Again, Dvcf Oil & Gas Reduces Stake in The Initiates Plc

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Dvcf Oil & Gas Plc, a substantial shareholder in The Initiates Plc (TIP), has reduced its stake in the company again with the sale of 547,012 shares at ₦0.70 per share between August 10 and 11, 2020.

This disclosure was made in notifications (THE INITIATES PLC-NOTIFICATION OF INSIDER DEALINGS) that were sent to the Nigerian Stock Exchange (NSE) by the only publicly listed waste management company in Nigeria. The corporate disclosure was signed by the Company Secretary, Olaide Odejobi.

On July 27, 2020, Dvcf Oil & Gas Plc had earlier sold its 649 units of its Holdings in the company at N0.70 per share. The total amount sold so far sums up to ₦383,362.70.

How’s Q2 2020 Profit and Revenue?

The company declared N14.10m Loss in its Q2 2020 Unaudited results for the period ended June 30th, 2020.

In terms of profit, the company’s profit before tax declined by -119.9% to N10.73m while Profit after tax also fell by -231.8% to N14.10m. Its net assets declined by -2.8% from N882m to N857.39m.

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Also, revenue declined by -7.7% to N246.35m from N266.99m in the previous quarter.

Read Also:  StreetScooter Provides Electric Vans And Charging Infrastructure For Amazon

The Initiates Plc. (TIP) is a professional Waste Management company located in Port Harcourt Nigeria, delivering Waste Management, Industrial Cleaning and Decontamination services to both Private and Public sectors.

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