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).
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 affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
