May 01, 2025
Dolphin Cove Limited (DCOVE)
Audited Financials for the Twelve Months Ended December 30, 2024:
All figures are stated in USD unless otherwise indicated
Dolphin Cove Limited (DCOVE) reported an 11% decrease in total revenue for the twelve months ended December 30, 2024, totaling $15.30 million compared to $17.11 million in the corresponding period last year. Total revenue for the fourth quarter decreased by 14%, closing at $3.34 million compared to $3.91 million for the comparable quarter of 2023.
Direct costs amounted to $2.36 million (2023: $2.39 million), representing a 1% decrease year over year. Consequently, gross profit decreased by 12% to $12.94 million compared to $14.72 million for the twelve months ended December 30, 2023. The company booked a gross profit of $2.46 million for the fourth quarter versus $2.87 million reported for the similar quarter of 2023.
Selling expenses increased by 13%, closing at $3.08 million (2023: $2.72 million), while administrative expenses decreased by 31% from $3.84 million in 2023 to $2.66 million in the period under review. As a result, total expenses for the twelve months ended December 30, 2024, amounted to $9.86 million, a 5% decrease relative to $10.39 million reported in 2023.
Profit before finance income and costs for the twelve months ended December 30, 2024, amounted to $2.94 million, a 31% decrease relative to $4.27 million reported in 2023. Loss before finance income and costs for the fourth quarter amounted to $232,347 (2023: loss before finance income and costs of $446,553). Net finance costs totaled $594,742, an 86% increase from the corresponding period last year (2023: $318,996).
Pre-tax profit for the twelve months ended December 30, 2024, amounted to $2.35 million, a 41% decrease relative to $3.95 million reported in 2023. Pre-tax loss for the fourth quarter amounted to $433,796 (2023: pre-tax loss of $482,148).
Taxation for the twelve months ended December 30, 2024, increased by 42% to reach $520,795 (2023: $896,271). Net profit for the twelve months amounted to $1.83 million, a 40% decrease from the $3.06 million reported in 2023. For the fourth quarter, net loss was $506,453 (2023: net loss of $619,580).
Consequently, earnings per share for the twelve months amounted to $0.0047 (2023: EPS: $0.0078), while loss per share for the quarter totaled $0.0013 (2023: LPS: $0.0016). The number of shares used in these calculations was 392,426,376.
Notably, DCOVE’s stock price closed the trading period on April 30, 2025, at $11.44 with a corresponding P/E ratio of 15.73x.
Balance Sheet Highlights:
The company’s assets totaled $37.19 million, a 2% decrease from $37.93 million booked in 2023. This decrease was attributable to property, plant and equipment , which amounted to $26.26 million (2023: $26.37 million).
Shareholders’ equity was $30.74 million (2023: $31.91 million), representing a book value per share of $0.08 (2023: $0.08).
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