The Initiates Income Statement

Financials in millions NGN. Fiscal year is January - December.

Millions NGN. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	11,699	4,663	1,849	841.47	333.9
Revenue Growth (YoY)	150.86%	152.15%	119.79%	152.01%	-25.47%
Cost of Revenue	5,728	2,208	1,202	661.11	281.59
Gross Profit	5,971	2,456	647.84	180.36	52.31
Selling, General & Admin	680.73	250.75	165.72	175.59	98.28
Other Operating Expenses	236.95	19.27	13.56	1.88	-20.87
Operating Expenses	970.37	449.94	188.38	185.13	86.28
Operating Income	5,000	2,006	459.47	-4.77	-33.97
Interest Expense	-34.23	-66.62	-59.91	-3.07	-20.3
Interest & Investment Income	38.74	138.51	-	0	-
Currency Exchange Gain (Loss)	-	10.98	146.66	5.07	4.19
Other Non Operating Income (Expenses)	-5.99	-36.37	-26.45	-40.6	-12.16
EBT Excluding Unusual Items	4,999	2,052	519.77	-43.37	-62.24
Pretax Income	4,999	2,052	519.77	-43.37	-62.24
Income Tax Expense	1,612	672.76	171.55	10.33	15
Net Income	3,386	1,380	348.23	-53.7	-77.24
Net Income to Common	3,386	1,380	348.23	-53.7	-77.24
Net Income Growth	145.45%	296.20%	-	-	-
Shares Outstanding (Basic)	889	890	890	890	890
Shares Outstanding (Diluted)	889	890	890	890	890
Shares Change (YoY)	-0.13%	-	-	-	-
EPS (Basic)	3.81	1.55	0.39	-0.06	-0.09
EPS (Diluted)	3.81	1.55	0.39	-0.06	-0.09
EPS Growth	145.81%	297.44%	-	-	-
Free Cash Flow	2,998	136.9	-1.28	-379.68	-7.44
Free Cash Flow Per Share	3.37	0.15	-0.00	-0.43	-0.01
Dividend Per Share	-	0.100	0.060	-	-
Dividend Growth	-	66.67%	-	-	-
Gross Margin	51.04%	52.66%	35.03%	21.43%	15.67%
Operating Margin	42.74%	43.01%	24.84%	-0.57%	-10.17%
Profit Margin	28.95%	29.59%	18.83%	-6.38%	-23.13%
Free Cash Flow Margin	25.62%	2.94%	-0.07%	-45.12%	-2.23%
EBITDA	5,140	2,073	506.73	39.15	10.29
EBITDA Margin	43.94%	44.46%	27.40%	4.65%	3.08%
D&A For EBITDA	140.19	67.43	47.26	43.92	44.26
EBIT	5,000	2,006	459.47	-4.77	-33.97
EBIT Margin	42.74%	43.01%	24.84%	-0.57%	-10.17%
Effective Tax Rate	32.26%	32.78%	33.00%	-	-
Advertising Expenses	15.38	-	-	-	-

Source: S&P Global Market Intelligence. Standard template. Financial Sources.