The Initiates Plc reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported sales was NGN 493.98 million compared to NGN 210.07 million a year ago. Net income was NGN 51.57 million compared to NGN 21.39 million a year ago. Basic earnings per share from continuing operations was NGN 0.06 compared to NGN 0.02 a year ago.
For the full year, sales was NGN 1,819.79 million compared to NGN 841.47 million a year ago. Net income was NGN 244.78 million compared to net loss of NGN 67.41 million a year ago. Basic earnings per share from continuing operations was NGN 0.28.