The Initiates reports 272% profit growth for 2016


The initiates plc ended the financial year 2016 with NGN648.1 billion revenue compared to NGN345.7 billion recorded in the financial year 2015.

It’s costs of sales for the year  was NGN393.2 billion against NGN180.2 billion recorded in the year before. 

The company recorded gross profit of NGN254.9 billion in 2016 versus NGN165.7 billion recorded in 2015. It’s operating profit for the year was NGN70.5 billion versus NGN60.8 billion recorded same period 2015.

The initiates profit before taxation was NGN203.1 billion in the year in review in contrast to NGN60.0 billion recorded in 2015.

After deducting tax for the year,  the company’s profit for the year increased by to NGN138.1 billion from NGN37.1 billion recorded in 2015.

The initiates plc acquired NGN859.2 billion assets in 2016 against NGN738.3 billion recorded in the previous year. It’s total Liabilities for the year was NGN160.1 billion in contrast to NGN158.2 billion in the previous year 

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