Multiverse Mining and Exploration Plc’s first-quarter projection indicates that rising administrative expenses and a heavy loan burden are set to push the company into a monthly operating loss in March.
The projection is contained in the company’s first-quarter (Q1) 2026 financial forecast, signed by Managing Director Ayo Oluwasusi and Chief Financial Officer Sijuwade Adedeji.
A review by Pinnacle Daily of the forecast submitted to the Nigerian Exchange Limited on Monday shows that administrative overheads are expected to increase by about 136 per cent within the first three months of the year.
According to the forecast, monthly administrative costs are projected to rise from ₦17.96 million in January to ₦21.86 million in February, before surging to a quarterly high of ₦42.4 million in March.
The sharp increase in overheads, combined with a scheduled loan repayment of ₦146.84 million in the same month, is expected to push the company into an operating loss of ₦27.05 million in March.
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This is despite March being projected as the company’s strongest revenue month for the quarter, with expected earnings of ₦164.604 million.
Nonetheless, Multiverse Mining anticipates remaining profitable for the quarter on the back of strong performances in January and February.
The company has set a revenue target of ₦452.85 million for the first quarter, with mining operations—its main growth driver—projected to generate ₦410 million, while quarry operations are expected to contribute ₦42.85 million.
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After factoring in logistics expenses, rising administrative costs, and debt obligations, the company projects a profit before tax of ₦122.86 million for the period ending March 31, 2026.
Underlying risks, assumptions
Multiverse Mining stated that the projections are based on key economic and operational assumptions, including the expectation that fiscal and monetary policies regulated by the Central Bank of Nigeria will remain stable and that operations will not be disrupted by industrial action or technical failures.
The company also stressed the importance of maintaining harmonious relationships with host communities around its mining and quarry sites to achieve the projected sales volumes.
It added that the forecasts assume financial institutions will not unexpectedly call in existing credit facilities.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
