Date: June 25, 2018
Dolphin Cove Limited (DCOVE) held its Annual General Meeting today June 25, 2018 at the Courtleigh Hotels & Suites. Hosted by Mr. Stafford Burrowes, the company’s Chairman, opened the proceedings by giving a brief overview of the 2017 financial year performance.
For the financial year 2017 Mr. Burrowes stated that the company has seen an, “Excellent Performance” for the period with the overall sales increasing by 9% as well as a 33% climb in EBITDA compared to the last year. The Chairman alluded to a slight impact on the DCOVE’s performance for 2017 due to the State of Emergency. However, there has been a reduction in the crime rate in St. Ann and should lead to an increase in business activity for the park. Additionally, Dolphin Cove was able to increase the payment of dividends “by 33% from 0.60 to 0.80 cents per share, one of the largest growth in the Junior Market Exchange in 2017,” remarked the chairman.
With the expectation of at least 4.6 million visitors to the island in 2018, the company is anticipating an increasing and positive impact on its operations. Mr. Burrowes noted that, “the high way has made business exceptionally well with the ease to travel down to the park.” He further added that, September is known to be a bad month due to the possible hurricanes to the island which could disrupt the vacations of many visitors. On the other hand, the July to August period is known as the best time with July being the record breaking month year over year.
Outlook for 2018
- A new development to be seen at Puerto Seco Beach for the next 2 months
- Dolphin Encounter park in St. Lucia by year end
- Good cruise ship and Hotel base businesses
- Expansion by opening of more parks
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