which closed at US$2.83 million (2021: US$1.69 million).

The 290% increase in selling expense which amounted to US$2.17 million (2021: US$555,952).

Administrative expense on the other hand rose by 47% to US$1.01 million (2021: US$684,198).

For the third quarter total expenses rose by 79% to US$2.35 million (2021: US$1.31 million).

Finance income fell by 80%, totalling US$59,344 relative to US$295,543 last year, while finance cost increased from US$215,442 in 2021 to US$231,125.

Profit before taxation amounted to US$3.95 million relative to the US$2.18 million booked the prior year. For the quarter, profit before taxation closed at US$1.50 million compared to loss before taxation of US$1.06 million twelve months earlier.

After taxes of US$988,439 (2021: US$64,806), Net profit for the period was US$2.97 million compared to US$2.11 million booked the prior year. Net profit for the quarter amounted to US$1.13 million when compared to US$1.03 million reported in 2021.

Earnings per stock unit for the nine months totalled US$0.0076 relative to US$0.0054 in 2021. EPS for the quarter amounted to US$0.0029 relative to US$0.0026 in 2021. The trailing twelve-month EPS amounted to US$0.006. The number of shares used in the calculation was 392,426,376 units. The stock traded at J$13.79 as at November 14, 2022 with a corresponding P/E ratio of 15.09 times.

Balance Sheet Highlights:

As at September 30, 2022, the company’s assets totalled US$33.43 million, 1% more than the US$33.03 million reported as at September 30, 2021. This was as a result of an increase in ‘Cash and cash equivalents’ which totalled US$3.45 million (2021: US$$2.03 million).

The company further added, “Dolphin Cove continues to benefit from a very strong financial position with significant available liquidity and cash flow generation.”

The company closed the financial period with shareholders’ equity in the amount of US$28.14 million (2021: US$28.77 million) which resulted in a book value per share of US$0.072 or J$10.95 (2021: US$0.073, J$10.80).

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