iCreate reports 44% increase in six months net profit

August 17, 2021

iCreate Limited (ICREATE) for the six months ended June 30, 2021 reported revenues of $23.86 million, 39% down from $39.27 million reported a year ago. For the quarter, ICREATE posted revenue of $15.44 million (2020: $14.76 million). Management noted, “ The uptick in revenues, for the June 20, concluded second quarter, was driven by our corporate partnership and growth in our business to consumer (B2C) market through our Digital Marking training programme.”

Total direct costs amounted to $4.23 million for the six months period compared to $6.77 million for the first six months of 2020. Thus, resulting in gross profit of $19.63 million relative to $32.50 million booked last year. Gross profit for the quarter amounted to $12.81 million versus $13.17 million booked for the second quarter of 2020. Other income for the period amounted to $5.40 million relative to $30,288 for 2020.

Administrative expenses declined 34% to $13.64 million (2020: $20.80 million) for the six months. Depreciation and amortization expense close at $1.952 million (2020: $1.950 million).

As such, operating profit for the period closed at $9.43 million in contrast to a profit of $9.78 million for the corresponding period of 2020. Operating profit for the second quarter closed at $5.23 million (2020: $4.68 million).

Finance cost for the first six months amounted to $5 million relative to $6.69 million booked twelve months earlier.

Consequently, net profit for the six months period amounted to $4.44 million versus a profit of $3.09 million twelve months earlier. For the second quarter, net profit totalled $2.53 million compared to a net profit of $1.84 million booked in the corresponding quarter last year.

Earnings per share (EPS) amounted to $0.022 compared earnings per share of $0.016 for the same period of 2020. The EPS for the quarter amounted to $0.013 relative to a EPS of $0.009 reported in 2020. The trailing twelve months LPS is $0.04. The number of shares used in this calculation was 197,592,500 shares. iCreate traded on August 16, 2021 at $0.76.

Balance Sheet at a Glance: 

As at June 30, 2021, total assets increased to close at $60.57 million (2020: $56.56 million). The increase was largely due to an increase in ‘Trade and other receivables’ which closed at $28.89 million (2020: $15.68 million).

Shareholder’s deficit totalled $3.97 million compared to a shareholders’ deficit of $2.51 million quoted as at June 30, 2020. This resulted in a shareholders’ deficit of $0.043 (2020: $0.13).


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