June 14, 2024
iCreate Limited (ICREATE)
Unaudited financials for the first quarter ended March 31, 2024:
iCreate Limited (ICREATE) for the first quarter ended March 31, 2024, reported a 27% increase in revenue totalling $32.90 million compared to $25.95 million in the corresponding three months last year.
Cost Of Sales amounted to $6.84 million (2023: $8.40 million), this represents a decrease of 19% year over year. Consequently, gross profit increased by 49% to $26.06 million compared to $17.55 million for the first quarter ended March 31, 2023.
Administrative & General Exp increased by 10% to close at $19.42 million (2023: $17.60 million), while Depreciation & Amortization increased by 210% from $1.69 million in 2023 to $5.23 million for the three months. As a result, Total Operating Expenses for the first quarter amounted to $24.65 million, a 3% decrease relative to $25.45 million reported in 2023.
Net Operating Income before tax for the three months amounted to $1.79 million relative to net operating loss of $7.90 million reported in 2023. Finance and Policy Costs totalled $1.52 million, a 61% decrease from the corresponding period last year. (2023: $3.91 million).
Pre-tax profit for the first quarter ended March 31, 2024, amounted to $271,000 relative to pre-tax loss of $11.81 million reported in 2023.
Net Loss after tax for the three months amounted to $2.18 million, an 82% decrease from the $11.81 million reported in 2023.
Loss per share amounted to $0.002 (2023: LPS of $0.01). The twelve-month trailing LPS was $0.15, and the number of shares used in these calculations was 949,685,242. Notably, ICREATE ‘s stock price closed the trading period on June 13, 2024, at a price of $0.41.
Balance Sheet Highlights
The company’s assets totalled $712.06 million (2023: $730.78 million). This reduction was attributable to intangible assets amounting to $36.10 million for the first quarter of 2024 (2023: $47.36 million). Additionally, ‘Due from related party’, also contributed to the decrease equating to $1.14 million for the first quarter of 2024 (2023: $9.21 million).
Shareholder’s equity was $281.83 million (2023: $443.81 million), representing a book value per share of $0.30 (2023: $0.47).
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