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.
The MD of The Initiates Plc interview with CNBC Africa on the Listing: CNBC Africa.com/video http://www.cnbcafrica.com/video/?bctid=5184485406001
WHO WE ARE
The Initiates Plc. (TIP) is a professional Waste Management company Located in Port Harcourt Nigeria, delivering Waste Management, Industrial Cleaning and Decontamination services to both Private and Public sectors. TIP is quoted on the Floor of the Nigerian Stock Exchange.
TIP has a multi-disciplinary and flexible workforce and all relevant permits necessary for delivering waste management and industrial cleaning services.
Download: The Initiate Plc Profile