Multiverse projects N208m revenue for Q3

Multiverse Mining and Exploration Plc has projected N208m revenue for the third quarter of 2024.

This was disclosed in a corporate notice filed with the Nigeria Exchange Limited and signed by the company secretaries, Alabidun Bayo and Equity Union Limited, recently.

Multiverse Mining and Exploration Plc is a mining company engaged in the business of exploration, extraction, sale, and distribution of stones and other extractive solid minerals.

According to the firm, the revenue forecast for July stands at N14.1m from quarry operations and N30.6m from mine operations, totalling N44.7m.

For August, the company expects N16.2m from quarry operations and N40.5m from mine operations, amounting to a total N56.7m revenue for the month.

Combining the revenues for the two months with the anticipated N161.2m for September, the total projected quarterly income amounted to N208m.

Multiverse Mining projected a gross profit of N166.4m.

The company revealed plans to manage its operating expenses, with selling and distribution costs and administrative expenses projected to be N81.05m.

The company projected an operating profit of N85.35m for the third quarter, while it planned to spend N55.53m on loan repayment during this period.

It anticipated a profit before tax of N29.82m in Q3 2024.