Lagos, Nigeria – The Initiates Plc has reported a pre‑tax profit of N5.07 billion for 2025, a 147.1% jump from N2.05 billion in 2024, driven by a boom in its waste management services. Total revenue climbed 150.9% to N11.7 billion, with the bulk of the growth coming from its operations in Kwale and Port Harcourt.
Okay News reports that waste management services generated N8.7 billion from Kwale and N2.9 billion from Port Harcourt, accounting for most of the company’s top line. Cost of sales increased to N5.5 billion from N2.1 billion, reflecting higher treatment and disposal, collection, and haulage expenses, yet gross profit still doubled to N6.16 billion. After administrative expenses of N1.3 billion, operating profit rose 130.3% to N4.91 billion, and following a decline in finance costs to N44.9 million, pre‑tax profit reached N5.07 billion. After tax of N1.6 billion, profit after tax stood at N3.39 billion, with earnings per share jumping from N1.55 to N3.81.
Retained earnings expanded to N5 billion from N1.7 billion, pushing total equity from N5 billion to N5.7 billion, while total assets nearly doubled to N11 billion. The Initiates’ shares on the Nigerian Exchange remain broadly unreactive to the specific release of the audited results, but the stock is up over 57% year‑to‑date in 2026, with more than 330 million shares traded, suggesting strong underlying investor interest in the waste‑management play.
