The Initiates Plc reports N2 billion profit for 2024, declares final dividend 

This represents a solid 294.87% increase from the previous year’s profit of N519.7 million, fueled by a significant rise in revenue.

For the full year, revenue surged to N4.6 billion, reflecting a 152.15% growth from the N1.6 billion reported in the prior year, with waste management services accounting for the largest portion, followed closely by industrial cleaning services.

Total assets reached N5.1 billion, a substantial increase from N2.5 billion the previous year, representing a 100.03% year-over-year growth.

Additionally, the company’s retained earnings increased to N1.7 billion, up 314.52% from N411.9 million reported last year, indicating strong financial health.

The company also declared a Final Dividend of N0.10 per 50 kobo share for the period ending December 31, 2024. This dividend, subject to withholding tax and approval, will be paid to shareholders listed in the Register of Members as of the close of business on April 4, 2025.

The company reported a revenue increase of 152.15%, bringing in N4.6 billion, up from N1.8 billion the previous year.

The cost of sales rose by 83.83%, reaching N2.1 billion, driven primarily by expenses related to consumables, waste collection, haulage, waste treatment, and disposal.

Other income grew to N189.9 million, a 28.44% increase, mainly due to dividends received, which contributed N138.5 million.

However, administrative expenses increased significantly to N567 million from N227.7 million the previous year, largely driven by provisions for doubtful debts and employee costs.

More favorably, the company reported N2.1 billion from operating activities, compared to N598 million the previous year.

Ultimately, the company reported a pre-tax profit of N2 billion, reflecting a 294.87% increase from N519.7 million the previous year.

Total assets increased to N5.1 billion, a significant rise from N2.5 billion the previous year, reflecting a 100.03% year-over-year growth.

Additionally, the company’s retained earnings grew to N1.7 billion, compared to the N411.9 million reported the prior year.