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07 Nov 2018
DXB Entertainments reports dip in profits for Q3 2018
BY
Luke Cloherty
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The company’s theme parks business saw 70 per cent of revenue in Q3 2018 driven by admissions and 27 per cent through in-park spend
photo: Shutterstock.com
UAE-based Operator DXB Entertainments has posted quarter-on-quarter losses in revenue and gross profit for Q3 2018. Revenue dropped by 11 per cent AED103m (US$28m, €24.4m, £21.3m), while gross profit was down by 13 per cent to AED89m (US$24.2m, €21.1m, £18.4m) in the quarter compared with Q3 2017.
However, there was brighter news for the company as pre-tax profits (EBITDA) rose by 10 per cent to AED 82m (US$22.3m, €19.4m, £17m).
The company’s theme parks business saw 70 per cent of revenue in Q3 2018 driven by admissions and 27 per cent through in-park spend.
Notably, it has increased the annual pass price at both of its Legoland theme parks and at its Bollywood Parks Dubai site for the forthcoming Winter 2018-19 season.
DXB owns Dubai Parks and Resorts and manages a number of Meraas-owned leisure and entertainment offerings in Dubai.
Launched in 2016, Dubai Parks and Resorts is a large, multi-themed leisure and entertainment destination which comprises three separate theme parks – Motiongate Dubai, a Hollywood movie inspired theme park; Legoland Dubai, the first Legoland theme park in the Middle East; and Bollywood Parks Dubai, an entertainment destination based on India's Bollywood movie industry.
It also operates Legoland Water Park, the region’s first water park catering to families with children aged 2-12.
The company's future plans include the opening of Six Flags Dubai in late 2019.
“The third quarter of the year is typically our slowest period, as it is affected by the heat of the summer months, however we are pleased to report 5 per cent growth in visits during the third quarter and 33 per cent growth in the first nine months of the year, when compared to the same respective periods last year,” said Mohamed Almulla, CEO and managing director, DXB Entertainments.
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