DXBE's first quarter 2021 revenues drop to Dh55m

Dubai’s biggest theme park operator - DXB Entertainments had first quarter revenues of Dh55.45 million, and down from the Dh100.24 million same time last year. DXBE is currently at an advanced stage of its takeover by Dubai Holding entity Meraas and once the Meraas acquisition is done, the DXB Entertainments stock will be delisted.

DXBE was able to bring down losses for the first three months to Dh359.8 million against Dh564.63 million a year ago. However, the next quarters only will give a true comparison, as the COVID-19 related closures become more apparent on the financials.

DXB Entertainments is the owner-operator of Dubai Parks and Resorts, one of the most popular theme park destinations in the region. At the end of the first quarter, the company’s total assets were valued at Dh7.02 billion, down on the Dh7.19 billion from a year ago.

Admission revenue for the first three months were Dh16.36 million, a steep drop from the Dh40 million plus from a year ago.

In its statement on the first quarter 2021 results, DXB Entertainments note: “Due to the seasonality of the business and the COVID-19 impact, the results for the period ended 31 March 2021 are not indicative of the results that may be expected for the financial year ending 31 December 2021.”