Margaritaville Turks considers new strategy for megaships as passenger numbers rise

 




Margaritaville Turks for the six months ended November 30, 2024, reported total passenger count for the period of 642,119, compared to 411,728 for the similar period in the last year. This 56 per cent increase in passenger count produced revenue of US$4.44 million.


MV Turks is a subsidiary of Margaritaville Caribbean Limited. Established in 1995, Margaritaville Caribbean Group Ltd. owns and operates a portfolio of restaurant, nightclub and tour concepts. The groups entertain experiences are located in tourism and transportation hubs in Jamaica, Grand Cayman, St. Thomas and Turks and Caicos.

Net profit earned for the year to date by MV Turks was US$549,138 for an EPS of 0.814 US cents. For the similar period in the prior year, net profit was US$299,734 for EPS of 0.444 US cents.

Revenue for the comparative six-month period in the prior year was US$3.34 million.

Passenger numbers have been steadily rising. Revenue for the quarter was US$1.91 million. This was earned from the 286,171 passengers that cruised into the Grand Turk Cruise Center on 74 vessels. Revenue for the comparative period in the prior year was US$1.54 million, earned from 185,739 passengers on 51 vessels.

Net profit for the quarter of US$160,561 resulted in earnings per share (EPS) of 0.238 US cents. Net profit for the similar period in the prior year was US$70,107 for an EPS of 0.104 US Cents.

Management states that they are examining how to further capitalize on the increased capacity being brought in by the mega ships as well as the increased ship calls.

They said in the company report released on the Jamaica Stock Exchange, “We have already commenced setting up satellite beverage stations and are monitoring them to ensure these efforts result in incremental net profits.”

In November quarter total passenger count increased by more than 54 per cent compared to the similar period last year but also surpassed the similar quarter in the pre-pandemic benchmark year of 2019 when 256,299 passengers sailed into the port.

Passenger totals for Q2 2025 is now the new highest second quarter result, management noted.

Cost of sales for Q2 was higher, , registering 27.03 per cent compared to 24.27 for the similar period in the prior year. For the six-months period to date, the ratio is 26.73 per cent compared to 25.37 per cent for the similar year to date position in the prior year.

Management states that it is continuing to review the cost structure for efficiency. “The company has in place arrangements with suppliers and other creditors that are satisfactory, and these allow the business to flow seamlessly,” it was outlined.

Photo credit: Margaritaville Turks by Tripadvisor.

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