ICREATE reports year end net loss of $29.06 million

August 31, 2021

iCreate Limited (ICREATE) for the year ended December 31, 2020 reported revenues of $58.38 million, up from the $46.16 million reported a year ago. For the fourth quarter, ICREATE posted revenues of $11.25 million (2019: $6.88 million).

Total direct costs amounted to $22.13 million for the twelve months period compared to $24.12 million for the twelve months of 2019. Thus, resulting in gross profit of $36.24 million relative to $22.04 million booked last year. Gross loss for the quarter amounted to $2.91 million versus a profit of $3.01 million booked for the fourth quarter of 2019.

iCreate reported other income for the year end amounted to $34,985 relative to $559,258 for 2019, while the other loss for the quarter totalled $33,271, relative to an income of $4,499 booked in 2019.

Administrative expenses declined 11% to $45.94 million (2019: $51.90 million). Depreciation and amortization expense increased year over year to close at $3.99 million versus $3.18 million recorded for the corresponding period in 2019.

As such, operating loss for the period closed at $13.65 million in contrast to a loss of $32.48 million for the corresponding period of 2019. Operating loss for the fourth quarter closed at $14.01 million (2019: $21.07 million).

Finance cost for the year ended December 31, 2020 amounted to $15.42 million relative to $12.96 million a year ago. No taxes were recorded for the period (2019: $510,122), therefore, net loss for the year ended December 2020 amounted to $29.06 million versus a loss of $45.95 million in 2019. For the fourth quarter, net loss totalled $26.80 million compared to $21.55 million booked in the corresponding quarter last year.

Total comprehensive loss closed the twelve months period at $21.99 million versus a loss of $45.95 million booked at the end of 2019.

Loss per share (LPS) amounted to $0.15 compared to a LPS of $0.23 for the same period of 2019. The loss per share for the quarter amounted to $0.14 relative to $0.11 reported in 2019. The number of shares used in this calculation was 197,592,500 shares. iCreate closed the trading period on August 30, 2021 at $0.81.

Balance Sheet at a Glance:

As at December 31, 2020, total assets decreased to close at $36.36 million (2019: $42.68 million). The decrease was largely due to a $7.01 million decline in ‘Property, plant and equipment’ which closed at $13.53 million (2019: $20.54 million).

Shareholder’s deficit totalled $26.98 million compared to a shareholders’ deficit of $4.98 million quoted as at December 31, 2019. This resulted in a shareholders’ deficit per share of $0.14, versus a deficit per share of $0.025 booked 2019.



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