Investment Research and Sovereign Risk Analyst at JMMB Group, Leovaughni Dillon, says Dolphin Cove is on track to have a record-breaking year as the company continues to benefit from the boom in Jamaica’s tourism industry.

Speaking on Taking Stock with Kalilah Reynolds, Dillion said the company posted impressive first-quarter results that could easily lead to a record year if the momentum continues. 

For its first quarter ended March 31, Dolphin Cove recorded a 88% increase in revenues to US$4.9 million, up from US$2.6 million for the same period last year.

The company also reported US$1.6 million in net profits for the period. 

In its report, the company also noted that its Q1 2023 revenue performance was 25% higher than its pre-COVID Q1 2019 results.  

Dillion highlighted that the company’s improved performance is likely due to the reopening of Jamaica’s tourism sector.

“In Q1, the number of stopover visitors to Jamaica remained stable compared to pre-pandemic times, while the introduction of new ‘mega ships’ significantly improved cruise passenger arrivals, providing Dolphin Cove with meaningful sales growth,” the company noted in its report.

It also noted that an uptick in park visitors played a key role in boosting overall revenues. 

According to the report, the number of guests in the first three months was 21% higher than pre-pandemic levels.

Dillion noted that the stock market reacted positively to the news; the company’s stock shot to almost $17 following the release of the company’s results. The stock price fell slightly, closing the week at $15.45.

The Research Analyst said the company’s results are consistent with similar tourism-based companies that were impacted significantly by the pandemic but are recovering as the tourism industry rebounds.