The Initiates Plc
Unaudited Account
Fo r The Pe rio d En d ed 31*t Ma re h 20 26.
TH E I NI TI AT ES PLC
TABLE OF CONTENT
TITLE PAGE 1
TABLE OF CONTENT 2
STATEMENT OF DIRECTOR'S RESPONSILITY 3
CERTIFICATION OF COMPLIANCE 4
SECURITY TRADING POLICY 5
FREE FLOAT STATUS 6
AUDIT COMMITTEE REPORT 7
EXECUTIVE SUMMARY 8-11
STATEMENT OF COMPREHENSIVE INCOME 12
STATEMENT OF FINANCIAL POSITION 13
CHANGE IN EQUITY 14
CASHFLOW STATEMENT 15
NOTE TO THE ACCOUNTS-- 16-29
STATEMENT OF VALUE ADDED 31
FIVE YEARS FINANCIAL SUMMARY 32
THE INITIATES PLC
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The Directors of The Initiates Plc are responsible for the preparation of the financial statements that give a true and fair view of the financial position of the Company and the results of its operations, cashflows and changes in equity for the period ended 31st March 2026, in compliance with International Financial Reporting Standards ("IFRS") and in the manner required by the Companies and Allied Matters Act of Nigeria, the Financial Reporting Council of Nigeria Act, 2011.
In preparing the financial statements, the Directors are responsible for:
properly selecting and applying accounting policies;
presenting information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;
providing additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the Company's financial position and financial performance; and
making an assessment of the Company's ability to continue as a going concern.
The Directors are responsible for:
designing, implementing and maintaining an effective and sound system of internal controls throughout the Company;
maintaining adequate accounting records that are sufficient to show and explain the
Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company, and which enable them to ensure that the financial statements of
maintaining statutory accounting records in compliance with the legislation of Nigeria and IFRS;
taking such steps as are reasonably available to them to safeguard the assets of the Company; and
preventing and detecting fraud and other irregularities.
The financial statements of the Company for the period ended 31st March 2026 were approved by directors on 29th April, 2026.
SIGNED ON BEHALF OF THE BOARD OF DIRECTORS BY:
………………………………………….. …………………………………………..
Mr. Joe Ogbonna Anosikeh Mr. Reuben Mustapha Ossai
Chairman Managing Director
FRC No:FRC/2014/NIS/00000008836 FRC No:FRC/2014/NIAECHI/00000009687
CERTIFICATE OF COMPLIANCE OF THE INITIATES PLC PURSUANT TO SECTION 60(2) OF THE INVESTMENT AND SECURITIES ACT, 2007 FOR THE FIRST QUARTER ENDED 31ST MARCH 2026
We hereby certify that:
The signing officers have reviewed the financial report;
Based on the knowledge of the officers, the Management account does not:
Contain any untrue statement of a material fact;
Omit to state a material fact which would make the statement misleading in the light of the circumstances under which the statement was made;
The financial statement represents fairly the financial condition and result of the operations of the Company as of and for the period indicated;
The signing officers:
Are responsible for establishing and maintaining internal control.
Have designed such internal control to ensure that material information relating to the Company is made known to such officers within the entity particularly during the period in which the periodic report was prepared.
Have evaluated the effectiveness of the Company's internal control as of date
within 30 days prior to the time of this account.
The signing officers have disclosed to the Audit Committee of the Company.
All significant deficiencies in the design or operations of the internal controls which would adversely affect the Company's ability to record, process, summarize and report financial data and was identified for any material weakness in internal controls;
Anosikeh, Joe Ogbonna Chairman | Ossai, Reuben Mustapha Chief Executive Officer | Taneh Rosemary Chief Financial Officer |
FRC/2014/PRO/DIR/003/00000008836 | FRC/2014/PRO/DIR/003/00000009687 | FRC/2017/PRO/ICAN/001/00000016060 |
SECURITIES TRADING POLICY
In compliance with Rule 17.15 Disclosure of Dealings in Issuers' Shares, Rulebook of the Exchange 2015 (Issuers Rule): The Initiates Plc maintains effective Security Trading Policy which guides Directors, Audit Committee members, employees and all individuals categorized as insiders as to their dealing in the Company's shares. The Policy is regularly reviewed and updated by the Board. The Company has made specific inquiries of all the directors and other insiders and is not aware of any infringement of the policy during the period.
Olaide Odejobi Company Secretary
FRC/2017/PRO/NBA/002/00000016739
THE INITIATES PLC
SHAREHOLDING STRUCTURE AND FREE FLOAT STATUS AS AT THE PERIOD ENDED 31ST MARCH 2026
COMPANY NAME: THE INITIATES PLC.
BOARD LISTED: GROWTH BOARD
YEAR END: 31ST DECEMBER
REPORTING PERIOD 2026 FIRST QUARTER (1ST JANUARY - 31ST MARCH 2026)
SHARE PRICE AS AT REPORTING DATE: N21.00 (2025: N3.67)
DESCRIPTION | 2026 | 2025 | ||
UNITS | PERCENTAGE (IN RELATION TO ISSUED SHARE CAPITAL) % | UNITS | PERCENTAGE (IN RELATION TO ISSUED SHARE CAPITAL) % | |
Issued Share Capital @ 50 Kobo per share | 889,981,552 | 100% | 889,981,552 | 100% |
Details of Substantial Shareholdings (5% and above) | ||||
DVCF OIL & GAS PLC | - | - | - | - |
OSSAI REUBEN M | 156,668,282 | 17.60 | 190,695,237 | 21.43 |
AFOLAYAN SAMUEL OLAJIDE | - | - | 137,798,925 | 15.48 |
RICHGATE INVEST SEC LTD | - | - | 106,400,000 | 11.96 |
OBOH-OZOHEREBE GORDON | - | - | 58,568,412 | 6.58 |
Total Substantial Shareholdings | 156,668,282 | 17.60 | 493,462,574 | 55.45 |
Details of Directors Shareholdings (direct and indirect), excluding directors' holding substantial interests | ||||
ANOSIKEH JOE OGBONNA | 15,825,274 | 1.78 | 20,295,796 | 2.28 |
ALIKOR ACHI EDWARD | 1,126,761 | 0.13 | 1,126,761 | 0.13 |
EBINUM JOESEPH ( INDIRECT - BELL IYKE LIMITED) | 37,550,000 | 4.22 | 37,550,000 | 4.22 |
Total Directors' Shareholdings | 54,502,035 | 6.12 | 58,972,557 | 6.63 |
Details of Other Influential shareholdings, if any (E.g. Government, Promoters) | ||||
EMPLOYEES | 5,432,282 | 0.61 | 5,432,282 | 0.61 |
Total of Other Influential Shareholdings | 5,432,282 | 0.61 | 5,432,282 | 0.61 |
Free Float in Unit and Percentage | 673,378,953 | 75.66 | 332,114,139 | 37.32 |
Free Float in Value ₦ 14,140,958,013.00 | ₦ 1,218,858,890.13 | |||
THE INITIATES Plc with a free float percentage of 75.66% as at 31st March 2025, is compliant with The Exchange's free float requirements for companies listed on the GROWTH Board.
THE INITIATES Plc with a free float Value of N14,140,958,013 as at 31st March 2025, is compliant with The Exchange's free float requirements for companies listed on the GROWTH Board.
THE INITIATES PUBLIC LIMITED COMPANY
HIGHLIGHT OF ACCOUNT FOR THE FIRST QUARTER ENDED 31ST MARCH 2026
STATEMENT OF COMPREHENSIVE INCOME | |||
FOR THE PERIOD ENDED 31ST MARCH | |||
ACTUAL | HISTROY | CHANGE | |
N'Mn | N'Mn | % | |
Revenue | 3,572.76 | 1,204.26 | 196.68 |
Gross Profit | 1,897.71 | 617.07 | 207.53 |
Profit Before Tax | 1,704.91 | 466.87 | 265.18 |
Provision of Income Tax Expense | 579.67 | 155.26 | 273.36 |
Profit for the period | 1,125.24 | 311.61 | 261.10 |
STATEMENT OF FINANCIAL POSITION | |||
AS AT 31ST MARCH | |||
ACTUAL | HISTROY | CHANGE | |
ASSETS | N'Mn | N'Mn | % |
Non-Current Assets | |||
Property, plant and Equipment | 3,221.18 | 2,029.61 | 58.71 |
Other non - current asset | - | 4.60 | (100.00) |
Total Non-Current Assets | 3,221.18 | 2,034.20 | 58.35 |
Current Assets | |||
Inventories | 76.15 | 46.41 | 64.09 |
Trade receivables | 8,182.29 | 3,349.67 | 144.27 |
Cash and cash equivalents | 1,245.45 | 465.65 | 167.47 |
Current tax assets | 629.63 | - | 100.00 |
Other current tax assets | 159.69 | 17.07 | 835.43 |
Total current Asset | 10,293.20 | 3,878.80 | 165.37 |
Total Assets | 13,514.39 | 5,913.00 | 128.55 |
Non-Current Liabilities | |||
Deferred tax | 479.24 | 267.04 | 79.46 |
Long Term Borrowing | 98.00 | 700.00 | (86.00) |
Total Non-Current Liability 577.24 967.04 | (40.31) | ||
Current Liabilities | |||
Trade and Other payables | 3,056.04 | 1,744.67 | 75.16 |
Current tax liabilities | 2,263.14 | 155.26 | 1,357.67 |
Other current tax liabilities | 725.44 | 405.98 | 78.69 |
Employees' benefits | 5.21 | 7.87 | (33.79) |
Short term borrowings | - | 182.95 | (100.00) |
Total current liabilities | 6,049.82 | 2,496.73 | 142.31 |
Total Liabilities | 6,627.06 | 3,463.77 | 91.33 |
Working Capital | 4,243.38 | 1,382.07 | 207.03 |
Net Asset | 6,887.33 | 2,449.23 | 181.20 |
KEY RATIOS | |||
THREE MONTHS ENDED 31ST MARCH | |||
Q1 2026 | Q1 2025 | ||
Earnings Per Share | 1.26 | 0.35 | |
Gross Profit Margin | 53.12 | 51.24 | |
Net Profit Margin | 31.49 | 25.88 | |
Net Asset Per Shares | 7.75 | 3.20 | |
Return on Capital Employed | 15.05 | 9.12 | |
Current Ratios | 1.70 | 1.55 | |
Net Working Capital: | 1.19 | 1.15 | |
Fixed Asset Turnover: | 1.20 | 0.63 | |
Receivables Turnover | 0.87 | 0.72 | |
Payables Turnover | 0.95 | 0.52 | |
Return On Equity | 0.16 | 0.11 | |
Return On Assets | 0.26 | 0.20 | |
Price Earning per Share | 0.40 | 1.43 | |
Gearing Ratio | 0.01 | 0.17 | |
Return on Sales | 0.31 | 0.26 | |
Annual Revenue Increase | 1.97 | 3.88 | |
Annual Net Profit Increase | 2.61 | 1.00 | |
Net Profit Per Staff | 18,753,975.92 | 5,665,663.33 | |
TIP Q1 2026 | |
14,000.00 12,000.00 10,000.00 8,000.00 6,000.00 4,000.00 2,000.00 - ACTUAL N'Mn HISTORY N'Mn | |
Graphical representation of TIP's FIRST QUARTER 2026 performance
Overview:
THE INITIATES PLC
Q1 2026 EXECUTIVE FINANCIAL SUMMARY
The Initiates Plc delivered a strong financial performance in Q1 2026, marked by significant revenue growth, exceptional profitability, and improved liquidity.
Revenue & Profitability Performance:
The company recorded strong top-line growth, with turnover of ₦3.57 billion, representing a significant increase of approximately 196% compared to Q1 2025. This indicates substantial expansion in business activity.
Profitability improved even more sharply:
Gross Profit rose to ₦1.90 billion (+207% YoY)
Operating Net Profit reached ₦1.13 billion (+261% YoY)
This suggests not only higher revenue but also improved cost efficiency and margin expansion.
Financial Position & Asset Growth:
Total assets increased to ₦13.53 billion, more than doubling from Q1 2025 (+129% YoY), driven largely by:
Strong growth in current assets (+165%)
Moderate growth in non-current assets (+59%)
The company is expanding aggressively, with a strong emphasis on short-term assets, which may support liquidity and operations.
Capital Structure & Leverage:
Total Equity: ₦6.90 billion (+142% YoY,)
Current Liabilities: ₦6.04 billion (+142% YoY)
Non-current Liabilities remain relatively low
Growth is being financed through a balanced mix of equity and short-term liabilities, with a low reliance on long-term debt, indicating a relatively conservative capital structure.
Liquidity & Working Capital:
Working Capital: ₦4.24 billion (+207% YoY)
Estimated Current Ratio ≈ 1.70
Liquidity position is strong, with sufficient short-term assets to cover obligations. The significant improvement in working capital suggests better operational cash flow management.
Key Strengths:
Exceptional revenue and profit growth
Strong margin expansion
Robust liquidity and working capital position
Growing equity base, supporting financial stability
Conclusion:
Q1 2026 results demonstrate that The Initiates Plc is on a strong growth trajectory, with robust profitability and solid financial health. Sustained focus on revenue optimization, liability management, and asset efficiency will be key to maintaining momentum.
THE INITIATES PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31ST MARCH 2026
ACTUAL Q1 | HISTORY | |||||||
2026 | REVENUE | Q1 2025 | CHANGE | 2025 | 2024 | |||
Continuing Operations | Note | N | % | N | % | N | N | |
Revenue from contracts with customers | 6 | 3,572,761,070 | 100% | 1,204,257,802 | 196.68 | 11,698,628,274 | 4,663,473,951 | |
Cost of sales | 7 | (1,675,048,431) | -47% | (587,182,846) | 185.27 | (5,536,333,942) | (2,153,641,960) | |
Gross profit | 1,897,712,640 | 53% | 617,074,957 | 207.53 | 6,162,294,332 | 2,509,831,991 | ||
Other income | 6a | 37,185,584 | 1% | - | - | 73,843,240.00 | 189,910,803 | |
Staff costs | 8 | 44,430,011 | 1% | 24,316,511 | 82.72 | 226,807,931 | 115,439,125 | |
Depreciation and impairment loss | 9 | 34,625,959 | 1% | 5,600,052 | 518.31 | 53,202,822 | 10,872,692 | |
Administrative expenses | 10 | 139,384,281 | 4% | 101,820,993 | 36.89 | 1,045,660,381 | 440,784,295 | |
Total Indirect Cost | 218,440,251 | 6% | 131,737,556 | 65.81 | 1,325,671,134 | 567,096,112 | ||
Results from operating activities | 1,716,457,974 | 48% | 485,337,400 | 253.66 | 4,910,466,438 | 2,132,646,682 | ||
Finance cost | 12 | 11,551,072 | 0% | 18,468,747 | (37.46) | 44,935,386 | 80,205,167 | |
Share of profit of associate | 205,998,407 | - | ||||||
Profit before tax | 1,704,906,902 | 48% | 466,868,654 | 265.18 | 5,071,529,459 | 2,052,441,515 | ||
Provision for Income tax expense | 13a | 579,668,347 | 16% | 155,257,171 | 273.36 | (1,683,474,442) | (672,757,469) | |
Profit for the year | 1,125,238,555 | 31% | 311,611,483 | 261.10 | 3,388,055,017 | 1,379,684,046 | ||
Other Comprehensive income | ||||||||
Investment Income received from TIU 6a | 52,706,908 | (100.00) | - | - | ||||
Foreign currency translation difference | 6b | - | - | 226,612,100 | ||||
Revaluation surplus on property, plant and Exchange difference on translation of | 28 | - | - | 10,918,681 | (100.00) | |||
investment in foreign associate | (19,443,649) | - | ||||||
Other comprehensive income for the year | - | 63,625,590 | (100.00) | 207,168,451 | - | |||
Total comprehensive income for the year | 1,125,238,555 | 375,237,073 | 199.87 | 3,595,223,468 | 1,379,684,046 | |||
Basic earnings per share (kobo) | 40 | 1.26 | 0.35 | 261.10 | 3.81 | 1.55 | ||
The notes on pages 16 to 28 form part of these financial statements.
THE INITIATES PLC
STATEMENT OF FINANCIAL POSITION
AS AT 31ST MARCH 2026 | ||||||
ACTUAL | HISTORICAL | CHANGE | 2025 | 2024 | ||
Assets | Note | YTD 2026 | YTD 2025 | % | N | N |
Non-current assets | ||||||
Property, plant and equipment | 15 | 2,981,715,832 | 1,923,988,161 | 54.98 | 2,698,515,490 | 1,930,266,501 |
Other non-current assets | 16 | - | 4,596,867 | (100.00) | - | 4,596,867 |
Intangible asset | 14a | 10,965,000 | - | 100.00 | 10,965,000 | - |
Investment | 20 | 239,467,162 | 105,619,312 | 126.73 | 239,467,162 | 105,619,312 |
3,232,147,994 | 2,034,204,340 | 58.89 | 2,948,947,652 | 2,040,482,680 | ||
Current assets | ||||||
Inventories | 17 | 76,152,025 | 46,408,424 | 64.09 | 35,346,086 | 29,152,525 |
Trade and other receivables | 21 | 8,182,286,387 | 3,349,671,492 | 144.27 | 6,032,652,586 | 2,976,976,086 |
Cash and cash equivalents | 22 | 1,245,447,852 | 465,646,487 | 167.47 | 2,541,946,005 | 47,580,386 |
Current tax assets | 23 | 629,630,650 | - | 100.00 | - | - |
Other current assets | 24 | 159,687,483 | 17,071,041 | 835.43 | 168,452,509 | 26,070,001 |
Total current assets | 10,293,204,396 | 3,878,797,445 | 165.37 | 8,778,397,186 | 3,079,778,998 | |
Total Assets | 13,525,352,390 | 5,913,001,785 | 128.74 | 11,727,344,838 | 5,120,261,678 | |
Equity and Liabilities | ||||||
Equity | ||||||
Share capital | 26 | 444,990,776 | 444,990,776 | - | 444,990,776 | 444,990,776 |
Share premium | 27 | 17,780,000 | 17,780,000 | - | 17,780,000 | 17,780,000 |
Revaluation reserve | 28 | 303,473,535 | 303,473,535 | - | 303,473,535 | 303,473,535 |
Retained earnings | 29 | 6,132,047,020 | 2,082,988,676 | 194.39 | 5,006,808,465 | 1,707,751,603 |
Foreign currency translation reserve | - | - | - | 207,168,451 | - | |
Total equity | 6,898,291,331 | 2,849,232,987 | 142.11 | 5,980,221,227 | 2,473,995,914 | |
Non-current liabilities | ||||||
Deferred tax liabilities | 14 | 479,237,574 | 267,041,580 | 79.46 | 479,237,574 | 267,041,580 |
Long Term Borrowing | 33 | 98,000,000 | 300,000,000 | (67.33) | 98,000,000 | 350,000,000 |
Current liabilities | ||||||
Trade and other payables | 30 | 3,132,903,564 | 1,744,670,663 | 79.57 | 3,187,255,524 | 1,104,400,731 |
Current tax liabilities | 14 | 2,186,274,312 | 155,257,171 | 1,308.16 | 1,606,605,965 | 386,375,722 |
Other current tax liabilities | 31 | 725,436,803 | 405,982,048 | 78.69 | 597,668,143 | 353,915,595 |
Employees' benefits | 32 | 5,208,806 | 7,866,517 | (33.79) | 4,968,505 | 5,726,408 |
Short term borrowing | 33 | - | 182,950,820 | (100.00) | - | 178,805,728 |
Total current liabilities | 6,049,823,485 | 2,496,727,218 | 142.31 | 5,396,498,137 | 2,029,224,184 | |
Total liabilities | 6,627,061,059 | 3,063,768,798 | 116.30 | 5,973,735,711 | 2,646,265,764 | |
Total equity and liabilities | 13,525,352,390 | 5,913,001,785 | 128.74 | 11,953,956,938 | 5,120,261,678 | |
These financial statements were approved by the Board of Directors on 29TH APRIL 2026 and signed on its behalf by:
Mr. Joe Ogbonna Anosikeh Chairman | Mr. Reuben Mustapha Ossai Managing Director | Rosemary Taneh Chief Finance Officer |
FRC/2014/PRO/DIR/003/00000008836 | FRC/2014/PRO/DIR/003/00000009687 | FRC/2017/PRO/ICAN/001/00000016060 |
The notes on pages 16 to 28 form part of these financial statements.
THE INITIATES PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31ST MARCH 2026
Share capital | Share premium | Revaluation reserve | Retained earnings | Total Equity | |
N | N | N | N | N | |
At 1 January | 444,990,776 | 17,780,000 | 303,473,535 | 5,006,808,465 | 5,773,052,776 |
Profit for the year | - | - | - | 1,125,238,555 | 1,125,238,555 |
444,990,776 | 17,780,000 | 303,473,535 | 6,132,047,020 | 6,898,291,331 | |
At 31st March | 444,990,776 | 17,780,000 | 303,473,535 | 6,132,047,020 | 6,898,291,331 |
FOR THE PERIOD ENDED 31ST MARCH 2025
Share capital | Share premium | Revaluation reserve | Retained earnings | Total Equity | |
At 1 January | N 444,990,776 | N 17,780,000 | N 303,473,535 | N 1,707,751,603 | N 2,473,995,914 |
Profit for the year | - | - | - | 375,237,073 | 375,237,073 |
444,990,776 | 17,780,000 | 303,473,535 | 2,082,988,676 | 2,849,232,987 | |
At 31 March | 444,990,776 | 17,780,000 | 303,473,535 | 2,082,988,676 | 2,849,232,987 |
THE INITIATES PLC
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31ST MARCH 2026
ACTUAL | Q1 | HISTORY Q1 | |||||
2026 | 2025 | CHANGE | 2025 | 2024 | |||
Note | N | N | % | N | N | ||
Cashflow from Operating Activities | |||||||
Cashflows from Operations | 3,001,981,472 | 963,716,000 | 211.50 | 10,225,593,573 | 1,498,034,998 | ||
Cash Paid to Suppliers | (1,942,871,037) | (357,494,002) | 443.47 | (4,838,973,805) | (646,769,516) | ||
Cash Paid to Employees | (44,430,011) | (24,316,511) | 82.72 | (341,647,556) | (186,605,862) | ||
Paid to Government (taxes) | - | - | - | (55,442,599) | (17,890,570) | ||
Share of profit of foreign associate | - | - | - | (205,998,407) | - | ||
Total | 1,014,680,424 | 581,905,486 | 74.37 | 4,783,531,206 | 646,769,050 | ||
Cashflow from Investment Activities | |||||||
Acquisition of property, plant and equipment 33.3 | (238,610,440) | - | 100.00 | (758,898,101) | (359,823,431) | ||
Asset-in-transit 33.3 | (2,098,202,650) | (19,271,818) | 10,787.41 | (1,051,207,789) | (150,050,804) | ||
Payment for intangible asset | - | - | - | (10,965,000) | - | ||
Gain on disposal of property, plant and equipment | - | - | - | 5,129,167 | - | ||
Interest on unclaimed dividends | - | - | - | 64,470.00 | 493,099 | ||
Interest received | 37,185,584 | - | 100.00 | 38,744,027 | 430 | ||
Investment Income Received from TIU | - | 52,706,908 | (100.00) | 52,706,908 | 138,144,819 | ||
Total | (2,299,627,506) 33,435,090 (6,977.89) (1,724,426,318) (371,235,887) | ||||||
Cashflow from Financing Activities | |||||||
Income from Sales of Equity Shares | - | ||||||
Borrowings | - | (178,805,728) | (100.00) | 496,534,787 | 656,864,418 | ||
Repayment of borrowings | - | - | - | (927,340,515) | (947,876,590) | ||
Dividends paid to Shareholders | - | - | - | (88,998,155) | (53,398,893) | ||
Unclaimed dividends paid to Shareholders | - | - | - | (3,000,000) | |||
Finance cost | (11,551,072) | (18,468,747) | (37.46) | (44,935,386) | (80,205,167) | ||
Total | (11,551,072) | (197,274,475) | (94.14) | (564,739,269) | (427,616,232) | ||
Net Cash Flow | (1,296,498,153) | 418,066,101 | (410.12) | 2,494,365,619 | (152,083,069) | ||
Opening Balance | 2,541,946,005 | 47,580,386 | (98.13) | 47,580,386 | 199,663,455 | ||
Closing Balance | 22 | 1,245,447,852 | 465,646,487 | 167.47 | 2,541,946,005 | 47,580,386 | |
THE INITIATES PLC | |||||
NOTES TO THE FINANCIAL STATEMENTS | |||||
FOR THE PERIOD ENDED 31ST MARCH 2026 | |||||
ACTUAL | HISTORY | ||||
Q1 2026 | Q1 2025 | CHANGE | 2025 | 2024 | |
N | N | % | N | N | |
6. Revenue from contracts with customers | |||||
Waste Management Service | 2,636,392,473 | 762,121,959 | 245.93 | 10,219,898,612 | 3,640,790,096 |
Industrial Cleaning Service | 936,368,597 | 442,135,844 | 111.78 | 1,478,729,663 | 1,022,683,856 |
3,572,761,070 | 1,204,257,802 | 196.68 | 11,698,628,274 | 4,663,473,951 | |
The revenue from contracts with customers is made up of: | |||||
TDU Kwale | 2,344,300,824 | 459,929,314 | 409.71 | 8,734,688,867 | 1,562,640,196 |
TDU Phc | 243,484,239 | 100,520,790 | 142.22 | 630,253,423.39 | 1,852,317,198 |
Incineration | 48,607,410 | 28,300,548 | 71.75 | 636,524,136.68 | 168,373,724 |
E- Waste | - | 136,117,913 | (100.00) | 181,178,790.52 | 55,220,377 |
Asbestos | - | 37,253,394 | (100.00) | 37,253,394.00 | 2,238,600 |
Vessel | 8,357,364 | 12,000,000 | (30.36) | 1,375,000 | 3,510,000 |
FPSO | 928,011,233 | 430,135,844 | 115.75 | 1,477,354,663 | 1,019,173,856 |
3,572,761,070 | 1,204,257,802 | 196.68 | 11,698,628,274 | 4,663,473,951 | |
6a. Other income Interest Received | 37,185,584 | - | 100.00 | 38,744,027 | 430 |
Dividend Received | - | 52,706,908 | (100.00) | - | 138,504,917 |
Gain on disposal of property, plant and equipment | 5,129,167 | ||||
Debt recovery | - | - | - | 29,417,468 | - |
Sundry income | - | - | - | 552,578.00 | 934,177 |
37,185,584 | 52,706,908 | (29.45) | 73,843,240 | 139,439,524 | |
6b Foreign exchange gains
This represents exchange difference arising from translation of foreign currency transactions during the year under review.
Realized foreign exchange gains | - | |||||
Unrealized foreign exchange gains | - | 10,918,681 | (100.00) | 226,612,100 | 50,471,279 | |
Foreign exchange gains | - | 10,918,681 | (100.00) | 226,612,100 | 50,471,279 | |
THE INITIATES PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31ST MARCH 2026
ACTUAL | HISTORY | ||||||
7. | Cost of sales | Q1 2026 N | Q1 2025 N | CHANGE % | 2025 N | 2024 N | |
Waste Logistics | 362,024,096 | 117,868,350 | 207.14 | 1,137,596,888.00 | 545,443,490 | ||
Waste Treatment | 389,245,795 | 15,476,470 | 2,415.08 | 1,389,497,440.86 | 171,066,208 | ||
Waste Disposal | 80,491,290 | - | 100.00 | 593,342,577.67 | |||
Rentals | 25,780,651 | 125,605,961 | (79.47) | 218,878,240.00 | 448,815,393 | ||
Diesel and Lubricant | 45,592,400 | 11,500,575 | 296.44 | 117,519,313.00 | 48,665,364 | ||
Equipment Maintenance | 41,787,480 | 12,195,673 | 242.64 | 376,603,799.00 | 95,717,102 | ||
Direct Employee Cost | 33,553,170 | 21,877,780 | 53.37 | 114,839,625.00 | 71,166,737 | ||
Transport and Traveling | 9,874,376 | 3,065,650 | 222.10 | 18,790,592.00 | 12,015,290 | ||
Consumables | 617,485,922 | 242,499,789 | 154.63 | 1,334,977,379.00 | 619,180,869 | ||
Depreciation | 25,735,262 | 17,830,312 | 44.33 | 93,176,258.00 | 56,562,167 | ||
Direct Wages | 16,909,000 | 3,218,800 | 425.32 | 16,304,000.00 | 49,944,389 | ||
Community Relations | 1,610,000 | 9,204,900 | (82.51) | 93,600,782.00 | 14,959,500 | ||
Compliance Monitoring/ Permits/QHSE | 19,294,990 | 6,838,584 | 182.15 | 29,207,047.00 | 18,664,451 | ||
Biz Dev | 5,664,000 | - | 100.00 | 2,000,000.00 | 1,441,000 | ||
Total Cost of Service | 1,675,048,431 | 587,182,846 | 185.27 | 5,536,333,942 | 2,153,641,960 | ||
8. | |||||||
Staff costs | |||||||
Staff Salaries and Wages (Corporate) | 32,476,537 | 17,972,826 | 80.70 | 219,097,336 | 135,043,970 | ||
Transfer Allowance | (339,000) | 1,132,625 | (129.93) | - | 4,004,562 | ||
Staff Pensions (Employer) | 2,492,625 | - | 100.00 | 14,383,700 | 29,820,000 | ||
Staff Welfare | 100,000 | 943,800 | (89.40) | 61,025,000 | - | ||
Leave Allowance | 1,795,200 | 463,813 | 287.05 | - | 4,722,135 | ||
Terminal Benefit | 847,810 | - | 100.00 | 24,626,276 | - | ||
Medical Expense | 7,056,839 | 3,803,448 | 85.54 | 22,515,244 | 13,015,195 | ||
44,430,011 | 24,316,511 | 82.72 | 341,647,556 | 186,605,862 | |||
8b. | Total employee costs recognised in profit or loss | ||||||
Cost of sales | 33,553,170 | 21,877,780 | 53.37 | 114,839,625 | 71,166,737 | ||
Administrative expenses | 44,430,011 | 24,316,511 | 82.72 | 226,807,931 | 186,605,862 | ||
77,983,181 | 46,194,292 | 68.82 | 341,647,556 | 257,772,599 | |||
9. | Depreciation and impairment loss: | ||||||
Depreciation | 34,625,959 | 5,600,052 | 518.31 | 53,202,822 | 10,872,692 | ||
THE INITIATES PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31ST MARCH 2026
ACTUAL | HISTORY | |||||
Q1 2026 | Q1 2025 | CHANGE | 2025 | 2024 | ||
N | N | % | N | N | ||
10. | Administrative expenses | |||||
Directors' emolument | 13,020,000 | 12,432,800 | 4.72 | 54,007,000 | 27,360,000 | |
Directors' allowances and expenses | 2,515,000 | 2,685,000 | (6.33) | 88,182,277 | 12,141,931 | |
Directors' fees | 1,300,000 | 1,912,500 | (32.03) | 5,200,000 | 5,200,000 | |
Transport and travelling expenses | 3,069,325 | 3,733,900 | (17.80) | 24,331,409 | 12,269,975 | |
Legal and professional fees | 15,376,457 | 42,778,888 | (64.06) | 30,303,507 | 12,294,141 | |
Electricity | 1,811,839 | 1,702,426 | 6.43 | 9,232,819 | 2,806,693 | |
Fuel and diesel | 13,925,900 | 9,097,375 | 53.08 | 39,294,638 | 42,372,670 | |
Licenses and levies | 2,088,800 | 170,000 | 1,128.71 | 402,500 | 464,700 | |
Donation & Gift | 600,000 | 620,000 | (3.23) | 3,320,000 | 1,890,000 | |
Repairs and maintenance | 1,833,168 | 2,195,300 | (16.50) | 10,082,964 | 11,116,100 | |
Printing and stationery | 1,515,638 | 887,440 | 70.79 | 5,187,208 | 1,666,489 | |
Insurance | 4,703,121 | 2,380,578 | 97.56 | 13,441,609 | 10,505,604 | |
Telephone and postage | 416,000 | 181,377 | 129.36 | 2,065,372 | 1,575,095 | |
Entertainment | 494,100 | 680,800 | (27.42) | 2,197,500 | 471,300 | |
Advert and publicity | 6,425,040 | - | 100.00 | 916,000 | ||
Internet expenses | 822,600 | 325,234 | 152.93 | 6,734,580 | 7,377,432 | |
QHSE Compliance | 1,595,263 | 2,954,317 | (46.00) | 24,667,908 | 7,102,112 | |
Industrial Training Fund | - | - | - | 4,301,719 | 4,225,460 | |
Bank charges | 2,714,353 | 1,234,177 | 119.93 | 19,529,455 | 9,558,429 | |
Conference and exhibition | 7,604,609 | - | 100.00 | 6,560,500 | 984,373 | |
Training expenses | 100,000 | - | 100.00 | 6,292,300 | ||
Local content tax | 22,654,404 | 6,218,617 | 264.30 | 88,525,099 | 20,199,227 | |
Subscription | 1,781,614 | 962,748 | 85.06 | 2,996,534 | 9,369,136 | |
Meal expenses | 5,218,950 | 3,330,100 | 56.72 | 15,680,650 | 9,409,700 | |
Corporate social responsibility | 17,128,300 | - | 100.00 | 62,796,000 | - | |
Balances written off | - | - | - | - | 1,562 | |
Auditors' remuneration | 2,500,000 | 1,500,000 | 66.67 | 5,500,000 | 4,000,000 | |
Provision for doubtful debts | - | - | - | 264,323,922 | 169,049,145 | |
Security expenses | 3,900,618 | 2,563,932 | 52.13 | 12,552,507 | 9,213,856 | |
Net foreign exchange losses | - | - | - | 226,612,100 | 39,492,374 | |
Office and general expenses | 4,269,180 1,273,485 235.24 10,422,304 8,666,791 | |||||
139,384,281 101,820,993 36.89 1,045,660,381 440,784,295
-
THE INITIATES PLC | |||||
NOTES TO THE FINANCIAL STATEMENTS | |||||
FOR THE PERIOD ENDED 31ST MARCH 2026 | |||||
ACTUAL | HISTORY | ||||
Q1 2026 | Q1 2025 | CHANGE | 2025 | 2024 | |
N | N | N | N | ||
11. Results from operating activities is stated | |||||
Director's emolument: | |||||
- Fees | 1,300,000 | 1,912,500 | (32.03) | 5,200,000 | 5,200,000 |
- Others | 15,535,000 | 15,117,800 | 2.76 | 142,189,277 | 39,501,931 |
Depreciation and impairment loss | 60,361,221 | 23,430,364 | 157.62 | 146,379,080 | 67,434,859 |
Auditors' remuneration | 2,500,000 | 1,500,000 | 66.67 | 5,500,000 | 4,000,000 |
12. Finance cost
This represents interests charged by BOI and Providus Bank Plc on loan and invoice discounting facilities obtained respectively
Other financial charges | - | - | 34,225,898 | 13,589,256 | ||
Interest on loans | 11,551,072 | 18,468,747 | (37.46) | 10,709,488 | 66,615,911 | |
11,551,072 | 18,468,747 | (37.46) | 44,935,386 | 80,205,167 | ||
13. | Taxation | |||||
13a | Income tax expense | |||||
Company income tax | 511,472,071 | 140,060,596 | 265.18 | 1,286,719,325 | 459,654,297 | |
Development Levy @ 4% | 68,196,276 | - | 100.00 | - | - | |
Education tax | - | 14,006,060 | (100.00) | 154,129,029 | 60,682,662 | |
Police Trust Fund | - | 23,343 | (100.00) | 243,277 | 102,622 | |
NASENI | - | 1,167,172 | (100.00) | 12,163,828 | 5,131,104 | |
579,668,347 | 155,257,171 | 273.36 | 1,453,255,459 | 525,570,685 | ||
Prior year unpaid Tax liability | 1,683,474,442 | - | 100 | - | - | |
Prior year under-provision | - | - | 18,022,989 | 2,272,083 | ||
Current tax expense | 2,263,142,789 | 155,257,171 | 1,357.67 | 1,471,278,448 | 527,842,768 | |
Deferred tax | - | - | - | 212,195,994 | 144,914,701 | |
Income tax expense as per profit or loss | 2,263,142,789 | 155,257,171 | 1,357.67 | 1,683,474,442 | 672,757,469 |
THE INITIATES PLC
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2026
ACTUAL | HISTORY | |||||
Q1 2026 | Q1 2025 | CHANGE | 2025 | 2024 | ||
N | N | N | N | |||
13b | Current tax liabilities | |||||
Movement in Income tax liabilities | ||||||
At 1 January | 1,606,605,965 | - | - | 386,375,722 | 16,685,346 | |
Prior year under-provision | - | - | 18,022,989 | 2,272,083 | ||
Payments during the year | - | - | - | (55,442,599) | (17,890,570) | |
Tax charge for the year | 579,668,347 | 155,257,171 | 273.36 | 1,453,255,459 | 525,570,685 | |
Withholding tax credit notes applied | - | (195,605,606) | (140,261,822) | |||
At 31st March | 2,186,274,312 | 155,257,171 | 1,308.16 | 1,606,605,965 | 386,375,722 | |
13.3 | Reconciliation of effective tax rate | |||||
Profit/(loss) for the year before tax | 1,704,906,902 | 466,868,654 | 265.18 | 5,071,529,459 | 2,052,441,515 | |
Unrealized exchange gains | - | (52,706,908) | (100.00) | (205,998,407) | (138,504,917) | |
1,704,906,902 | 414,161,745 | 311.65 | 4,865,531,052 | 1,913,936,598 | ||
Minimum tax Income tax using the company's domestic tax rate | 511,472,071 | 124,248,524 | 311.65 | 1,459,659,316 | 574,180,979 | |
Development Levy | 68,196,276 | - | ||||
Education tax | - | 8,283,235 | (100.00) | 145,965,932 | 57,418,098 | |
NASENI | - | 1,035,404 | (100.00) | 243,277 | 5,131,104 | |
Police Trust Fund | - | 20,708 | (100.00) | 12,163,828 | 102,622 | |
Tax effect on expenses not deductible for tax purpo | - | - | - | 91,486,701 | 35,910,202 | |
Tax effect on capital allowances | - | - | - | (256,263,594) | (147,172,320) | |
Tax effect on tax incentives | - | - | - | 18,022,989 | 2,272,083 | |
Under-provision in prior year | - | 212,195,994 | 144,914,701 | |||
Tax charge in income statement (Income tax an | 579,668,347 | 133,587,871 | 333.92 | 1,683,474,442 | 672,757,469 | |
Effective tax rate | 34 | 29 | 18.82 | 33.19 | 32.78 |
THE INITIATES PLC
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2026
14 Deferred tax liabilities
ACTUAL Q1 2026
HISTORY Q1
2025 CHANGE Accelerated tax Depreciation Total
N N N N N
At 1 January 2025 | 479,237,574 | 60,392,891 | 693.53 | 100,000,579 | 22,126,300 | 122,126,879 | |
Movement in the year | - | 39,607,688 | (100) | 144,914,701 | - | 144,914,701 | |
At 31st March | 479,237,574 | 100,000,579 | 379.23 | 244,915,280 | 22,126,300 | 267,041,580 | |
Movement in the year | - | 144,914,701 | (100.00) | 212,195,994 | - | 212,195,994 | |
At 31st March | 479,237,574 | 244,915,280 | 95.67 | 457,111,274 | 22,126,300 | 479,237,574 | |
14.a | Intangible asset | 10,965,000 | - | 100.00 | 10,965,000 | - |
This represents cost of design, develop and deployment of a software.
Property, Plant and Equipment
Summary
The carrying amount of property, plant and equipment is stated as follows;
ACTUAL
HISTORICAL
YTD 2026
N
YTD 2025
N
CHANGE
%
2025
N
2024
N
Land
91,863,787
71,733,787
28.06
71,733,787
71,733,787
Buildings
561,054,342
355,176,226
57.97
378,616,568
349,314,123
Capital Work-in-Progress
35,905,672
302,879,950
(88.15)
-
302,879,950
Motor Vehicle
387,626,344
8,279,448
4,581.79
416,050,000
1,184,245,252
Plant and Machinery
1,850,913,696
1,175,825,423
57.41
1,791,973,506
9,412,479
Furniture and Fittings
13,004,619
1,414,290
819.52
14,254,357
1,546,777
Office & HSE Equipment
41,347,372
8,679,037
376.41
25,887,272
11,134,133
2,981,715,832
1,923,988,161
54.98
2,698,515,490
1,930,266,501
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31ST MARCH 2026
Capital Work-
Furniture and
Office & HSE
Land
Buildings
in-Progress
Plant and Machinery
Motor Vehicles
Fittings
Equipment
Total
15.2
N
N
N
N
N
N
N
Deemed Cost
At 1 January 2026
71,733,787
409,122,770
-
1,956,918,273
454,778,500
23,947,299
46,466,470
2,962,967,100
-
At 31 March 2026
71,733,787
409,122,770
-
1,956,918,273
454,778,500
23,947,299
46,466,470
2,962,967,100
Additions in the year
20,130,000
185,410,440
15,630,000
-
-
17,440,000
238,610,440
Transfer
-
-
35,905,672
228,033,742
263,939,414
At 31 March 2026
91,863,787
594,533,210
35,905,672
2,200,582,015
454,778,500
23,947,299
63,906,470
3,465,516,954
Accumulated Depreciation and impairment loss
-
At 1 January 2026
-
(30,506,202)
-
(323,933,058)
(38,728,500)
(9,692,942)
(20,579,198)
(423,439,900)
At 31 March 2026
-
(30,506,202)
-
(323,933,058)
(38,728,500)
(9,692,942)
(20,579,198)
(423,439,900)
Charge for the year
(2,972,666)
(25,735,262)
(28,423,656)
(1,249,738)
(1,979,900)
(60,361,221)
At 31 March 2026
-
(33,478,868)
-
(349,668,320)
(67,152,156)
(10,942,680)
(22,559,098)
(483,801,122)
Carrying amount
At 31 March 2026
91,863,787
561,054,342
35,905,672
1,850,913,696
387,626,344
13,004,619
41,347,372
2,981,715,832
At 31 March 2025
71,733,787
355,176,226
302,879,950
1,175,825,423
8,279,448
1,414,290
8,679,037
1,923,988,161
A FOR THE PERIOD ENDED 31ST MARCH 2025
Land
Buildings
Capital Work-
in-Progress
Motor Vehicle
Plant and Machinery
Furniture and
Fittings
Office & HSE
Equipment
Total
Deemed Cost N
N
N
N
N
N
N
N
At 1 January 2025
71,733,787
379,887,370
302,879,950
1,426,425,046
18,128,500
7,390,299
25,776,070
2,232,221,022
Addition in the period
-
At 31st March
71,733,787
379,887,370
302,879,950
1,426,425,046
18,128,500
7,390,299
25,776,070
2,232,221,022
Accumulated Depreciation and impairment loss
At 1 January 2025
-
22,811,707
-
232,769,310
8,716,021
5,843,522
14,661,937
284,802,497
Charge for the year
-
1,899,437
17,830,313
1,133,031
132,487
2,435,097
23,430,364
At 31st March
-
24,711,144
-
250,599,623
9,849,052
5,976,009
17,097,034
308,232,861
Carrying amount
At 31st March 2025
71,733,787
355,176,226
302,879,950
1,175,825,423
8,279,448
1,414,290
8,679,037
1,923,988,161
At 31st December 2024
71,166,593
207,785,234
645,658,862
13,944,604
573,552,709
1,936
2,449,962
1,514,559,899
THE INITIATES PLCNOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2026
ACTUAL YTD 2026
HISTORY
YTD 2025 CHANGE 2025 2024
N N % N N
Deemed cost
On 5 November 2018, the company's property, plant and equipment were revalued by Messrs. Jide Taiwo & Co (Estate Surveyors and Valuers - FRC/2012/00000000254) on the basis of open market value of N880,800,000. The revalued amount was incorporated in these financial statements.The surplus of N221,263,007 arising therefrom was transferred to revaluation reserve account.
Capital work-in-progress
These represent costs of property, plant and equipment acquired year which have n
Gerotto Robotic Tank Cleaning Equ
-
302,879,950
(100.00)
-
302,879,950
Offshore 20" ft Container
35,905,672
-
100.00
-
-
35,905,672
302,879,950
(88.15)
-
302,879,950
15.5 Depreciation
Cost of sales
25,735,262
17,830,312
44.33
93,176,258
56,562,167
Administrative expenses
34,625,959
5,600,052
518.31
53,202,822
10,872,692
60,361,221
23,430,364
157.62
146,379,080
67,434,859
15.6 Administrative expenses
Depreciation
34,625,959
5,600,052
518.31
51,927,822
1,441,000
Impairment loss
-
-
-
1,275,000
-
34,625,959
5,600,052
518.31
53,202,822
1,441,000
Impairment loss
Some of the laptops purchased in the current year were not in good condition and as a result of this, the carrying amount before the impairment was recognised as an impairment loss.
Security
All the Company's property, plant and equipment were pledged as security as at 31st March 2026.
Other non-current assets
Prepaid fees on Loan - 726,867 (100.00) - 726,867
Deferred costs - 3,870,000 (100.00) - 3,870,000
- 4,596,867
(100.00) - 4,596,867THE INITIATES PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31ST MARCH 2026
ACTUAL HISTORY | ||||||
YTD 2026 YTD 2025 | CHANGE | 2025 | 2024 | |||
N N | % | N | N | |||
17. | Inventories | |||||
Diesel | 53,941,000 | 25,084,800 | 115.03 | 11,085,300 | 13,812,750 | |
QHSE Consumables | 1,952,775 6,993,191 | (72.08) | 2,214,138 | 2,154,000 | ||
Stationeries | 1,075,253 165,577 | 549.40 | 702,091 | 222,317 | ||
Technical/Electrical items | 18,577,009 10,204,686 | 82.04 | 20,526,989 | 12,782,559 | ||
Other consumables | 605,988 3,960,171 | (84.70) | 817,568 | 180,899 | ||
76,152,025 46,408,424 | 64.09 | 35,346,086 | 29,152,525 | |||
The value of inventories recognised as an expense during the period was N37.22 million (2025: N54.7 million). No inventory was pledged as security during the year.
The Company uses First In First Out method in valuing its inventory.
18 | Key management personnel and staff loans | |||||
Loan to key management personnel | - | - | - | |||
Staff loans and advances | 53,064,772 | 15,466,030 | (243.11) | 61,989,113 | 474,237 | |
Allowance for expected credit losses | - | - | - | - | - | |
53,064,772 | 15,466,030 | (243.11) | 61,989,113 | 474,237 | ||
19.1 Relationship with key management Personnel
Key management personnel include the Directors and the management staff of the Company
20. Investment in associate
Investments as at 31st March - - - 239,467,162 105,619,312
This represents investment in The Initiates Uganda Limited. The Initiates Plc owns minority interest of 36%, while majority holding is by Dag & Bragan Oil & Gas Services Limited - 60%, balance holding of 4% by Reuben Ossai.
The Initiates Uganda Limited was incorporated in November 2018 with the above mentioned Shareholders, and the company commenced operation in 2022.
At 1 January | 105,619,312 | 105,259,214 | 0.34 | 105,619,312 | 105,259,214 |
Additions in the year | - | 360,098 | (100.00) | - | 360,098 |
Share of profit | 205,998,407 | 100.00 | 205,998,407 | - | |
Exchange difference on translation of foreign associat | (19,443,649) | 100.00 | (19,443,649) | - | |
Dividend received in the year | (52,706,908) | 100.00 | (52,706,908) | - | |
239,467,162 | 105,619,312 | 126.73 | 239,467,162 | 105,619,312 |
The Initiates Plc holds a 36% equity interest in The Initiates Uganda Limited, which is classified as an associate. The associate's reporting period is 1 July 2024 - 30 June 2025 while the Company's reporting period is 1 January - 31 December 2025. The investment is accounted for using the equity method in accordance with IAS 28 Investments in Associates and Joint Ventures.
Under the equity method, the investment is initially recognized at cost and subsequently adjusted for the Company's share of the associate's profit or loss and dividends received. The share of profit of the associate is recognized in profit or loss while the exchange differences arising from the translation of the Company's net investment in a foreign associate from the associate's functional currency to the Company's presentation currency, are recognized in other comprehensive income, and accumulated in the foreign currency translation
For the year ended 31 December 2025, the Company recognized its share of profit based on the most recent audited financial statements of the associate (1 January - 30 June 2025) and management accounts for the period 1 July - 30 September 2025.
THE INITIATES PLC
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2026
ACTUAL | HISTORY | ||||
YTD 2026 | YTD 2025 | CHANGE | 2025 | 2024 | |
21. Trade and other receivables | N | N | N | N | N |
Accounts Receivable (A/R) | 2,221,256,299 | 884,409,968 | 151.16 | 2,346,179,902 | 775,117,841 |
Accounts Receivable (A/R) - USD | 3,809,762,666 | 2,279,820,676 | 67.11 | 3,002,146,223 | 2,233,694,998 |
Provision for Doubtful debt | - | - | - | (417,920,444) | (183,013,989) |
Staff loans and advances | 53,064,772 | 15,466,030 | 243.11 | 61,989,113 | 474,237 |
Asset - in- Transit | 2,098,202,650 | 169,322,622 | 1,139.17 | 1,040,257,792 | 150,050,804 |
Other receivables | - | 652,196 | (100.00) | - | 652,195 |
8,182,286,387 | 3,349,671,492 | 144.27 | 6,032,652,586 | 2,976,976,086 | |
21.1 Asset-in-transit | |||||
At 1 January | 1,040,257,792 | 150,050,804 | 593.27 | 150,050,804 | 385,647,186 |
Addition in the year | 1,321,884,272 | 19,271,818 | 6,759.16 | 1,051,207,789 | 150,050,804 |
Transfer | (263,939,414) | - | 100.00 | (161,000,801) | (385,647,186) |
At 31 March | 2,098,202,650 | 169,322,622 | 1,139.17 | 1,040,257,792 | 150,050,804 |
21. 2
Asset - in- Transit: This represents Inspection Equipment, TDU,Crane and Solid Control equipment which has not been received by The Initiates Plc as at 31st March 2025
21.4 Trade receivables | |||||
Receivables from customers | 6,031,018,965 | 3,164,230,644 | 90.60 | 5,348,326,125 | 3,008,812,840 |
Allowance for expected credit losses | - | - | (417,920,444) | (183,013,990) | |
6,031,018,965 | 3,164,230,644 | 90.60 | 4,930,405,681 | 2,825,798,850 | |
Ageing of trade receivables | |||||
Current | 1,499,608,746 | 391,722,335 | 282.82 | 4,340,713,862 | 1,973,924,423 |
1 - 30 days past due | 1,589,019,576 | 847,183,155 | 87.57 | 360,145,836 | 1,926,782 |
31 - 60 days past due | 1,173,536,693 | 838,570,370 | 39.94 | 255,820,497 | 164,115,002 |
61 - 90 days past due | 859,750,498 | 939,628,650 | (8.50) | 2,926,347 | 603,963,008 |
Over 90 days past due | 909,103,452 | 147,126,135 | 517.91 | 388,719,583 | 264,883,625 |
6,031,018,965 | 3,164,230,644 | 90.60 | 5,348,326,125 | 3,008,812,840 | |
21.5 Movement in allowance for credit losses | |||||
At 1 January | 417,920,444 | 183,013,990 | 128.35 | 183,013,990 | 13,964,845 |
Debt recovery | - | - | - | (29,417,468) | - |
Allowance for the year | - | - | - | 264,323,922 | 169,049,145 |
At 31st March 2026 | 417,920,444 | 183,013,990 | 128.35 | 417,920,444 | 183,013,990 |
THE INITIATES PLC
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2026
ACTUAL YTD 2026
HISTORY
YTD 2025 CHANGE 2025 2024
N N % N N
Cash and cash equivalents
Cash and cash equivalents represent cash in hand and at bank as at end of period.
Cash in hand
742,709
107,848
588.66
2,182,655.00
106,400
Cash at bank
190,449,176
461,484,347
(58.73)
1,328,736,919
43,419,694
191,191,885
461,592,195
(58.58)
1,330,919,574
43,526,094
Short Term Investment
1,054,255,967
4,054,292
25,903.45
1,211,026,431
4,054,292
1,245,447,852
465,646,487
167.47
2,541,946,005
47,580,386
22.1
Short term deposits
Investment in Apel Investment Trust
3,764,978
4,118,762
(8.59)
4,118,762
4,118,762
Investment in GT Money Market Fund
1,050,490,989
-
100.00
1,206,907,669
-
1,054,255,967
4,118,762
25,496.43
1,211,026,431
4,118,762
a Investment in Apel Investment Limited
This represents the balance of unclaimed dividends invested in Apel Investement Trust in the previous
b Investment in GT Money Market
In the current period, the company has a closing balance of N1.050 billion invested in GT Money Market Fund, a money market fund managed by Guaranty Trust Fund Managers Limited. The investment does not have a fixed tenor and is open-ended, allowing the Company to maintain the investment for any period while retaining the right to redeem units at any time. Returns on the investment accrue daily based on the performance of the underlying portfolio and are not subject to a fixed interest rate.
23. | Current tax assets These represent withholding tax receivable as at period end. | ||||||
At 1 January | - | - | - | - | 57,687,440 | ||
Adjustment | - | - | - | - | (30,546,742) | ||
Withholding tax in the year | 629,630,650 | - | 100.00 | 195,605,606 | 113,121,124 | ||
Withholding tax credit notes applied | - | - | (195,605,606) | (140,261,822) | |||
At 31st March 2026 | 629,630,650 | - | 100.00 | - | - | ||
24. | Other current assets | ||||||
Prepaid insurance | 6,073,411 | 5,158,740 | 17.73 | 27,360,488 | 12,759,401 | ||
Prepaid fees on loan | 726,867 | 9,440,600 | (92.30) | 726,867 | 9,440,600 | ||
Prepayment - others | 22,771,547 | 726,867 | 3,032.84 | 10,249,496 | - | ||
Deferred costs (note 24a) | 130,115,658 | 1,744,835 | 7,357.19 | 130,115,658 | 3,870,000 | ||
Prepaid expenses | 159,687,483 | 17,071,041 | 835.43 | 168,452,509 | 26,070,001 | ||
24a. Deferred costs
These represent current portion of costs on environmental evaluation study, audit and costs relating to sale of TiP shares (hybrid Offer).
Costs on environmental evaluation study | 3,870,000 | 3,870,000 | - | 3,870,000 | 3,870,000 |
Prepaid fees on Loan | - | 726,867 | (100.00) | - | |
Costs relating to sale of shares (Hybrid Offer) | 126,245,658 | - | 100.00 | 126,245,658 | - |
130,115,658 4,596,867 2,730.53 130,115,658 3,870,000
25 Bridge Financing:
Operational cash was used to pay for all items of asset- in -transit and additional non current asset that was intended to be funded by inflows from the share sale. Thus the total amount shown below will be paid back from the expected inflow from the share sales when received.
Costs relating to sale of shares (Hybrid Offer) | 126,245,658 | - | 100.00 | - | - | |
Asset - in - Transit | 2,098,202,650 | - | 100.00 | - | - | |
Non Current assets (additions for the period) | 238,610,440 | - | 100.00 | - | - | |
Total Bridge financing | 2,463,058,748 | 100.00 | - | - | ||
THE INITIATES PLC
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2026
ACTUAL
YTD 2026
HISTORY
YTD 2025 CHANGE 2025 2024
N N % N N
Issued Share Capital
889,981,552 ordinary shares of N0.50 each 444,990,776 444,990,776 - 444,990,776 444,990,776
Issued Share Capital
At the 12th - 16th Annual General Meeting held on 23rd March 2015, the paid up share capital of the company was increased by the capitalization of dividends for 2013 and 2014 and also issue of bonus shares to shareholders.
Share premium
At 1 January
17,780,000
17,780,000
-
17,780,000
17,780,000
At 31st March 2026
17,780,000
17,780,000
-
17,780,000
17,780,000
Revaluation Reserve
On 5 November 2018, the company's property, plant and equipment were revalued by Messrs. Jide Taiwo & Co (Estate Surveyors and Valuers - FRC/2012/0000000000254) on the basis of open market value of N880,800,000. The revalued amount was incorporated in these financial statements.The surplus of N221,263,007 arising therefrom was transferred to revaluation reserve account.
At 1 January 303,473,535 303,473,535 - 303,473,535 303,473,535
At 31st March 2026 303,473,535 303,473,535 - 303,473,535 303,473,535
Retained earnings
At 1 January 5,006,808,465 1,707,751,603 193.18 1,707,751,603 411,981,089
Adjustments - - - (30,514,639)
Dividends - - (88,998,155) (53,398,893)
Profit for the year 1,125,238,555 375,237,073 199.87 3,388,055,017 1,379,684,046
At 31st March 2026 6,132,047,020 2,082,988,676 194.39 5,006,808,465 1,707,751,603
THE INITIATES PLC | ||||||
NOTES TO THE FINANCIAL STATEMENTS | ||||||
FOR THE PERIOD ENDED 31ST MARCH 2026 | ACTUAL | HISTORY | ||||
YTD 2026 | YTD 2025 | CHANGE | 2025 | 2024 | ||
N | N | % | N | N | ||
30. Trade and other payables | ||||||
Trade payables | 1,852,883,374 | 952,369,685 | 94.56 | 2,221,595,556 | 848,844,753 | |
Dividend payable | 3,938,617 | 4,198,824 | (6.20) | 5,887,283.00 | 4,198,824 | |
Advances from customer | - | - | - | 60,030,879 | 187,000 | |
Other payables | - | 1,241,450 | (100.00) | 2,265,462 | 1,054,450 | |
Accruals (note 30.2) | 1,276,081,573 | 786,860,704 | 62.17 | 897,476,344 | 250,115,704 | |
3,132,903,564 | 1,744,670,663 | 79.57 | 3,187,255,524 | 1,104,400,731 | ||
30.1 Dividend payable | ||||||
Unclaimed Dividends | 3,938,617 | 4,198,824 | (6.20) | 3,938,617 | 2,314,628 | |
Interest on unclaimed dividends | - | - | - | 1,948,666 | 1,884,196 | |
At 31st March 2026 | 3,938,617 | 4,198,824 | (6.20) | 5,887,283 | 4,198,824 | |
30.1a Declared Dividends | ||||||
At 1 January | - | - | - | - | ||
Provision dividends in the period | - | - | - | 88,998,155 | 53,398,893 | |
Payments made during the year | - | - | - | (88,998,155) | (53,398,893) | |
At 31st March 2026 | - | - | - | - | - | |
At the Board Meeting held on 30th March 2026, the Board proposed a dividend of 30 kobo per ordinary share payable out of the profit for the year ended 31 December 2025.
30.1b Unclaimed Dividends
At 1 January | 3,938,617 | 2,314,628 | 70.16 | 2,314,628 | 5,315,094 | |
Unclaimed dividends during the year | - | - | - | 1,623,989 | - | |
Payments made during the year | - | - | - | - | (3,000,466) | |
At 31st March 2026 | 3,938,617 | 2,314,628 | 70.16 | 3,938,617 | 2,314,628 | |
Interest on Unclaimed Dividend | ||||||
At 1 January | 1,948,666 | 1,884,196 | 3.42 | 1,884,196 | 1,391,097 | |
Interest on unclaimed dividends | - | - | - | 64,470 | 493,099 | |
Payments made during the year | - | - | - | - | - | |
At 31st March 2026 | 1,948,666 | 1,884,196 | 3.42 | 1,948,666 | 1,884,196 | |
30.2 | Accruals | |||||
Accrued Audit Fees | 2,500,000 | 1,000,000 | 150.00 | 3,000,000 | 4,000,000 | |
Accrued Directors' Fees | 1,300,000 | 7,112,500 | (81.72) | - | 5,200,000 | |
Accrued Board Expenses | 3,341,128 | 1,884,226 | 77.32 | 57,814,793 | - | |
Accrued Interest on Loan | 2,062,027 | 18,468,747 | (88.84) | 9,157,327 | 10,030,320 | |
Accrued Professional Fees | 2,750,000 | 500,000 | 450.00 | 2,000,000 | 2,000,000 | |
Accrued Staff Performance Bonus | 1,195,083 | 20,000,000 | (94.02) | 50,000,000 | 20,000,000 | |
Accrued Security and Community Expenses | 60,161,472 | 2,155,590 | 2,690.95 | 60,361,472 | 1,755,590 | |
Accrued Industrial Training Fund | 4,863,050 | 5,309,275 | (8.40) | 3,726,809 | 2,525,895 | |
Accrued Waste Disposal | 297,461,692 | 196,600,000 | 51.30 | 227,461,692 | 5,309,275 | |
Accrued Waste Treatment | 547,121,600 | 525,570,685 | 4.10 | 247,121,600 | 196,600,000 | |
Accrued Contract Staff Wages | 1,200,000 | 4,025,895 | (70.19) | 2,000,000 | 2,400,000 | |
Accrued consumables | 350,176,854 | 1,274,973 | 27,365.43 | 220,176,854 | - | |
Accrued terminal benefits | - | 2,800,000 | (100.00) | 14,595,567 | - | |
Other accrued expenses | 1,948,666 | 158,813 | 1,127.02 | 60,230 | 294,624 | |
Total Accrued Expenses | 1,276,081,573 | 786,860,704 | 62.17 | 897,476,344 | 250,115,704 |
THE INITIATES PLC
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2026
ACTUAL | HISTORY | ||||
YTD 2026 N | YTD 2025 N | CHANGE % | 2025 N | 2024 N | |
31. Other current tax liabilities | |||||
Pay As You Earn | 1,176,774 | 2,764,907 | (57.44) | 990,360 | 936,071 |
Withholding tax payable | 84,483,459 | 54,000,556 | 56.45 | 74,706,826 | 58,062,224 |
Value Added Tax - Suppliers | 149,817,383 | 75,382,813 | 98.74 | 132,117,947 | 73,034,955 |
Value Added Tax - Customers | 489,959,187 | 273,833,771 | 78.93 | 389,853,010 | 221,882,345 |
At 31st March 2026 | |||||
725,436,803 | 405,982,048 | 78.69 | 597,668,143 | 353,915,595 | |
32. Employees' benefits | |||||
Defined contribution plans | 5,208,806 | 7,866,517 | (33.79) | 4,968,505 | 5,726,408 |
32.1 Defined contribution plans
These represent pension contribution. It is computed as follows: 8% of the employee's basic salary, housing and transport is contributed monthly by the employee and 10% of the employee's basic salary, housing and transport is contributed by the employer. The monthly contribution is remitted to the Pension Fund Administrators in accordance with the Nigerian Pension Reform Act 2014.
At 1 January | 4,968,505 | 5,726,408 | (13.24) | 5,726,408 | 2,995,027 |
Provision for the period | 13,239,278 | 6,470,243 | 104.62 | 33,272,060 | 16,857,021 |
Payments made during the period | (12,998,977) | (4,330,134) | 200.20 | (34,029,963) | (14,125,640) |
At 31st March 2026 | 5,208,806 | 7,866,517 | (33.79) | 4,968,505 | 5,726,408 |
33 Borrowings:
These represent loan facility of N700.0 million obtained by The Initiates Plc from Bank of Industry in 2021 for procurement of plant and machinery for the treatment and disposal of oil drilling waste as well as industrial cleaning and decontamination services. The loan has a tenor of 5 years with one (1) year moratorium and interest rate of 8% per annum commencing from the date of first disbursement.
The loan was secured with a Bank Guarantee from Providus Bank Plc. The security for the guarantee is as follows:
Mortgage Debenture on the Company's assets situated at Plot 400 Location Road, Umuebule 5, Aba/PH Expressway, Port Harcourt, Rivers State, to be valued by a Bank accredited valuer.
Irrevocable domiciliation of contract proceeds to Providus Bank.
Personal Guarantee of the Managing Director and another director suppported by notarized Statements of Networth.
33.1 | Loan facility from Bank of Industry | |||||
At 1 January | 98,000,000 | 350,000,000 | (72.00) | 350,000,000 | 550,000,000 | |
Repayments in the period | - | (50,000,000) | (100.00) | (252,000,000) | (200,000,000) | |
98,000,000 | 300,000,000 | (67.33) | 98,000,000 | 350,000,000 | ||
THE INITIATES PLC
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2026
ACTUAL | HISTORY | |||
YTD 2026 | YTD 2025 | CHANGE | 2025 | 2024 |
N | N | % | N | N |
33.2 Short Term Borrowings | ||||
Providus Bank Plc (note 32.2.1) | - | 361,756,548 | (100.00) | 178,805,728 | 134,908,950 |
Invoice Discounting Facility during the | - | - | - | 489,824,787 | 602,464,418 |
Repayments during the year | - | (178,805,728) | (100.00) | (668,630,515) | (558,567,640) |
At 31st March 2026 - 182,950,820 (100.00) - 178,805,728
33.2.1 Wema Bank Plc
At 1 January | - | 134,908,950 | ||
Invoice Discounting Facility in the year | - | - | - | |
Repayments in the year | - | - | - | (134,908,950) |
At 31 March 2026 - -
THE INITIATES PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31ST MARCH 2026
Information regarding directors and employees
Directors
Directors' emoluments comprises:
ACTUAL Q1 2026
HISTORY
Q1 2025 2025 2024
Fees 1,300,000 1,912,500 5,200,000 5,200,000
Others - salaries and allowances 15,535,000 15,117,800 142,189,277 39,501,931
16,835,000 13,020,000 147,389,277 44,701,931
34.1a. Highest paid Director (Managing Director) - emolument 13,020,000 12,432,800 54,007,000 27,360,000
34.1b. Other directors with emoluments
Number
Nil
Number
Nil
Number
Nil
Number
Nil
34.1c. The number of directors with gross emoluments within the band stated were:
Number
Number
Number
Below N3,000,000
-
-
-
-
N3,000,001 - N7,000,000
-
-
-
-
N7,000,001 and above
1
1
1
1
1
1
1
1
34.2 Employees
Average numbers of persons employed during the period:
Management
15
10
15
10
Senior Staff
18
12
18
12
Junior Staff
27
33
27
33
60
55
60
55
34.2a Aggregate payroll costs
N
N
N
N
Salaries and allowances
44,430,011
24,316,511
341,647,556
186,605,862
The number of employees in Nigeria with gross
Number
Number
Number
Number
emoluments within the bands stated were:
N1,000,001 - N3,000,000
26
10
26
-
N3,000,001 - N5,000,000
17
17
17
6
N5,000,001 and above
17
20
17
49
60
47
60
55
THE INITIATES PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31ST MARCH 2026
Guarantees and other financial commitments
The company did not guarantee any loan to the directors and officers of the company during the year.
Financial commitments
The Directors are of the opinion that all known liabilities and commitments which are relevant in assessing the company's financial statements have been taken into account in the preparation of the financial statements under review.
Contingent liabilities
There were no contingent liabilities arising from litigations in the ordinary course of business.
Capital commitments
There were no capital commitments at 31st March 2026
Events after the reporting date COVID-19
The Directors are of the view that the going concern or the continuing existence of the Company is not in doubt, as a result of the impact of COVID-19 on their future operations.
Earnings per Share
Earnings per share are based on profit after tax and number of fully paid ordinary shares.
ACTUAL Q1 2026
HISTORY
Q1 2025 2025 2024
N N N N
Earnings attributable to ordinary shareholders (in naira)
1,125,238,555
281,733,427
3,595,223,468
1,379,684,046
Number of ordinary shares issued and fully paid for basic earnings per share (in number)
889,981,552
889,981,552
889,981,553
889,981,553
889,981,552
889,981,552
889,981,553
889,981,553
Basic and diluted earnings per share (kobo)
126.43
31.66
403.97
155.02
Number of ordinary shares issued and fully paid for diluted earnings per share (in number)
THE INITIATES PLCNOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31ST MARCH 2026
Professional firms
The following firms provided professional services to the Company and their FRC registration numbers are stated as follows:
Audit Firm
The audit firm is Madu,Onyekwena & Co. The firm is responsible for the audit of the Company's records and provision of tax consultancy services. The FRC number is FRC/2013/ICAN/00000004886.
Estate Surveyors and Valuers
Jide Taiwo & Co. is the firm that values the Company's assets. The FRC registration number is FRC/2012/00000000254.
Company Secretary
Mrs. Olaide Odejobi is the Company's Secretary. She is responsible for filing accounts with Corporate Affairs Commission, Securities and Exchange Commission together with other secretarial functions. The FRC registration number is FRC/2017/NBA/00000016739.
Registrars
Apel Capital Registrars Limited is the Company's Registrars. They are responsible for keeping the records of shareholders and paying dividends. The FRC registration number is FRC/2017/ICAN/00000014821.
THE INITIATES PLC OTHER NATIONAL DISCLOSURES
THE INITIATES PLC
STATEMENT OF VALUE ADDED
FOR THE PERIOD ENDED 31ST MARCH 2026
ACTUAL Q1 2026
HISTORY
Q1 2025 2025 2024
N N N N
Revenue from contracts with customers | 3,572,761,070 | 1,204,257,802 | 11,698,628,274 | 4,663,473,951 | ||||
Other income | 37,185,584 | - | 73,843,240 | 189,910,803 | ||||
3,609,946,655 | 1,204,257,802 | 11,772,471,514 | 4,853,384,754 | |||||
Less: Bought in materials and services Imported | 14,683,089 | 61,008,174 | ||||||
Local | (1,655,333,820) | (544,727,572) | 6,198,232,330 | 2,485,894,344 | ||||
Value added | 1,954,612,835 | 100% | 659,530,230 | 100% | 5,559,556,095 | 100% | 2,306,482,236 | 100% |
Applied as follows: | ||||||||
To pay employees' salaries wages and other benefits | 44,430,011 | 2 | 24,316,511 | 4 | 341,647,556 | 6 | 186,605,862 | 8 |
To pay Government taxation | 579,668,347 | 30 | 155,257,171 | 24 | 1,471,278,448 | 26 | 527,842,768 | 23 |
To provide for enhancement of assets and expansion: | - | - | ||||||
- deferred tax | 144,914,701 | 7 | 144,914,701 | 22 | 212,195,994 | 4 | 144,914,701 | 6 |
- depreciation of fixed assets | 60,361,221 | 3 | 23,430,364 | 4 | 146,379,080 | 3 | 67,434,859 | 3 |
- retained in the business | 1,125,238,555 | 58 | 311,611,483 | 47 | 3,388,055,017 | 61 | 1,379,684,046 | 60 |
1,954,612,835 | 100 | 659,530,230 | 100 | 5,559,556,095 | 100 | 2,306,482,236 | 100 |
Note: "Value added" represents the additional wealth which the company has been able to create by its own and its employees' efforts. This statement shows the allocation of that wealth amongst employees, capital providers, government, and that retained for future creation of wealth.
THE INITIATES PLC | |||||
FIVE YEARS FINANCIAL SUMMARY | |||||
31 December | |||||
2025 | 2024 | 2023 | 2022 | 2021 | |
N | N | N | N | N | |
Statement of Financial Position | |||||
Assets employed | |||||
Property, plant and equipment | 2,698,515,490 | 1,930,266,501 | 1,531,133,502 | 1,140,204,567 | 833,863,484 |
Asset-in-transit | 1,040,257,792 | 150,050,804 | 120,589,302 | 265,057,884 | - |
Intangible assets | 10,965,000 | - | - | - | - |
Other non-current assets | - | 4,596,867 | 17,907,467 | 31,218,067 | 29,048,667 |
Investment in associate | 239,467,162 | 105,619,312 | 105,259,214 | 105,140,247 | - |
Current Assets | 7,738,139,394 | 2,929,728,194 | 784,878,064 | 548,397,709 | 931,537,536 |
Total Assets | 11,727,344,838 | 5,120,261,678 | 2,559,767,549 | 2,090,018,474 | 1,794,449,687 |
Equity | |||||
Issued capital | 444,990,776 | 444,990,776 | 444,990,776 | 444,990,776 | 444,990,776 |
Share premium | 17,780,000 | 17,780,000 | 17,780,000 | 17,780,000 | 17,780,000 |
Revaluation reserve | 303,473,535 | 303,473,535 | 303,473,535 | 303,473,535 | 303,473,535 |
Retained earnings | 5,006,808,465 | 1,707,751,603 | 411,981,089 | (53,379,368) | 323,300 |
Foreign currency translation reserve | (19,443,649) | - | - | - | - |
5,753,609,127 | 2,473,995,914 | 1,178,225,400 | 712,864,943 | 766,567,611 | |
Liabilities | |||||
Non-current liabilities | 577,237,574 | 617,041,580 | 672,126,879 | 782,519,191 | 823,084,353 |
Current liabilites | 5,396,498,137 | 2,029,224,184 | 709,415,270 | 594,634,340 | 204,797,723 |
Total liabilities and equity | 11,727,344,838 | 5,120,261,678 | 2,559,767,549 | 2,090,018,474 | 1,794,449,687 |
Statement of Profit or Loss and Other Comprehensive Income | |||||
Revenue | 11,698,628,274 | 4,663,473,951 | 1,849,471,769 | 841,469,215 | 333,899,008 |
Profit/(loss) before taxation | 5,071,529,459 | 2,052,441,515 | 520,951,114 | (43,371,614) | (62,236,489) |
Income tax expense | (1,683,474,442) | (672,757,469) | (171,546,102) | (10,331,054) | (15,004,809) |
Profit/(loss) after taxation | 3,388,055,017 | 1,379,684,046 | 349,405,012 | (53,702,668) | (77,241,298) |
Other Comprehensive income | |||||
Exchange difference on translation of investment in foreign | |||||
associate | (19,443,649) | - | - | - | - |
Other comprehensive income for the year | (19,443,649) | - | - | - | - |
Total comprehensive income/(loss) for the year | 3,368,611,368 | 1,379,684,046 | 349,405,012 | (53,702,668) | (77,241,298) |
Basic earnings/(loss) per share (kobo) | 381 | 155 | 39 | (6) | (9) |
Net assets per share (kobo) | 646 | 278 | 132 | 80 | 86 |
Basic earnings/(loss) per share are calculated on the profit/(loss) after tax and the number of fully paid ordinary shares at the end of each year.
Net assets per share are based on the net assets and the number of fully paid ordinary shares at the end of each year.