Shareholders equity surges by 6,943.8%

Durrant Pate/Contributor

Jamaican listed creative company, iCreate Limited has seen its December 2022 quarterly revenue surged by a mammoth 2,795.2 per cent to reach J$28.9 million.

This exceeds the mere J$1 million that was posted for December 2021. For the 12-month period December 2021-December 2022, revenue climbed to J$136.05 million, representing an increase of 314.5 per cent.

The surge in revenue is as a result of iCreate’s aggressive acquisition programme last year with the directors reporting that the company “remained keenly focused on the growth initiatives embarked upon at the beginning of the financial year. Among the key objectives was the pursuit of a Mergers & Acquisition strategy and to purposely expand sales through widening of the client base and revenue channels across the Group”.

Recent acquisitions reaping dividends

These initiatives have borne fruit, resulting in this massive revenue growth for the December quarter.

According to the board and management, “this strong performance was positively impacted by our expansion initiatives, the acquisition of Vertical Creative Limited and Get Paid Limited 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”.

The performance for 2022 has been so good that iCreate reversed the losses made in 2021 to post a healthy profit for 2022. For the 12-month period, profit climbed to J$22.8 million compared to loss of $32.2 million for 2021, representing a 170.8 per cent increase. These results were driven by the acquisitions during the year and expansion of iCreate’s client base.

Total assets reached J$852.9 million, up from J$75.5 million as at December 31, 2021, a growth of 1,028.9 per cent. Apart from the acquisitions closed during the year, total assets included funds to close the acquisition of Visual Vibe and the real estate project, which is being financed by a Convertible Long Term Loan. Shareholders equity stood at $673.5 million up from $9.562 million at the previous year end, which is a massive 6,943.8 per cent improvement.