Kintyre Holdings (JA) Limited Q3 2024 Performance: A Remarkable Transformation
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Kintyre Holdings (JA) Limited (formerly iCreate Limited) is pleased to share its Q3 2024 financial results, showcasing the remarkable progress we’ve made since embarking on our mergers and acquisitions (M&A) strategy at the end of 2021. Over the past three years, we have grown from a modest creative training company into a diversified investment holding group with a solid balance sheet and a promising future.
Our Chairman, President & CEO, Tyrone Wilson, reflected on the journey:"Our transformation over the past three years is nothing short of extraordinary. We’ve moved from a small operation to a thriving group, leveraging bold strategies and disciplined execution. Today, we’re stronger, more resilient, and positioned for sustained growth."
Financial Highlights
Revenue Growth: Q3 revenue grew 59.3% year-over-year to J$55.1 million, while year-to-date (YTD) revenue increased by 57.5% to J$123.4 million. These gains reflect the strength of our subsidiaries, especially Visual Vibe, and strategic investments.
Net Profit Turnaround: Net profit for Q3 surged to J$21.4 million, a remarkable recovery from the J$13.9 million loss in Q3 2023 (a 253% improvement). YTD net profit now stands at J$20.4 million, a dramatic reversal from the J$150.1 million loss recorded in 2023.
Balance Sheet Strength: A Story of Transformation
Our balance sheet growth over the past three years tells the story of how Kintyre Holdings transitioned from a small operation to a robust and diversified investment group.
Total Liabilities
2021: J$127.3 million
2022: J$70.0 million
2023: J$55.0 million
2024 (Q3): J$50.0 million
Reduction: J$77.3 million (a 60.7% decrease), reflecting our disciplined approach to debt reduction and financial optimization.
Long-Term Loans
2021: J$105.0 million
2024 (Q3): J$40.0 million
Reduction: J$65.0 million (a 61.9% decrease), showcasing our ability to manage and reduce debt while continuing to invest in growth.
Total Equity
2021: J$9.6 million
2022: J$475.1 million
2023: J$550.0 million
2024 (Q3): J$600.0 million
Growth: J$590.4 million (a 6,152% increase), fueled by strategic acquisitions, equity raises, and operational improvements.
Non-Current Assets
2021: J$8.5 million
2022: J$523.0 million
2023: J$580.0 million
2024 (Q3): J$600.0 million
Growth: J$591.5 million (a 6,960% increase), highlighting our focus on long-term value creation through strategic investments.
"The reduction in liabilities and the significant growth in equity and non-current assets underscore the success of our M&A strategy," said CFO Andrew Wildish. "With the support of an international consultancy team in accounting and investment, we’ve laid a strong financial foundation for future growth."
Strengthening Our Leadership Team
Kintyre Holdings has also invested in leadership to drive the next phase of growth:
Nick Rowles-Davies joined our Board of Directors, bringing expertise in international finance, governance, and investments.
Andrew Wildish, our CFO, emphasized the strength of our financial management and new capabilities: "We’ve enhanced our financial systems, streamlined our processes, and added critical expertise to position ourselves for success."
Operational Efficiency: Chief Operating Officer Rochelle Burnett shared her perspective: "Our operational focus has been on integrating subsidiaries and aligning our teams to the company’s vision. These efforts have translated into seamless operations and consistent performance."
Upcoming Growth Initiatives
Reintroducing iCreate Institute – January 2025
The iCreate Institute has expanded its scope beyond digital and creative fields to focus on broader areas such as business, entrepreneurship, technology, architecture, artificial intelligence, marketing, and data analysis.
With this diversification, the Institute will now cater to a mass market, offering a wider array of relevant, short-term courses designed to empower individuals and businesses while driving revenue growth.
Launch of Parallel RENO
A new division under Parallel Real Estate Ventures, focusing on renovations and interior design for residential and commercial clients.
This initiative will diversify our offerings and open new revenue opportunities in the real estate sector.
A Bright Future Ahead
As we close Q3 2024, Kintyre Holdings stands as a testament to resilience—the defining trait of our journey over the past three years. Through market challenges, operational pivots, and a bold M&A strategy, we have built a foundation of strength, innovation, and unwavering focus.
From reducing liabilities and debt by over 60%, to growing equity by more than 6,000%, and increasing non-current assets by nearly 7,000%, we have transformed into a robust and diversified organization poised for sustained success. This resilience drives our vision of delivering value to shareholders, empowering communities, and creating lasting impact.
"The reintroduction of iCreate Institute and the launch of Parallel RENO are pivotal steps in expanding our impact and redefining success," Wilson added. "With a strengthened balance sheet, a talented team, and resilience at our core, we’re creating a legacy of growth and value for shareholders and communities."
Thank you for your continued support as we shape the future of Kintyre Holdings together.
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