The group, which also owns WhiteWater World and Skypoint on the Gold Coast, announced a net profit of $664.7 million on Friday after a $97.4 million loss the year before.
Ardent chief executive Greg Yong said the result was a significant achievement given the substantial challenges the organisation has faced since the 2016 tragedy and the COVID-19 pandemic.
"We are in the midst of an incredibly exciting time, with new attractions launching progressively over the coming years," Mr Yong said.
Theme park operating revenue increased 70 per cent from the prior year to $83.9 million with total attendances up 39 per cent, although growth slowed in the second half as inflationary pressures bore down on consumers.
But the figures were inflated by the sale of Ardent's US-based entertainment centre chain Main Event to Dave & Busters for $682.4 million, meaning the group's continuing operations were $17.7 million in the red.
Activist investor David Kingston brought some spice to the earnings call, accusing Ardent's board of trying to put a positive spin on a disappointing result.
"Let's call a spade a spade. In the second half of financial year '23 EBITDA (earnings before interest, tax, depreciation and amortisation) in theme parks was zero, and that's embarrassing compared with $35 million EBITDA in financial year '16," he said.
Mr Kingston was equally unimpressed with Ardent's announcement it would conduct an on-market buyback of 10 per cent of its shares after determining its cash balances were surplus to requirements.
"To be frank it's a very feeble capital management announcement," he said.Â
"$141 million of cash, no debt, freehold property ownership, surplus land; it's what everyone would describe as a very, very lazy balance sheet. So to offer $25 million back to shareholders is very, very disappointing.
"Overall for an iconic theme park it's been a terrible outcome and continues to be a terrible outcome."
Chairman Gary Weiss did not flinch.
"It's just a repetition of your entirely self-serving, intellectually flawed analysis which frankly is about as superficial a deconstruction of the recent history of Dreamworld as can be imagined," Dr Weiss responded.
He said Mr Kingston completely ignored the challenges Ardent had faced over the intervening years, and while it had taken longer to repair the business than expected, the board is pleased with its current trajectory.
The group is eyeing off 55 hectares of surplus land abutting its Dreamworld site at Coomera, where short stay accommodation opportunities would complement its theme parks.
Mr Yong rued current zoning restrictions, which prevent high-density construction.
The company announced on Thursday it had settled a shareholder class action lawsuit filed in June 2020 to recoup the losses of people who bought shares in the company in the two years before the tragedy on the Thunder River Rapids Ride.
Ardent would incur a one-off cost of about $4 million in connection with the settlement and the balance of the settlement payment was fully insured, the company said in a statement to the ASX.
Ardent shares soared 5.7 per cent to 56c by noon.
