The Initiates Balance Sheet

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

Millions NGN. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	1,245	2,542	47.58	199.66	159.03	658.18
Cash & Short-Term Investments	1,245	2,542	47.58	199.66	159.03	658.18
Cash Growth	167.47%	5242.42%	-76.17%	25.55%	-75.84%	7516.81%
Accounts Receivable	8,182	4,930	2,826	485.24	292.03	158.45
Other Receivables	629.63	-	0.65	-	0.01	0.01
Receivables	8,812	4,992	2,827	490.19	293.88	159.1
Inventory	76.15	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	159.69	130.12	3.87	61.56	66.78	78.08
Total Current Assets	10,293	7,738	2,930	784.88	548.4	925.23
Property, Plant & Equipment	2,982	2,699	1,930	1,531	1,140	833.86
Long-Term Investments	239.47	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	13,525	11,727	5,120	2,560	2,090	1,794
Accounts Payable	3,133	2,222	848.84	258.8	401.82	36
Accrued Expenses	730.65	1,424	550.76	124.96	101.99	97.4
Short-Term Debt	-	-	178.81	269.82	-	-
Current Income Taxes Payable	2,186	1,607	386.38	16.69	7.55	0.83
Current Unearned Revenue	-	-	-	-	35.49	63.32
Other Current Liabilities	-	143.88	64.44	39.15	47.79	7.24
Total Current Liabilities	6,050	5,396	2,029	709.42	594.63	204.8
Long-Term Debt	98	98	350	550	700	700
Long-Term Deferred Tax Liabilities	479.24	479.24	267.04	122.13	82.52	123.08
Total Liabilities	6,627	5,974	2,646	1,382	1,377	1,028
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	6,132	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	6,898	5,754	2,474	1,178	712.86	766.57
Total Liabilities & Equity	13,525	11,727	5,120	2,560	2,090	1,794
Total Debt	98	98	528.81	819.82	700	700
Net Cash (Debt)	1,147	2,444	-481.23	-620.15	-540.97	-41.82
Net Cash Per Share	1.29	2.75	-0.54	-0.70	-0.61	-0.05
Filing Date Shares Outstanding	893.05	889.98	889.98	889.98	889.98	889.98
Total Common Shares Outstanding	893.05	889.98	889.98	889.98	889.98	889.98
Working Capital	4,243	2,342	900.5	75.46	-46.24	720.43
Book Value Per Share	7.72	6.46	2.78	1.32	0.80	0.86
Tangible Book Value	6,887	5,743	2,474	1,178	712.86	766.57
Tangible Book Value Per Share	7.71	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	-

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