ICREATE reports six months net profit of $16.50 million

August 16, 2022

iCreate Limited (ICREATE) for the six months ended June 30, 2022 reported revenues of $80.89 million, 239% up from $23.86 million reported a year ago. For the quarter, ICREATE posted revenue of $34.50 million (2021: $15.44 million). Management noted, “this strong performance was positively impacted by a mix of new business clients as well as existing opportunities from our pipeline which were closed in Q2.”

Total direct costs amounted to $33.01 million for the six months period compared to $4.23 million for the first six months of 2021. Thus, resulting in gross profit of $47.88 million relative to $19.63 million booked last year. Gross profit for the quarter amounted to $22.59 million versus $12.81 million booked for the second quarter of 2021. Other income for the period amounted to $8,795 relative to $5.40 million for 2021.

Administrative & General expenses increased 108% to $28.43 million (2021: $13.64 million) for the six months. Depreciation and amortization expense close at $1.39 million (2021: $1.95 million).

As such, operating profit for the period closed at $18.06 million in contrast to a profit of $9.43 million for the corresponding period of 2021. Operating profit for the second quarter closed at $6.90 million (2021: $5.23 million).

Finance cost for the first six months amounted to $1.56 million relative to $5 million booked twelve months earlier.

Consequently, net profit for the six months period amounted to $16.50 million versus a profit of $4.44 million twelve months earlier. For the second quarter, net profit totalled $6.39 million compared to a net profit of $2.53 million booked in the corresponding quarter last year.

Earnings per share (EPS) amounted to $0.084 compared earnings per share of $0.022 for the same period of 2021. The EPS for the quarter amounted to $0.032 relative to a EPS of $0.013 reported in 2021. The trailing twelve months LPS is $0.10. The number of shares used in this calculation was 197,592,500 shares. iCreate traded on August 15, 2022 at $4.27.

 Balance Sheet at a Glance: 

As at June 30, 2022, total assets increased 113% to close at $128.86 million (2021: $60.57 million). The increase was largely due to the 532% increase in ‘Investment or Other Non-Current Assets’ which closed at $49.51 million (2021: $7.83 million).

Shareholder’s equity totalled $26.06 million compared to a shareholders’ deficit of $3.97 million quoted as at June 30, 2021. This resulted in a book value of $0.13 (2021: deficit per share of $0.02).



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