The Initiates Plc (NGX:TIP)
Nigeria · Delayed Price · Currency is NGN 26.90
+1.75 (6.96%)
At close: Nov 6, 2026
The Initiates Cash Flow Statement
Financials in millions NGN. Fiscal year is January - December.
Millions NGN. Fiscal year is Jan - Dec.
Operating Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 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 |
Net Income | 4,774 | 3,388 | 1,380 | 348.23 | -53.7 | -77.24 |
Depreciation & Amortization | 159.6 | 146.38 | 67.43 | 47.26 | 43.92 | 44.26 |
Loss (Gain) on Equity Investments | -206 | -206 | - | - | - | - |
Other Operating Activities | 5,041 | -49.25 | -76.19 | 183.43 | 19.7 | 28.28 |
Change in Accounts Receivable | -2,165 | -2,165 | -2,337 | -196.31 | -134.78 | -39.35 |
Change in Inventory | -6.19 | -6.19 | -15.58 | 1.36 | -8.51 | -1.31 |
Change in Accounts Payable | 2,083 | 2,083 | 805.84 | -157.45 | 355.13 | 72.21 |
Change in Income Taxes | 1,276 | 1,276 | 428.6 | 26.36 | 21.89 | -11.95 |
Change in Other Net Operating Assets | 317.4 | 317.4 | 393.71 | 39.57 | 10.36 | 0.64 |
Operating Cash Flow | 11,273 | 4,784 | 646.77 | 292.44 | 253.99 | 15.55 |
Operating Cash Flow Growth | 630.73% | 639.60% | 121.16% | 15.14% | 1533.77% | -18.65% |
Investing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 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 |
Capital Expenditures | -5,914 | -1,810 | -509.87 | -293.72 | -633.68 | -22.99 |
Sale of Property, Plant & Equipment | 5.13 | 5.13 | - | - | - | - |
Sale (Purchase) of Intangibles | -10.97 | -10.97 | - | - | - | - |
Investment in Securities | -7,763 | - | -0.36 | -0.12 | -98.83 | - |
Other Investing Activities | 440.31 | 91.52 | 139 | 0.51 | 0 | - |
Investing Cash Flow | -13,243 | -1,724 | -371.24 | -293.33 | -732.51 | -22.99 |
Financing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 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 |
Long-Term Debt Issued | - | 496.53 | 656.86 | 269.82 | 5 | 729.5 |
Total Debt Issued | 313.58 | 496.53 | 656.86 | 269.82 | 5 | 729.5 |
Long-Term Debt Repaid | - | -927.34 | -947.88 | -150 | -5 | -46.5 |
Total Debt Repaid | -513.58 | -927.34 | -947.88 | -150 | -5 | -46.5 |
Net Debt Issued (Repaid) | -200 | -430.81 | -291.01 | 119.82 | - | 683 |
Issuance of Common Stock | 10,100 | - | - | - | - | - |
Common Dividends Paid | -666.16 | -89 | -56.4 | - | -1.3 | - |
Other Financing Activities | -470.23 | -44.94 | -80.21 | -78.3 | -19.33 | -26.03 |
Financing Cash Flow | 8,764 | -564.74 | -427.62 | 41.52 | -20.63 | 656.97 |
Net Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 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 |
Net Cash Flow | 6,794 | 2,494 | -152.08 | 40.63 | -499.15 | 649.53 |
Free Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 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 |
Free Cash Flow | 5,359 | 2,973 | 136.9 | -1.28 | -379.68 | -7.44 |
Free Cash Flow Growth | 658.48% | 2072.04% | - | - | - | - |
Free Cash Flow Margin | 31.46% | 25.42% | 2.94% | -0.07% | -45.12% | -2.23% |
Free Cash Flow Per Share | 3.12 | 3.34 | 0.15 | -0.00 | -0.43 | -0.01 |
Levered Free Cash Flow | -895.99 | 2,733 | -116.47 | -347.62 | -327.14 | 21.05 |
Unlevered Free Cash Flow | -882.33 | 2,755 | -74.84 | -310.18 | -325.22 | 33.73 |
Additional Metrics
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 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 Interest Paid | 3.28 | 34.23 | 66.62 | 59.91 | 3.07 | 20.3 |
Cash Income Tax Paid | 55.44 | 55.44 | 17.89 | 12 | - | 1 |
Change in Working Capital | 1,504 | 1,504 | -724.16 | -286.48 | 244.08 | 20.25 |