Multiverse forecasts N39.5 million profit in Q1 2021

Multiverse Mining and Exploration Plc has projected that in the first quarter of 2021, the mining and exploration company will generate N76 million in revenue, and post a profit of N39.5 million.

These projections were made by the company in a recent earnings forecast issued by the Management, and signed by the Corporate Secretaries of the company.

Key highlights of the earnings forecast for Q1 2021
• Total revenue is projected at N76 million.
• Turnover from agency sale is projected at N1 million.
• Agency cost is s projected at N850 thousand.
• Total expenses are projected at N7.8 million.
• Operating Profit is projected at N67.3 million.
• EBIT (Earnings Before Interest and Taxation) is projected at N67.3 million.
• Interest Expense is projected at N27.8 million.
• Profit after tax is projected at N39.5 million.
Key assumptions made to support the earnings forecast and projection of the company
The earnings forecast was made on the ground that there won’t be any significant change in the economic policies of the Federal Government, while the monetary policies of the CBN would not be altered significantly.

The company also maintained that there would not be any industrial unrest that would affect its production and sales volume, while the profit of the company would not be pressured by rising costs of inputs, as prices of materials used in production shall be stable in the period under review.