August 16, 2024
iCreate Limited (ICREATE)
Unaudited financials for the six months ended June 30, 2024:
iCreate Limited (ICREATE) for the six months ended June 30, 2024, reported a 55% increase in Revenue totaling $67.83 million compared to $43.79 million in the corresponding period last year. Revenue for the second quarter had a 90% increase to close at $34.93 million compared to $18.34 million for the comparable quarter of 2023.
Cost of Sales amounted to $12.68 million (2023: $12.77 million), this represents a decrease of 1% year over year. Consequently, gross profit increased by 78% to $55.15 million compared to $31.02 million for the six months ended June 30, 2023. The company booked gross profit of $29.09 million for the second quarter versus $14.47 million reported for the similar quarter of 2023.
Administrative & General Expenses decreased by 7% to close at $38.91 million (2023: $41.69 million), while Depreciation & Amortization increased by 125% from $4.54 million in 2023 to $10.22 million for the period under review. As a result, total operating expenses for the six months ended June 30, 2024, amounted to $49.12 million, a 68% decrease relative to $153.72 million reported in 2023.
Operating Income for the six months ended June 30, 2024, amounted to $6.75 million relative to the Operating Loss of $122.68 million reported in 2023. Operating Income for the second quarter amounted to $5.18 million, an increase from the Operating loss of $114.29 million reported in 2023. Finance Costs totalled $2.89 million, a 79% decrease from the corresponding period last year. (2023: $13.47 million).
Profit before taxation for the six months ended June 30, 2024, amounted to $3.86 million relative to the Loss before taxation of $136.16 million reported in 2023. Profit before taxation for the second quarter amounted to $3.81 million whilst for the similar quarter in 2023 Loss before taxation of $124.34 million was recorded.
Net Loss for the six months amounted to $1.22 million, a 99% decrease from the Net Loss of $136.16 million reported in 2023. For the second quarter, Net Profit was $1.19 million from the Net Loss of $124.34 million reported in 2023.
Consequently, Loss Per Share for the six months amounted to $0.001 (2023: LPS: $0.20), while Earnings Per Share for the quarter totaled $0.001 (2023: LPS: $0.16). The twelve-month trailing LPS was $0.02, and the number of shares used in these calculations was 949,685,242.
Notably, ICREATE ‘s stock price closed the trading period on August 16, 2024, at a price of $0.46.
Balance Sheet Highlights
The company’s assets totalled $716.02 million (2023: $690.09 million). This increase was attributable to ‘Property, Plant and Equipment’ which amounted to $109.19 million (2023: $83.85 million). Additionally, ‘Accounts Receivables’ also contributed to the increase equating to $49.49 million (2023: $27.57 million).
Shareholder’s equity was $277.01 million (2023: $319.03 million), representing a book value per share of $0.29 (2023: $0.34).
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