Revenues down 38% to $23.86 million

iCreate, Jamaica’s sole listed creative company, grew its net profit for the half-year period to $4.44 million versus $3.09 million 12 months earlier.

For the second quarter, net profit totalled $2.53 million compared to a net profit of $1.84 million booked in the corresponding quarter last year. As such, operating profit for the period closed at $9.43 million in contrast to a profit of $9.78 million for the corresponding period of 2020.

Operating profit for the second quarter closed at $5.23 million as against the 2020 posting of $4.68 million. For the six months ended June 30, 2021 revenues of $23.86 million, representing a 39 per cent down from $39.27 million reported a year ago.

For the quarter, iCreate posted revenue of $15.44 million compared to 2020 when the company posted $14.76 million. The management reports that, “the uptick in revenues, for the June 20, concluded second quarter, was driven by our corporate partnership and growth in our business to consumer (B2C) market through our Digital Marking training programme”.

Marginal fall in direct costs

Total direct costs amounted to $4.23 million for the six months period compared to $6.77 million for the first six months of 2020. Thus, resulting in gross profit of $19.63 million relative to $32.50 million booked last year.

Gross profit for the quarter amounted to $12.81 million versus $13.17 million booked for the second quarter of 2020. Other income for the period amounted to $5.40 million relative to $30,288 for 2020.

Administrative expenses declined 34% to $13.64 million (2020: $20.80 million) for the six months. Depreciation and amortization expense close at $1.952 million (2020: $1.950 million). Finance cost for the first six months amounted to $5 million relative to $6.69 million booked 12 months earlier.

As at June 30, 2021, total assets increased to close at $60.57 million (2020: $56.56 million). The increase was largely due to an increase in ‘Trade and other receivables’ which closed at $28.89 million (2020: $15.68 million).

Shareholder’s deficit totalled $3.97 million compared to a shareholders’ deficit of $2.51 million quoted as at June 30, 2020. This resulted in a shareholders’ deficit of $0.043 (2020: $0.13).