The Initiates Plc announced earnings results for the first quarter ended March 31, 2020. For the first quarter, the company announced sales was NGN 161.538 million compared to NGN 181.458 million a year ago. Operating income was NGN 11.092 million compared to NGN 29.871 million a year ago. Net income was NGN 7.542 million compared to NGN 14.396 million a year ago. Basic earnings per share was NGN 0.01 compared to NGN 0.02 a year ago.