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The Initiates Plc increases profit by 272% in 2016

By: Admin | Posted on: 2017/04/10

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The Initiates Plc increases profit by 272% in 2016


2016 financial year results for The Initiates Plc (TIP) shows it was a good year for the newly listed waste management company. The Initiates released its audited statements to the Nigerian Stock Exchange on Monday showcasing a revenue growth of 87.5 percent to N648 million against N346 million recorded as revenue in 2015. The company’s revenue was largely buoyed by Industrial cleaning and Decontamination, Consultancy, Incineration and Thermal desorption Unit services which accounted for over 56 percent of the revenue growth. The company reported a Profit After Tax (PAT) of N138.1 million for the 2016 financial year ended 31st December 2016, representing a 272 percent increase from N37.2 million recorded as PAT for the corresponding period of the prior year. Admin Expenses stood at N70.5 million, 16 percent higher than N60.8 million in 2015, while finance cost representing interests charged by Guaranty Trust Bank Plc on invoice discounting facilities obtained by TIP rose