February 20, 2023
iCreate Limited (ICREATE) for the year ended December 31, 2022 reported revenues of $136.05 million, 314% up from the $32.83 million reported a year ago. For the fourth quarter, ICREATE posted $28.98 million in revenue (2021: $1 million). Management noted, “This strong performance was positively impacted by our expansion initiatives, the acquisition of Vertical Creative Ltd. and Get Paid Ltd. at the beginning of the year. It is also noteworthy that during the Christmas period, our Advertising Division performed exceptionally well, boosting Revenue for the quarter.”
Total direct costs amounted to $48.06 million for the year compared to $8.34 million for the year of 2021. Thus, resulting in gross profit of $88.00 million relative to $24.49 million booked last year. Gross loss for the quarter amounted to $19.55 million versus a profit of $338,350 booked for the fourth quarter of 2021. Other income for the year amounted to $744,314 relative to $5.33 million booked in 2021.
Operating profit for the year closed at $25.78 million in contrast to a loss of $22.37 million for 2021. Operating profit for the fourth quarter closed at $331,993 million, relative to a loss of $29.00 million booked in 2021.
Finance cost for the year amounted to $2.95 million relative to $9.89 million a year prior.
Consequently, net profit for the year amounted to $22.83 million versus a loss of $32.26 million in 2021. For the fourth quarter, net loss totalled $349,856 million compared to a loss of $34.29 million booked in the corresponding quarter last year.
For the year, ICREATE reported comprehensive profit of $22.83 million, relative to a comprehensive loss of $32.26 million booked in 2021. While for the quarter, total comprehensive loss amounted to $349,856 million versus a loss of $34.29 million booked for the corresponding period.
Earnings per share (EPS), for the year ended December 31, 2022, amounted to $0.02 compared to a LPS of $0.03 for 2021. The loss per share for the quarter amounted to $0.0004 relative to LPS of 0.04 reported in 2021. The number of shares used in this calculation was 949,685,242 shares. iCreate traded on February 17, 2023 at $1.87 with a corresponding P/E of 77.78x.
Balance Sheet at a Glance:
As at December 31, 2022, total assets increased to close at $852.93 million (2021: $75.56 million). The increase was largely due to a $287.79 million increase in ‘Cash and bank balances’ which closed at $334.90 million (2021: $47.12 million).
Shareholders’ earnings totalled $673.52 million compared to a shareholders’ earnings of $9.56 million quoted as at December 31, 2021. This resulted in a book value per share of $0.71 relative to $0.01 in 2021.
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 effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
