The Initiates Plc (NGX: TIP) has declared a final dividend of ₦0.06 for the year ended 31st December, 2024. The dividend is subject to appropriate withholding tax and approval of shareholders at the next Annual General Meeting.
Also read; List of Dividends announced in 2024, qualification and payment dates
On Friday, the share price of the waste managers and industrial cleaners rose by 9.72% close trading at ₦2.37. With a final dividend of ₦0.06, the dividend yield will be 2.53%.
Shareholders whose names appear in the Register of Members as at the close of business on 5th day of July, 2024 will qualify for the dividend.
On 26th of July 2024, dividends will be paid electronically to shareholders whose names appear on the Register of Members as at 5th day of July, 2024 and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.
Shareholders who are yet to complete the e-dividend registration are advised to download the Registrar’s E-Dividend Mandate Activation Form, which is also available on the website of the Registrars: www.apel.com.ng complete and submit to the Registrar or their respective Banks.
The Annual General Meeting of the company will hold on 25th day of July, at a venue yet to be announced.
The Initiates reported a 119.79% growth in revenue from ₦841.47mn earned in 2022 to ₦1.84bn in 2023. Its net profit after tax rose from minus ₦53.70mn to a +₦348.23mn.
The Initiates Plc was incorporated under the Companies and Allied Matters Act 1990 as a Limited Liability Company on 3 March 1995 and commenced business in February 1997.
On 23 March 2015, the company was re-registered and converted to public limited company and accordingly changed its name from The Initiates Limited to The Initiates Plc.
The registered address of the Company is located at Plot 400, Shell Location Road, Off Aba/PH Expressway, By Oyigbo Junction, Umuebule 5, Rivers State.
The company’s principal activities include waste management services, E-waste management services and industrial cleaning and decontamination services.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
