The Initiates increases PAT 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 213 percent to N22.8 million from N7.3 million in 2015.
TIP however increased earnings per share to 16 kobo from 4 kobo while Total Assets for the company appreciated 16.4 percent to N859.3 million against N738.3 million recorded in the corresponding period of 2015.
TIP engages in contracting and consultancy services for waste Management, industrial cleaning and decontamination to Private and Public sectors including the Oil & Gas Industry.
The company said that in order to avoid being overly exposed to the risks of operating in the oil and gas sector, it diversified its operations to providing incineration services, Electronic waste (E-waste) disposal and biohazard waste cleaning services through technology advanced facilities one of which is a 1tons/hr E-waste processing plant.
