The Initiates records 2% rise in profit for q2

Scoa

The Initiates plc profit for the second quarter of the year grew by 2% to NGN38.5 million compared to NGN27.8 million in the same period in the financial year 2016.

The company ended the period with NGN181.4 million turn over in contrast to NGN303.0 million recorded in the previous year while gross profit was NGN94.8 million against NGN84.0 million in the year 2016.

Total assets at the end of the period was NGN901.0 million compared to NGN1.0 million in the year before while total liabilities was NGN190.1 million against NGN397.0 million in the year before.