October 03, 2023
iCreate Limited (ICREATE) for the year ended December 30, 2022 reported a 143% increase in Revenue totaling $79.63 million compared to $32.83 million in the corresponding period last year.
Cost Of Sales amounted to $30.17 million (2021:$8.34 million), this represents an increase of 262% year over year. Consequently, gross profit increased by 102% to $49.46 million compared to $24.49 million for the year ended December 30, 2021.
Administrative & General Exp increased by 75% to close at $85.24 million (2021: $48.85 million), while Depreciation & Amortization increased by 98% from $3.34 million in 2021 to $6.59 million in the period under review. As a result, total operating expenses for the year ended December 30, 2022 amounted to $91.84 million, a 76% increase relative to $52.18 million reported in 2021.
Net Operating Loss before tax for the year ended December 30, 2022, amounted to $41.63 million, a 86% increase relative to $22.37 million reported in 2021.
Pre-tax loss for the year ended December 30, 2022, amounted to $46.84 million, a 45% increase relative to a loss of $32.26 million reported in 2021.
Net loss for the period amounted to $46.84 million, a 45% increase from the loss of $32.26 million reported in 2021. For the fourth quarter, Net Operating Loss after tax was $70.26 million (2021: $36.13 million).
Consequently, Loss Per Share for the year amounted to $0.05 (2021: LPS of $0.03). The number of shares used in these calculations was 949,685,242. Notably, ICREATE ‘s stock price closed the trading period on October 02, 2023 at a price of $1.03.
Balance Sheet Highlights
As at December 31, 2022, total assets increased to close at $718.13 million (2021: $75.56 million). The increase was largely due to a $287.79 million increase in ‘Deposit on acquisition of subsidiary’ which closed at $470.60 million (2021: nil) and ‘ Deferred cost of acquisition in progress’ which closed at 176.04 million (2021: nil).
Shareholder’s equity was $457.53 million (2021: $9.56 million), representing a book value per share of $0.48 (2021: $0.01).
Disclaimer
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
