Multiverse forecasts N208m revenue for Q3

By Esther Agbo

Multiverse Mining and Exploration Plc has forecasted N208 million in revenue for the third quarter of 2024.

This projection was announced in a corporate notice submitted to the Nigeria Exchange Limited, signed by company secretaries Alabidun Bayo and Equity Union Limited.

Multiverse Mining and Exploration Plc is involved in the exploration, extraction, sale, and distribution of stones and other solid minerals.

The company has detailed its revenue expectations for the upcoming months, projecting N14.1 million from quarry operations and N30.6 million from mine operations in July, totaling N44.7 million for the month.

For August, the company anticipates earning N16.2 million from quarry operations and N40.5 million from mine operations, leading to a total of N56.7 million for the month.

Combined with the expected N161.2 million for September, the total revenue projection for the third quarter reaches N208 million.

Multiverse Mining also projected a gross profit of N166.4 million. The company plans to manage its operating expenses, including selling and distribution costs and administrative expenses, which are estimated to be N81.05 million.

The forecasted operating profit for the third quarter stands at N85.35 million, with an expected expenditure of N55.53 million on loan repayment during this period. The company anticipates a profit before tax of N29.82 million in Q3 2024.