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The Initiates Plc (NGX: TIP), Nigeria’s first and only listed waste management company, has paid an interim dividend of 20 kobo (₦0.20) per ordinary share to shareholders for the half-year ended 30 June 2026.
The interim dividend, which was paid on 31 August 2026, reinforces the Company’s growing commitment to shareholder returns and reflects the strength of its underlying performance during the first half of the year.
The latest distribution follows the 30 kobo per share final dividend paid in May 2026 for the financial year ended 31 December 2025. With the latest 20 kobo interim dividend, The Initiates Plc has now returned a total of 50 kobo per share to shareholders within the 2026 calendar year, with a final dividend for FY2026 still to be considered.
The interim dividend represents an aggregate distribution of approximately ₦400 million.
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The qualification date for the interim dividend was 10 August 2026, while the Register of Members was closed from 11 to 14 August 2026. Payment was made electronically to shareholders who had completed their e-dividend registration with Apel Capital Registrars.
WHAT UNDERPINS THE INTERIM DIVIDEND
The Board’s decision to declare the interim dividend follows a strong first-half financial performance, underpinned by continued growth across the Company’s existing Nigerian operations.
For the six months ended 30 June 2026:
- Revenue increased by 105.1% year-on-year to ₦6.95 billion, compared with ₦3.39 billion in the corresponding period.
- Profit after tax stood at approximately ₦1.75 billion.
- The Company declared an interim dividend in 2026, compared with no interim dividend in the corresponding period of 2025.
The half-year performance reflects the results of The Initiates Plc’s existing Nigerian operations.
In a further step to strengthen its regional operations, the Company increased its equity interest in The Initiates Uganda Limited (TIU) from 35% to 55% on 5 May 2026. The acquisition was funded from the Company’s internal cash flow. TIU’s performance is expected to begin reflecting in the Company’s consolidated financial statements from the fourth quarter of 2026. Accordingly, the Uganda investment did not drive the current interim dividend distribution.
STRATEGY: ORIGINATE, PROMOTE AND PARTNER
While the interim dividend represents the distribution of value already generated by the business, it forms part of a broader strategy that continues to position The Initiates Plc for long-term growth in the waste management sector.
The Company’s strategic direction includes the development of municipal solid waste management opportunities through public-private partnerships (PPPs) and the advancement of waste-to-energy initiatives.
The Initiates Plc’s approach is to originate, promote and partner on projects, particularly where states and other public-sector stakeholders are prepared to treat municipal waste as critical infrastructure rather than solely as a disposal cost.
Under this model, the Company seeks to bring its operational experience, project-development capabilities and listed-company platform to suitable opportunities while working with government and strategic partners. The Company does not position itself as a substitute for government capital. Rather, its objective is to facilitate viable partnerships that can mobilise the appropriate technical, financial and operational resources required to develop sustainable waste management infrastructure.
Technology selection will remain project-specific and will be determined by the requirements, characteristics and commercial structure of each project.
DELIVERING VALUE FOR SHAREHOLDERS
The Company’s dividend trajectory reflects its focus on creating sustainable shareholder value while continuing to invest in opportunities that support long-term growth.
The combination of improved operating performance, disciplined capital allocation and strategic expansion provides a platform for The Initiates Plc to pursue growth opportunities while maintaining a focus on shareholder returns.
The Company will continue to evaluate opportunities that align with its core competencies in waste management, resource recovery and related environmental services.
FOR SHAREHOLDERS
Shareholders who have not yet completed their e-dividend registration are encouraged to do so with Apel Capital Registrars to facilitate the timely and direct receipt of future dividend payments, including any final dividend that may be declared for FY2026.
Shareholders are encouraged to ensure that their banking and shareholder records are up to date with the Registrar.
