The Initiates Plc (NGX:TIP)

The Initiates Balance Sheet

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Cash & Equivalents	342.48	47.58	199.66	159.03	658.18	8.64
Cash & Short-Term Investments	342.48	47.58	199.66	159.03	658.18	8.64
Cash Growth	219.53%	-76.17%	25.55%	-75.84%	7516.81%	-35.62%
Accounts Receivable	4,519	2,826	485.24	292.03	158.45	118.77
Other Receivables	0.65	0.65	-	0.01	0.01	6.32
Receivables	4,523	2,827	490.19	293.88	159.1	126.06
Inventory	48.88	29.15	13.58	14.93	6.42	5.12
Prepaid Expenses	22.93	22.2	19.89	13.77	23.45	13.98
Other Current Assets	257.2	3.87	61.56	66.78	78.08	125.4
Total Current Assets	5,194	2,930	784.88	548.4	925.23	279.2
Property, Plant & Equipment	2,085	1,930	1,531	1,140	833.86	855.14
Long-Term Investments	114.46	105.62	105.26	105.14	6.31	-
Long-Term Deferred Charges	-	3.87	7.74	11.61	-	-
Other Long-Term Assets	4.6	150.78	130.76	284.67	29.05	10
Total Assets	7,398	5,120	2,560	2,090	1,794	1,144
Accounts Payable	975.3	848.84	258.8	401.82	36	28.95
Accrued Expenses	735.04	550.76	124.96	101.99	97.4	61.59
Short-Term Debt	-	178.81	269.82	-	-	17
Current Income Taxes Payable	874.36	386.38	16.69	7.55	0.83	61.11
Current Unearned Revenue	-	-	-	35.49	63.32	-
Other Current Liabilities	75.96	64.44	39.15	47.79	7.24	22.96
Total Current Liabilities	2,661	2,029	709.42	594.63	204.8	191.62
Long-Term Debt	200	350	550	700	700	-
Long-Term Deferred Tax Liabilities	360.04	267.04	122.13	82.52	123.08	108.91
Total Liabilities	3,221	2,646	1,382	1,377	1,028	300.53
Common Stock	444.99	444.99	444.99	444.99	444.99	444.99
Additional Paid-In Capital	17.78	17.78	17.78	17.78	17.78	17.78
Retained Earnings	3,411	1,708	411.98	-53.38	0.32	77.56
Comprehensive Income & Other	303.47	303.47	303.47	303.47	303.47	303.47
Shareholders' Equity	4,178	2,474	1,178	712.86	766.57	843.81
Total Liabilities & Equity	7,398	5,120	2,560	2,090	1,794	1,144
Total Debt	200	528.81	819.82	700	700	17
Net Cash (Debt)	142.48	-481.23	-620.15	-540.97	-41.82	-8.36
Net Cash Per Share	0.16	-0.54	-0.70	-0.61	-0.05	-0.01
Filing Date Shares Outstanding	889.98	889.98	889.98	889.98	889.98	889.98
Total Common Shares Outstanding	889.98	889.98	889.98	889.98	889.98	889.98
Working Capital	2,533	900.5	75.46	-46.24	720.43	87.59
Book Value Per Share	4.69	2.78	1.32	0.80	0.86	0.95
Tangible Book Value	4,178	2,474	1,178	712.86	766.57	843.81
Tangible Book Value Per Share	4.69	2.78	1.32	0.80	0.86	0.95
Land	71.73	71.73	71.17	65.5	43.6	43.6
Buildings	378.69	372.13	174.94	174.94	174.7	174.7
Machinery	1,689	1,468	802.36	765.56	750.03	727.04
Construction In Progress	302.88	302.88	705.12	309.4	-	-

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