WorldStage– Multiverse Mining and Exploration Plc has officially submitted its fourth-quarter earnings forecast to the Nigerian Exchange Limited (NGX), projecting a cumulative gross revenue of ₦166.88 million for the period spanning October 1 to December 31, 2026.
While core mining and quarrying operations show consistent top-line figures, capital market analysts reviewing the regulatory filing note that heavy administrative overheads and substantial loan servicing commitments will drag the natural resource firm into a net operating loss before the close of the financial year.
Q4 Financial Breakdown: Revenue vs. Cost Pressures
According to the forecast signed by Chief Financial Officer Sijuwade Adedeji and Managing Director/CEO Ayodele Oluwasusi, the company’s quarterly income relies heavily on two primary business streams:
Mine Operations Income: Projected at a steady ₦100.00 million overall (₦25.02 million in October, ₦44.75 million in November, and ₦30.23 million in December).
Quarry Operations Income: Projected to bring in ₦66.88 million across the quarter, scaling progressively from ₦20.76 million in October to ₦23.68 million in December.
Cost of Sales (Logistics): Estimated at a flat ₦2.59 million monthly, culminating in a quarterly total of ₦7.76 million and leaving a robust Gross Profit of ₦159.12 million.
Despite a strong gross margin, operating viability faces intense pressure from overhead and debt obligations:
Administrative Expenses: Ballooning monthly from ₦15.77 million in October to ₦44.71 million in December, totaling ₦82.64 million for the quarter.
Loan Repayments: The firm has scheduled heavy capital outflows for debt servicing, committing ₦50.00 million in November and ₦65.00 million in December, bringing total debt redemption to ₦115.00 million for the final quarter.
Summary of Projected Financial Performance
| Financial Metric | October (₦) | November (₦) | December (₦) | Total Q4 Forecast (₦) |
| Sub-Total Income | 45,775,235.00 | 67,200,720.00 | 53,905,235.00 | 166,881,190.00 |
| Gross Profit | 43,189,235.00 | 64,614,720.00 | 51,319,235.00 | 159,123,190.00 |
| Administrative Expenses | (15,771,659.30) | (22,165,659.30) | (44,705,659.30) | (82,642,977.90) |
| Loan Repayment | 0.00 | (50,000,000.00) | (65,000,000.00) | (115,000,000.00) |
| Total Loan & Admin Expenses | (15,771,659.30) | (72,165,659.30) | (109,705,659.30) | (197,642,977.90) |
| Operating Profit / (Loss) | 27,417,575.70 | (7,550,939.30) | (58,386,424.30) | (38,519,787.90) |
Analyst Perspective & Earnings Trajectory
While October is expected to remain profitable with an operating surplus of ₦27.42 million, subsequent months slide into the red due to accelerating administrative costs and front-loaded debt obligations. November and December project operating losses of ₦7.55 million and ₦58.39 million respectively, resulting in a net quarterly loss of ₦38.52 million.
Key Underlying Assumptions
Management has conditioned its forward-looking expectations on several macro-economic and operational pillars:
Macro Stability: No major disruptions or adverse alterations in Federal Government economic policies or Central Bank of Nigeria (CBN) monetary regulations.
Credit Lines: Existing credit facilities and arrangements with financial institutions and creditors will remain stable and will not be called up abruptly.
Industrial Harmony: Operations will proceed without industrial unrest or major technical plant shutdowns across its mining and quarry sites in Nigeria.
