April 1, 2022
Dolphin Cove Limited (DCOVE), for the year ended December 31, 2021 reported total revenue of US$7.64 million, a 79% increase when compared to US$4.28 million booked the year prior. Total revenue for the quarter amounted to US$2.20 million (2020: US$668,236).
Revenue from Dolphin Attraction contributed US$3.87 million to total revenue; this represents a 72% increase when compared to the US$2.24 million reported in the prior year. Revenues from the Ancillary Services totalled US$3.78 million, an 85% increase from last year’s US$2.04 million.
Total direct cost for the period totalled US$888,202 a 14% increase from the US$782,081 reported in FY20.
Gross profit for the period grew by 93%, to US$6.75 million relative to 2020’s total of US$3.50 million, while for the quarter gross profits closed at US$1.93 million, relative to the US$611.37 reported in FY20. ‘Other Income’ generated for in the financial year was to US$200.82 relative to the US$286.10 of last year.
Total operating expenses saw a decrease of 7%, moving from US$5.10 million in 2020 to US$4.74 million. The decrease was primarily due to:
A 26% decline in Selling Expense which amounted to US$1.24 million (2020: US$1.66) &
A 9 % decrease in Administrative Expenses to US$743,201 (2020: US$820,717)
Finance income for the year also grew, totalling US$372,751 relative to US$51,782 last year, while finance cost increased from US$551,816 in 2020 to US$169,866 million
Profit before taxation amounted to US$2.25 million relative to the loss before tax of US$1.32 million booked the prior year and after taxes of US$519,445 (2020: US$305,219), Net profit for the period was US$1.51 million compared to net loss of US$1.13 million booked the prior year.
Earnings per stock unit for the year ended December 31, 2021 totalled US$0.0039 relative to loss per stock unit of US$0.0029 in 2020. The trailing twelve-month EPS amounted to US$0.005. The number of shares used in the calculation was 392,426,376 units. The stock traded at J$25.91 as at March 31, 2021 with a corresponding P/E ratio of 37.30 times.
DCOVE noted: “After 16 months of pause, the Cruise Line Industry resumed operations in Jamaica on August 16th, with the arrival of the Carnival Sunrise ship at the port of Ocho Rios and, on September 21st, MSC Cruise Lines also resumed operations in Jamaica. In Q3, Jamaica received 6 arrivals of cruises and Dolphin Cove hosted nearly 1,000 guests from cruise ships. We expect to have a gradual increase in the arrivals in the following 6 months.”
Balance Sheet Highlights:
As at December 31, 2021, the company’s assets totalled US$31.62 million, 31% more than the US$24.08 million reported as at December 31, 2021 due largely to a massive jump in the balance of ‘Cash and cash equivalents’ which grew to US$2.42 million (2020: US$381,395).
The company closed the financial period with shareholders’ equity in the amount of US$27.17 million (2020: US$18.90 million) which resulted in a book value per share of US$0.049 or JMD$7.67 (2020: US$0.068, JMD$9.69).
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