THE management of Margaritaville (Turks) Limited is buoyantly anticpating another solid performance after seeing its profits for financial year 2023 surpass pre-COVID-19 levels.

The company benefited from the spend of over 875,000 tourists who mainly disembarked Carnival Corporation’s largest ships — such as
Carnival Mardi Gras and
Carnival Celebrations — up to year end on May 31, 2023. Both vessels have carrying capacity for 6,500 passnegers.

Due to the battering from Category 3 Hurricane Fiona on September 20, 2022, which resulted in property and equipment damage and weeks of inactivity due to cancellation of ship callings at the Carnival Corporations-owned Grand Turk Cruise Center, the company’s revenues fell just short of the 2019 record of US$7.59 million.

For the year ending May 31, 2023 Margaritaville (Turks) generated sales of $7.26 million, compared with US$2.62 million earned in the previous year.

At the company’s annual general meeting (AGM) on Wednesday, January 17 the company’s chief financial officer, Roland Clarke, told shareholders that the company is now close to bringing cost of sales, as a percentage of revenues, to be lower than or in line with pre-COVID-19 levels. So far Margaritaville (Turks) has implemented strategies to temper inflationary pressures occasioned by the COVID-19 pandemic and supply chain challenges stemming from the war in Ukraine.

“The group’s bulk-buying initaitives and forward-purchasing arrangements that fix prices for longer durations would have been pivotal in this achievement. This was complemented by ongoing training and adherence to standards by the culinary team,” Clarke shared, adding that the company has also increased the prices of products.

Total comprehensive income for FY 2023 of US$1.67 million took the company out of the red, having reported a loss of US$609,138 in the previous year.

“It is my absolute pleasure that Magaritaville (Turks) had a good year, a great year. Our team continues to provide excellent service during the year, resulting in strong customer satisfaction,” CEO Ian Dear said at the AGM.

While noting that it is too early to forecast results for the current fiscal year, Dear told
Jamaica Observer that the projections from its partner Carnival Corporations indicate a “significant improvement” in cruise arrivals that will include vessels from other cruise lines calling on the port in Grand Turk. Additionally, Turks and Caicos Islands (TCI) tourism stakeholders have indicated a very “promising outlook” for the 2023/24 winter season and beyond.

According to TCI tourism marketing agency, Experience Turks & Caicos, “In the first quarter of 2024 there will be increased marketing in our key source markets and feeder markets to attract more affluent, multigenerational travellers to our luxury, multi-island destination.”

With this in mind, Dear informed
Business Observer, “So, we have seen that momentum and we anticipate that…we will see definite growth. They were forecasting in excess of the best year that we have seen since COVID and so we’re hoping that that will be realised.”