The Initiates Plc (NGX:TIP)

The Initiates Balance Sheet

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

Assets

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash & Equivalents	7,138	2,542	47.58	199.66	159.03	658.18
Cash & Short-Term Investments	7,138	2,542	47.58	199.66	159.03	658.18
Cash Growth	1984.26%	5242.42%	-76.17%	25.55%	-75.84%	7516.81%
Accounts Receivable	7,199	4,930	2,826	485.24	292.03	158.45
Other Receivables	416.1	-	0.65	-	0.01	0.01
Receivables	7,616	4,992	2,827	490.19	293.88	159.1
Inventory	113.4	35.35	29.15	13.58	14.93	6.42
Prepaid Expenses	-	38.34	22.2	19.89	13.77	23.45
Other Current Assets	42.27	130.12	3.87	61.56	66.78	78.08
Total Current Assets	14,909	7,738	2,930	784.88	548.4	925.23
Property, Plant & Equipment	6,474	2,699	1,930	1,531	1,140	833.86
Long-Term Investments	3,007	239.47	105.62	105.26	105.14	6.31
Other Intangible Assets	10.97	10.97	-	-	-	-
Long-Term Deferred Charges	-	-	3.87	7.74	11.61	-
Other Long-Term Assets	-	1,040	150.78	130.76	284.67	29.05
Total Assets	24,401	11,727	5,120	2,560	2,090	1,794

Liabilities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Accounts Payable	2,953	2,222	848.84	258.8	401.82	36
Accrued Expenses	0.21	1,424	550.76	124.96	101.99	97.4
Short-Term Debt	-	-	178.81	269.82	-	-
Current Income Taxes Payable	1,856	1,607	386.38	16.69	7.55	0.83
Current Unearned Revenue	-	-	-	-	35.49	63.32
Other Current Liabilities	1,080	143.88	64.44	39.15	47.79	7.24
Total Current Liabilities	5,890	5,396	2,029	709.42	594.63	204.8
Long-Term Debt	-	98	350	550	700	700
Long-Term Deferred Tax Liabilities	479.24	479.24	267.04	122.13	82.52	123.08
Total Liabilities	6,369	5,974	2,646	1,382	1,377	1,028

Shareholders' Equity

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Common Stock	1,000	444.99	444.99	444.99	444.99	444.99
Additional Paid-In Capital	9,109	17.78	17.78	17.78	17.78	17.78
Retained Earnings	7,619	5,007	1,708	411.98	-53.38	0.32
Comprehensive Income & Other	303.47	284.03	303.47	303.47	303.47	303.47
Shareholders' Equity	18,032	5,754	2,474	1,178	712.86	766.57
Total Liabilities & Equity	24,401	11,727	5,120	2,560	2,090	1,794

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Total Debt	-	98	528.81	819.82	700	700
Net Cash (Debt)	7,138	2,444	-481.23	-620.15	-540.97	-41.82
Net Cash Growth	4909.88%	-	-	-	-	-
Net Cash Per Share	4.15	2.75	-0.54	-0.70	-0.61	-0.05
Filing Date Shares Outstanding	2,003	889.98	889.98	889.98	889.98	889.98
Total Common Shares Outstanding	2,003	889.98	889.98	889.98	889.98	889.98
Working Capital	9,019	2,342	900.5	75.46	-46.24	720.43
Book Value Per Share	9.00	6.46	2.78	1.32	0.80	0.86
Tangible Book Value	18,021	5,743	2,474	1,178	712.86	766.57
Tangible Book Value Per Share	9.00	6.45	2.78	1.32	0.80	0.86
Land	-	71.73	71.73	71.17	65.5	43.6
Buildings	-	409.12	372.13	174.94	174.94	174.7
Machinery	-	2,643	1,468	802.36	765.56	750.03
Construction In Progress	-	-	302.88	705.12	309.4	-

Data Source: S&P Global Market Intelligence Last updated: Oct 30, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Nov 5, 2026

Data Sources Report a data error