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DXB Entertainments 9-month revenue tumbles 77%

Issac John /Dubai
issacjohn@khaleejtimes.com Filed on November 5, 2020
A glimpse of MotionGate at Bollywood Parks at Dubai Parks and Resort.

(Neeraj Murali)

The company said its nine-month operating costs was substantially reduced to Dh205 million from Dh449 million in the same 2019 period

DXB Entertainments said on Thursday its revenues for the first nine months plummeted 77 per cent to Dh109 million, compared to Dh330 million in the same 2019 period, mainly due to six months of closure warranted by Covid-19 restrictions.

The company said its nine-month operating costs was substantially reduced to Dh205 million from Dh449 million in the same 2019 period. The improvement of 54 per cent reflects the company’s effective implementation of the cost optimisation programme despite the challenging environment.

In a statement, the company said adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) loss of Dh114 million shows an improvement of 25 per cent for the first nine months of 2020, compared to the same period last year, a reflection of the company’s efficiency programme and the cost mitigation initiatives implemented at the onset of the pandemic in March 2020.

“We responded quickly and efficiently to the pandemic, and this has been clearly reflected in the 25% improvement in our adjusted EBITDA loss for the nine-month period, despite the challenging market environment,” said Mohamed Almulla, CEO and managing director, DXB Entertainments.:

“We are happy to have partially re-opened our destination in September 2020 and would like to thank the UAE government and our operator partners who helped us implement global theme park safety standards.

“We are currently in the process of rolling out many exciting surprises with the launch of our new rides and the re-opening of our theme parks. We are working closely with our partners to promote Dubai Parks and Resorts as a preferred family staycation destination,” said Almulla.

“During the closure of operations from March to September 2020, we have focused on the enhancement plan which includes addition of 10 new rides in Bollywood Parks™ Dubai and 2 new rides in Motiongate Dubai. I am pleased to announce that with the latest addition of thrill rides, Motiongate Dubai will become the region’s largest theme park by number of rollercoasters,” he said.

-- issacjohn@khaleejtimes.com

author

Issac John

Editorial Director of Khaleej Times, is a well-connected Indian journalist and an economic and financial commentator. He has been in the UAE's mainstream journalism for 35 years, including 23 years with Khaleej Times. A post-graduate in English and graduate in economics, he has won over two dozen awards. Acclaimed for his authentic and insightful analysis of global and regional businesses and economic trends, he is respected for his astute understanding of the local business scene.





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