

The board of iCreate will continue to pursue an aggressive merger and acquisition (M&A) strategy despite the impact of acquisition costs on its financial performance in the last year.
This strategy, the directors say, will accrete to shareholder value.
“Since embarking on our M&A strategy in 2021, total assets have surged from J$75.56 million to J$709.74 million in 2023, reflecting an impressive 839 per cent increase. Similarly, our equity has strengthened, moving from J$9.56 million in 2021 to J$290.86 million in 2023. This growth underscores our commitment to enhancing shareholder value and solidifying our financial position,” iCreate chairman, president and CEO Tyrone Wilson told shareholders in the company’s recently published annual report.

Additionally, he pointed out that the company more than doubled its revenue last year, moving from J$79.63 million in 2022 to end 2023 with J$160.27 million
“This was driven by the successful integration of our subsidiaries and the expansion of our services. Adjusting for one-off acquisition and finance costs totalling J$149.51 million, our profit before taxation would have been approximately J$5.71 million, underscoring our operational profitability,” Wilson explained further.
Interest on loans taken to fund iCreate’s acquisitions resulted in finance costs increasing significantly from J$5.2 million in 2022 to J$42.5 million in 2023.
Net loss as a result grew year over year from J$46.8 million in 2022 to J$153.9 million in 2023.
According to Wilson, if the company excluded one-off expenses relating to the acquisition, the net loss for 2023 stands would be J$46.9 million, increasing marginally.

(Photo: Facebook @VisualVibeLTD)
The iCreate is, however, bullish on the company’s acquisition strategy driving revenue growth.
“Our aggressive M&A strategy remains a cornerstone of our expansion. The acquisition of VisualVibe.com Limited marked a significant milestone, enhancing our presence in the digital advertising sector. Visual Vibe represents a pivotal addition, providing high-quality digital advertising services and significantly contributing to our revenue growth. It stands as a testament to our strategic focus on becoming a leader in the digital and creative economy,” Wilson said.
“As we look to the future, our focus remains on leveraging strategic acquisitions to broaden our service offerings and cement iCreate’s position as a leader in the digital and creative economy. We are committed to enhancing shareholder value through innovative solutions and sustainable growth,” he added.
Beyond boosting revenue in the short run, iCreate’s directors say that the acquisition strategy should yield long-term benefits.
In its management discussion and analysis the company reiterates that while it faced challenges with the finance costs of the Visual Vibe acquisition, there were operational efficiencies including streamlining of processes and cost-savings.
In addition, the iCreate directors say they are “laser-focused on driving innovation, enhancing synergy across our operations, and achieving sustainable growth, marking a year of significant strategic achievements.”
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