The operator of Dubai Parks & Resorts, DXB Entertainments, achieved revenue of AED103m ($28m) during the third quarter of this year, down about 10 per cent from the AED115m made during the same period of last year.
Turnover for the first nine months of 2018 was AED392m, compared with AED395m for the same period last year. DXB Entertainments says that, on a like-for-like basis with revenue for project management services discounted from last year, sales for the first nine months of this year have grown by 5 per cent.
For profitability, earnings before interest, tax, depreciation and amortisation (Ebitda) losses continued to improve due to operating cost efficiencies. Ebitda loss improved by 23 per cent in the third quarter of this year compared with the third quarter of 2017. Ebitda loss for the first nine months of 2018 improved by 51 per cent, compared with the same period in 2017.
“The business continues to focus on reaching Ebitda break-even and we have achieved a 51 per cent improvement over the first nine months of 2018, with an Ebitda loss of AED173m compared with AED353m for the same period last year,” said Mohamed Almulla, CEO and managing director, DXB Entertainments.
Visits during the third quarter of this year reached 501,394, an increase of 5 per cent compared with the same period last year. For the first nine months of 2018, 1.96 million visitors came to the park, an increase of 33 per cent compared with the same period in 2017.
The average occupancy for the Lapita Hotel at Dubai Parks & Resorts was 59 per cent for the first nine months of this year, compared with 30 per cent for the same period in 2017.
You might also like...
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.