iCreate more than doubles second-quarter profit Loop Jamaica

Black Immigrant Daily News

iCreate Limited has reported a net profit of $6.4 million for the quarter during the quarter ending June 2022, representing an increase of 154.8 per cent against the $2.5 million generated in the comparative period of 2021.

The company said the positive performance came from a mix of new business clients and existing opportunities from the iCreate pipeline that closed in the second quarter.

Meanwhile, the six-month year-to-date profit was $16.5 million, up from $4.4 million for 2021.

Revenue was $34.5 million for the quarter, a 123.4 per cent increase over the second quarter of 2021 and $80.9 million for the six months, 239.1 per cent above last year.

All divisions performed well, noted the company led by President and CEO Tyrone Wilson.

Wilson confirmed that the growth in Q2 is a result of the diversification strategy, noting that iCreate has

“Good management around our costing enabled us to deliver the 20 per cent profit margin,” Wilson said.

“There has been a noticeable increase in the demand for digital creative and design training, especially among large institutions,” he added.

iCreate Institute is well positioned to meet this demand and will continue to aggressively push business growth across our other divisions, including digital marketing and advertising, the company said.

In the meantime, iCreate Limited said it plans to expand its market share in these segments to become Jamaica’s leading digital training and marketing entity.

It said it is actively working on several mergers and acquisitions and other joint venture collaborations and expect continued strong revenue growth while closely managing cost efficiencies.

Wilson thanked shareholders, directors, team members and their client base for the continued support “as we chart the way forward towards an expanded digital and creatives group of companies.”

The iCreate head also applauded the solid advances made by the leadership team.

“The core leadership team with Declan Tully as the Chief Revenue Officer has been doing a fantastic job in creating the synergy between the different business segments,” he noted.

Total assets were $128.9 million up from $75.6 million on December 31, 2021. Assets include $38.6 million, which is also carried in liabilities, relating to funds set aside for the investment in Visual Vibe Limited.

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