Working capital increased 167% compared to December 2020

Tourist attraction Dolphin Cove has delivered strong second quarter results which have seen revenues growing to US$2.1 million.

For the half-year period, revenues amounted to US$2.9 million compared to the US$3.3 million posted in 2020, which benefitted from a strong pre-pandemic period in the first quarter of last year. Despite continuing to operate in a highly challenging and COVID-19 impacted environment, Dolphin Cove made its mark during the second quarter.

The management reports that the positive performance was due to the fact that its “commercial strategies were focused on generating as much sales as possible from the greater tourism traffic to Jamaica within the three months and our parks continued to benefit from the local market”.

Dolphins Cove still affected by COVID restrictions

Of the US$2.9 million in revenue for the six months in 2021, US$2.1 million was generated in Q2. Even within the second quarter, the operations of the Dolphin Cove were still affected by restrictions derived from the sanitary requirements and restrictions.

These include capacity limitations and reduced operating hours/days in all the parks. The focus of the management has been to ensure that the parks maintain a slim and controlled operation sufficient to provide a high-quality service to our guests and maintaining the well-being of our staff members and the animals under our care.

As a result of the increase in sales and the strict control over fixed costs and expenses, the company achieved a net profit of US$1.1 million. The working capital increased 167 pedr cent compared to December 2020.

This was as a result primarily of the increase in cash and collections in trade receivables derived from the business recovery. The Dolphin Cove Group continues to show a solid net assets base and strong balance sheet.

To date the Group has only utilised US$850,000 from the credit line equivalent to US$2,000,000 from Sagicor Bank. Due to the good performance shown in the second quarter of the year, Dolphin Cove generated US$683,000 in cash from operating activities.

Dolphin Cove ended the first half of the year with a net increase in cash resources of US$350,000.