The Initiates extends loss to N31m in Q2 2021

WorldStage Newsonline– The Initiates Plc (TIP), a professional waste management, and Industrial cleaning company quoted on the floor of Nigerian Exchange has released its half year result for the period ended 30 June 2021 with a net loss before tax of N31 million in the second quarter compared with N10.5 million, about 3 times the loss of 2020.

TIP reported a total revenue of NGN65.78 million (2020: N80.6 million) for the second quarter representing a 18.39% drop when compared Q2 of 2020.

TIP posted a gross profit of N20 million, (2020 – N22.6 million) which represent a drop of 7.69% compared to Q2 of 2020.

For the half year 2021 result, net loss before tax was N61.1 million compared with N9.04 million, an increase in loss by 575% in H1 2020.

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