Multiverse Mining Triples Profit to ₦656.7m in Nine Months

Multiverse Mining and Exploration Plc has announced a significant improvement in its financial performance for the nine months ended September 30, 2025, posting a profit after tax of ₦656.68 million, compared to ₦223.15 million recorded in the same period of 2024.

According to the company’s unaudited financial statement filed with the Nigerian Exchange Limited (NGX) on Wednesday, revenue for the nine months stood at ₦838.81 million, representing an increase from ₦447.21 million reported during the corresponding period last year.

The improved revenue underscores stronger operational efficiency and sustained market demand for the company’s mineral products.

The mining firm also reported a gross profit of ₦838.81 million in the first nine months of 2025, up from ₦447.21 million in 2024. Administrative and operating expenses were recorded at ₦107.17 million, while depreciation charges amounted to ₦74.96 million, compared to ₦59.13 million in the previous year.

The company’s operating profit for the period surged to ₦656.68 million, reflecting a sharp rise from ₦285.59 million achieved in 2024. The profit before tax mirrored this performance, standing at ₦656.68 million, compared to ₦223.15 million in the corresponding period last year.

For the third quarter (July to September 2025) alone, Multiverse Mining recorded a profit after tax of ₦408.25 million, marking a substantial leap from ₦45.28 million reported in the same quarter of 2024.

The company’s earnings per share also improved significantly, rising to 1.56 kobo for the nine months from 0.52 kobo in 2024, indicating stronger returns for shareholders.

In a statement accompanying the financial results, the company’s secretary, Alabidun Mahmud Bayo of Equity Union Limited, confirmed that the financial statements were prepared in accordance with the International Financial Reporting Standards (IFRS) as required by the Financial Reporting Council of Nigeria.

“The financial statements for the period ended 30th September 2025 have been prepared in accordance with IFRS as required by the Financial Reporting Council of Nigeria,” Bayo stated.

Multiverse Mining’s latest financial results highlight a robust year-on-year growth trend, suggesting that its ongoing expansion and cost management strategies are yielding positive results. Analysts say the performance reflects the company’s resilience amid challenging macroeconomic conditions in Nigeria’s mining sector.