Net profit of The Initiates PLC fell by 13% in the first quarter of the year to NGN25.1 billion compared to NGN29.1 billion recorded in 2016.
The initiates plc in its financial report for first quarter 2017 reported NGN135.0 billion revenue against NGN97.6 billion reported same period 2016. Its costs of sales for the period was NGN79.2 billion against NGN40.3 billion recorded in 2016.
The down part of the company’s books looks red as it records s decrease in gross profit to NGN55.7 billion against NGN57.2 billion recorded in the year 2016. with operating profit of NGN34.1 billion against NGN47.5 billion recorded in the previous year.
The initiates said its profit before before tax in the year in review was NGN33.5 billion in contrast to NGN38.8 billion recorded in the fiscal year 2016.
The Initiates plc in its reports showed that it acquired NGN911.5 billion assets in 2017 compared to NGN750.8 billion reported in 2016. Its total liabilities was NGN217.6 billion versus NGN131.9 billion recorded in 2016.
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The Initiates PLC is a Nigerian indigenous company delivering international standard contracting and consultancy services in Waste Management, Industrial Cleaning, and Decontamination to both Private and Public sectors including the Oil & Gas Industry. The company has multi-disciplinary and flexible workforce structure that is functional in a wide range of work environments, and driven by innovation, excellence and commitment.