According to the Waste Management Firm, the Initiative Plc, has recall their loss recorded in 2022 and shared the profit of N348.23m in 2023.
The Company lost N53.79m in 2022.
On Thursday, this was revealed at the 2023 audited account filled with the Nigerian Exchange Limited.
From the report gathered, the Firm’s revenue rose by N1.85bn from N841.47m, while the cost of sales went up from N641m to N1.17billion.
It managed to moderate administrative expenses from N240m to N227.72m within the period.
Explaining the reason for the hike in finance cost, TIP said, “This represents interests charged on loan facility of N700m obtained from Bank of Industry, charges by Providus Bank Plc and Wema Bank Plc on invoice discounting facilities of $150,000 each, and also current portion of charges by Providus Bank on the Bank Guarantee for loan facility from the Bank of Industry.”
It revealed that the loan was secured with a bank guarantee from Providus Bank Plc.
It noted that the security for the guarantee was 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 and personal guarantee of the Managing Director and another director supported by notarised statements of net-worth.”
DVCF Oil & Gas Plc, a substantial shareholder in The Initiates, sold off 9,468,900 units of its shareholding worth about N10.13m.
Olajide Afolayan, acquired 5,994,937 units of TIP shares in two transactions that took place on December 20 and 21 on the platform of the NGX, while DVCF Oil & Gas Plc sold off part of its shareholding.
Respectively, DVCF Oil & Gas Plc sold off the shares in three transactions at different prices of N1.08, N1.06 and N1.07.
Growth Board of the NGX has an issued share capital of N1.92bn at N2.16 Kobo per share.
The company’s principal activities include waste management services, industrial cleaning and decontamination services.
