1 EBITDA adjusted to exclude one-time and non-recurring charges and income
2 Operating costs comprise salaries and other employee benefits, marketing and selling costs and other expenses including but not limited to utilities, operator and intellectual property costs. Operating costs exclude depreciation and amortisation.
9M 2019 Highlights
DXB Entertainments PJSC (DFM: DXBE) announced today its financial results for the nine months ended 30 September 2019, reporting AED 330 million in revenues, 1.80 million visits and 60% occupancy at the Lapita™ Hotel.
Adjusted EBITDA loss of AED 151 million shows an improvement of 13% for the first nine months of 2019, compared to the same period last year, a reflection of the company’s efficiency programme with further cost savings identified and implemented during the third quarter of 2019. Operating costs for the 9M 2019 period were AED 449 million, compared to AED 530 million in the 9M 2018, an improvement of 15%.
Theme park revenue during the third quarter was AED 49 million with a revenue per capita of AED 122. Hospitality revenue totalled AED 15 million during Q3 2019 at an ADR of AED 421 reflecting summer yields.
Commenting on the 9M 2019 financial results, Mohamed Almulla, CEO and Managing Director, DXB Entertainments PJSC, said: “We have made good progress in further optimising our cost structure and creating a leaner and more efficient business. Consequently, adjusted EBITDA loss improved by 13% to AED 151 million for the first nine months of 2019, which is in line with our EBITDA breakeven strategy.
“We are on track with the enhancement works at MOTIONGATE™ Dubai and Bollywood™ Parks Dubai, which are expected to be completed in H1 2020. The enhancements will benefit our visitors by offering a broader choice of entertainment and thrill rides and are expected to increase dwell times and drive repeat visitation.
“We are ramped up for a busy Q4, with a great line up of activities and special promotions to celebrate the holidays.”
During the year MOTIONGATE™ Dubai was awarded the best theme park and LEGOLAND® Water Park was awarded the best water park in the UAE at the Time Out Kids Awards 2019.
For further information, please contact:
Abdul Rahman Al Suwaidi, Investor Relations Manager, DXB Entertainments PJSC
Anca Cighi, Senior Director, FTI Consulting
DXB Entertainments PJSC
DXB Entertainments PJSC is the Dubai-based owner and operator of Dubai Parks and Resorts, the region’s leading integrated leisure and entertainment destination. The Company is traded on the Dubai Financial Market (DFM) under the trading symbol “DXBE”. We bring together a portfolio of world-class brands to offer entertainment in the areas of theme parks, retail and hospitality.
For more information, go to: www.dxbentertainments.com