Theme park operator sees profit fall
DXB Entertainments’ hotel occupancy and visitor numbers increase in first half
DXB Entertainments reported a 3.33 per cent fall in second-quarter revenue to Dh116 million, compared to Dh120 million a year ago, due to lower visitor numbers.
Out of the Dh116 million, Dh80 million was generated through theme parks, Dh5 million through retail and Dh17 million through hospitality, the theme parks operator said in a statement yesterday.
In a statement to the Dubai Financial Market (DFM), the company said that hospitality revenue increased year on year by 47 per cent to Dh17 million in the quarter. Average occupancy stood at 46 per cent and the average daily rate stood at Dh556 for the second quarter.
For the first half, the operator reported a more than three per cent increase in revenue to Dh289 million, compared to Dh279 million.
“The business is making good financial and operational progress under our clearly defined strategy. Our primary focus is on driving footfall, generating repeat visitation through a simplified pricing structure and increasing brand awareness through targeted marketing initiatives,” said Mohammad Al Mulla, CEO and managing director of DXB Entertainments PJSC.
The operator attracted 1.46 million visits in the first half of the year, an increase of 46 per cent compared to the same period last year. Al Mulla said that EBITDA (earnings before interest, tax, depreciation and amortisation) continued to improve from a loss of Dh247 million in the first half of 2017, to a loss of Dh92 million this year: a 63 per cent improvement.