By Michael Eboh
Multiverse Resources Plc has assured shareholders of a improved returns on their investment in the years ahead.
The company has also concluded plans to launch its new quarry site with a 1.2 million metric tonne per annum capacity in Ogun State, valued at N1.5 billion

Speaking at a forum heralding its forthcoming Annual General Meeting, in Lagos, Managing Director/Chief Executive Officer of the company, Mr. Ayedun Fasina disclosed that the new quarry site will contribute significantly to its top and bottom line in the near future, thereby, ensuring improved returns to its shareholders.

He said that the new site will bring its total capacity to about 2.2 million metric tonne, putting it in a better position to meet up with the demands of major construction companies across the country.

According to Fasina, the company was able to set up the new quarry site and acquire modern high technology equipment as a result of funds gotten from the capital market.

He said “The company was able to increase its capacity from the initial one million metric tonne per annum with an additional site with a capacity of 1.2 million metric tonne.

“This was possible through the support of Nigerians, our shareholders and through funds gotten from the capital market. The new site has brought our total capacity to about 2.2 million and will put the company in a better stead to deliver improved returns to our shareholders.”

The company in its 2009 financial year, recorded a 32.52 growth in its turnover to N552.63 million from N417.03 million recorded in 2008, while its operating grew by 110.48 per cent to N125.53 million from N62.61 million recorded in 2008.

Its recorded a profit before tax of N82.66 million compared to a profit of N144.16 million in 2008, while its profit after tax stood at N93.81 million from N229.57 million recorded in 2008.
The company is proposing a dividend of N0.01 per share for its shareholders.
Fasina explained that the new site started functioning in November 2009 and did not make significant contribution to the 2009 financial statement.

He further stated that the company’s current financial year will be much better than the 2009 financial year, as the company had started reaping the benefits of the new site, in terms of increased production, increased turnover among others.

To this end, Fasina said that the company is anticipating a profit of N42 million in its second quarter financial performance and pre-tax profit of N250 million by the end of the current financial year.

On the future prospects of the company, he said, “The company has an untapped capacity of over 18 million metric tons of granite stone. The company is set to benefit from economics of large scale production and acquisition of more equipment to boost production,

“We intend to carve a strong marketing niche and become a dominant player in the industry. We also planning an expansion to the second phase of our plan of granite polishing for export by end of our fifth year of operation.