The Initiates Balance Sheet

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
Cash & Equivalents	2,547	47.58	199.66	159.03	658.18
Cash & Short-Term Investments	2,547	47.58	199.66	159.03	658.18
Cash Growth	5252.75%	-76.17%	25.55%	-75.84%	7516.81%
Accounts Receivable	5,180	2,826	485.24	292.03	158.45
Other Receivables	0.65	0.65	-	0.01	0.01
Receivables	5,241	2,827	490.19	293.88	159.1
Inventory	68.81	29.15	13.58	14.93	6.42
Prepaid Expenses	150.43	22.2	19.89	13.77	23.45
Other Current Assets	1,121	3.87	61.56	66.78	78.08
Total Current Assets	9,128	2,930	784.88	548.4	925.23
Property, Plant & Equipment	2,618	1,930	1,531	1,140	833.86
Long-Term Investments	115.91	105.62	105.26	105.14	6.31
Long-Term Deferred Charges	3.87	3.87	7.74	11.61	-
Other Long-Term Assets	0.73	150.78	130.76	284.67	29.05
Total Assets	11,867	5,120	2,560	2,090	1,794
Accounts Payable	1,448	848.84	258.8	401.82	36
Accrued Expenses	2,424	550.76	124.96	101.99	97.4
Short-Term Debt	-	178.81	269.82	-	-
Current Income Taxes Payable	2,156	386.38	16.69	7.55	0.83
Current Unearned Revenue	-	-	-	35.49	63.32
Other Current Liabilities	138.33	64.44	39.15	47.79	7.24
Total Current Liabilities	6,167	2,029	709.42	594.63	204.8
Long-Term Debt	98	350	550	700	700
Long-Term Deferred Tax Liabilities	360.04	267.04	122.13	82.52	123.08
Total Liabilities	6,625	2,646	1,382	1,377	1,028
Common Stock	444.99	444.99	444.99	444.99	444.99
Additional Paid-In Capital	17.78	17.78	17.78	17.78	17.78
Retained Earnings	4,476	1,708	411.98	-53.38	0.32
Comprehensive Income & Other	303.47	303.47	303.47	303.47	303.47
Shareholders' Equity	5,242	2,474	1,178	712.86	766.57
Total Liabilities & Equity	11,867	5,120	2,560	2,090	1,794
Total Debt	98	528.81	819.82	700	700
Net Cash (Debt)	2,449	-481.23	-620.15	-540.97	-41.82
Net Cash Per Share	2.76	-0.54	-0.70	-0.61	-0.05
Filing Date Shares Outstanding	889.98	889.98	889.98	889.98	889.98
Total Common Shares Outstanding	889.98	889.98	889.98	889.98	889.98
Working Capital	2,962	900.5	75.46	-46.24	720.43
Book Value Per Share	5.89	2.78	1.32	0.80	0.86
Tangible Book Value	5,242	2,474	1,178	712.86	766.57
Tangible Book Value Per Share	5.89	2.78	1.32	0.80	0.86
Land	71.73	71.73	71.17	65.5	43.6
Buildings	415.25	372.13	174.94	174.94	174.7
Machinery	2,538	1,468	802.36	765.56	750.03
Construction In Progress	-	302.88	705.12	309.4	-

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