October 03, 2023
iCreate Limited (ICREATE) for the year ended December 30, 2022 reported a 143% increase in Revenue totaling $79.63 million compared to $32.83 million in the corresponding period last year.
Cost Of Sales amounted to $30.17 million (2021:$8.34 million), this represents an increase of 262% year over year. Consequently, gross profit increased by 102% to $49.46 million compared to $24.49 million for the year ended December 30, 2021.
Administrative & General Exp increased by 75% to close at $85.24 million (2021: $48.85 million), while Depreciation & Amortization increased by 98% from $3.34 million in 2021 to $6.59 million in the period under review. As a result, total operating expenses for the year ended December 30, 2022 amounted to $91.84 million, a 76% increase relative to $52.18 million reported in 2021.
Net Operating Loss before tax for the year ended December 30, 2022, amounted to $41.63 million, a 86% increase relative to $22.37 million reported in 2021.
Pre-tax loss for the year ended December 30, 2022, amounted to $46.84 million, a 45% increase relative to a loss of $32.26 million reported in 2021.
Net loss for the period amounted to $46.84 million, a 45% increase from the loss of $32.26 million reported in 2021. For the fourth quarter, Net Operating Loss after tax was $70.26 million (2021: $36.13 million).
Consequently, Loss Per Share for the year amounted to $0.05 (2021: LPS of $0.03). The number of shares used in these calculations was 949,685,242. Notably, ICREATE ‘s stock price closed the trading period on October 02, 2023 at a price of $1.03.
Balance Sheet Highlights
As at December 31, 2022, total assets increased to close at $718.13 million (2021: $75.56 million). The increase was largely due to a $287.79 million increase in ‘Deposit on acquisition of subsidiary’ which closed at $470.60 million (2021: nil) and ‘ Deferred cost of acquisition in progress’ which closed at 176.04 million (2021: nil).
Shareholder’s equity was $457.53 million (2021: $9.56 million), representing a book value per share of $0.48 (2021: $0.01).
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