DVCF Oil & Gas Plc, One of the major shareholders in The Initiates Plc, has further reduced some of its stakes in the company.
In a notice to the Nigerian Stock Exchange (NSE), it was disclosed that DVCF Oil & Gas sold about 1 million units of the company’s stocks in its portfolio.
In the statement, it was further stated that the shares were offloaded by the company at a unit price of 0.57 kobo on Monday, September 7 at the exchange.
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.
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.
Also, revenue declined by -7.7% to N246.35m from N266.99m in the previous quarter.