June 6, 2024
iCreate Limited (ICREATE)
Audited financials for the year ended December 31, 2023:
iCreate Limited (ICREATE) for the year ended December 31, 2023, reported a 101% increase in Revenue totaling $160.27 million compared to $79.63 million in the corresponding period last year. Revenue for the fourth quarter had a 509% increase to close at $81.89 million compared to a deficit of $20.01 million for the comparable quarter of 2022.
Direct cost amounted to $23.81 million (2022: $30.17 million), this represents a decrease of 21% year over year. Consequently, gross profit increased by 176% to $136.45 million compared to $49.46 million for the year ended December 31, 2022. Additionally, the company booked gross profit of $77.02 million for the fourth quarter versus $18.51 million gross loss reported for the similar quarter of 2022.
Administrative & General Exp increased by 159% to close at $220.64 million (2022: $85.24 million), while Depreciation & Amortization increased by 204% from $6.59 million in 2022 to $20.03 million in the period under review. As a result, total operating expenses for the year ended December 31, 2023, amounted to $240.67 million, a 162% increase relative to $91.84 million reported in 2022.
Net Operating Loss for the year ended December 31, 2023, amounted to $101.31 million, a 143% increase relative to $41.63 million reported in 2022. Net Operating Loss for the fourth quarter amounted to $25.11 million (2022: $71.47 million). Finance Costs totalled $42.49 million, a 715% increase from the corresponding period last year. (2022: $5.21 million).
Pre-tax loss for the year ended December 31, 2023, amounted to $143.80 million, a 207% increase relative to $46.84 million reported in 2022.
Loss after tax for the year amounted to $153.90 million, a 229% increase from the $46.84 million reported in 2022. For the fourth quarter, loss after tax was $3.76 million (2022: $75.57 million).
Consequently, Loss Per Share for the year amounted to $0.16 (2022: LPS: $0.05). The number of shares used in these calculations was 949,685,242.
Notably, ICREATE ‘s stock price closed the trading period on June 05, 2024, at a price of $0.41.
Balance Sheet Highlights
The company’s assets totalled $709.74 million (2022: $718.13 million). This decrease was attributable to a fall in intangible assets amounting to $37.02 million for the year ended December 31, 2023 (2022: $48.38 million). In addition, there was a notable decrease in due from related parties which equated to $598,576 for 2023 (2022: $6.82 million).
Shareholder’s equity was $290.86 million (2022: $457.53 million), representing a book value per share of $0.31 (2022: $0.48).
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