Dolphin Cove is seeing an improvement in its revenues as more visitors trek to its marine attraction and visitor spend increases.

In a report to shareholders, directors of the company disclosed that for the second quarter ended June 30, 2022, visitors to the marine park increased 120 per cent when compared to the same period in 2021. At the same time, revenue per visitor has increased 12 per cent relative to pre-pandemic times. Both attendance and revenue surpassed the outturn for the April to June quarter of 2019, which was pre-pandemic.

Total revenue for the three-month period ended June 30, 2022 improved by 96 per cent to US$4.19 million, up from US$2.13 a year prior, according to unaudited financial statements posted on the Jamaica Stock Exchange website.

The increase in visitors not only contributed to revenue growth but also fuelled expenditure, which swelled 187 per cent. For the second quarter, expenditure amounted to US$2.1 million, compared to US$740,085 in the corresponding period in 2021.

At US$1.04 million, net profit after tax was 15.6 per cent lower than the US$ 1.24 million recorded in Q2 2021.

For the six months ended June 30, 2022, Dolphin Cove’s revenue rose 135 per cent to US$6.76 million, while operating expenses increased 125 per cent.

“Profits YTD (year-to-date) increased from US$1.1 million to $1.8 million not only from increased revenue but also due to management of our costs and expenses, as during Q2 the company spent 29 per cent less than in pre-pandemic Q2-2019, due to some efficiencies that were put in place in 2020. The net profit at the end of Q2-2022 was also seven per cent greater than pre-pandemic Q2-2019,” the directors stated.

The directors have added that they have strengthened the company’s balance by improving working capital by US$900,000.