November 16, 2022
iCreate Limited (ICREATE ) for the nine month ended September 30, 2023 reported a 21% decrease in Revenue totaling $78.38 million compared to $99.64 million in the corresponding period last year. Revenue for the third quarter had a 31% increase to close at $34.59 million compared to $26.42 million for the comparable quarter of 2022.
Cost Of Sales amounted to $18.94 million (2022: $31.68 million), this represents a decrease of 40% year over year. Consequently, gross profit decreased by 13% to $59.44 million compared to $67.97 million for the nine month ended September 30, 2022. The company booked gross profit of $24.22 million for the third quarter versus $20.80 million reported for the similar quarter of 2022.
Administrative & General Exp increased by 103% to close at $68.65 million (2022: $33.80 million), while Depreciation & Amortization increased by 95% from $5.07 million in 2022 to $9.90 million in the period under review. As a result, total operating expenses for the nine month ended September 30, 2023 amounted to $186.04 million, a 379% increase relative to $38.88 million reported in 2022.
Net Operating Loss before tax for the nine month ended September 30, 2023, amounted to $126.42 million, relative to a profit of $29.84 million reported in 2022. Net Operating Loss before tax for the third quarter amounted to $4.23 million (2022: Profit of $7.59 million). Finance Costs totalled $23.69 million a 476% increase from the corresponding period last year. (2022: $4.11 million).
Pre-tax loss for the nine month ended September 30, 2023, amounted to $150.12 million, relative to a profit of $25.72 million reported in 2022. Pre-tax loss for the third quarter amounted to $13.96 million (2022: profit of $6.91 million).
There was no Income Tax for the nine month ended September 30, 2023. Net Loss for the period to $150.12 million, from a profit of $25.72 million reported in 2022. For the third quarter, Net Loss for the period was $13.96 million (2022: Profit of $6.91 million).
Consequently, Loss Per Share for the nine month amounted to $0.16 (2022: EPS: $0.03), while Loss Per Share for the quarter totaled $0.01 (2022: EPS: $0.01). The twelve month trailing LPS was $0.23 and the number of shares used in these calculations was 949,685,242.
Notably, ICREATE ‘s stock price closed the trading period on November 16, 2023 at a price of $1.03.
Balance Sheet Highlights
As at September 30, 2023, total assets increased 248% to close at $699.56 million (2022: $201.08 million). The increase was largely due to the 1,168% increase in ‘Property, plant and equipment’ which closed at $91.36 million (2022: $5.11 million).
Shareholder’s equity was $17.99 million (2022: $36.27 million), representing a book value per share of $0.02 (2022: $0.04).
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