Caverton Group posts N4.3b profit
For the financial year ended December 31, 2018, Caverton Offshore Support Group Plc, a foremost indigenous offshore logistics services provider, announced a Profit After Tax (PAT) of N4.30 billion against N2.62 billion posted in the corresponding period in 2017.
Similarly, the firm’s Profit Before Tax (PBT) also grew from N3.91 billion in 2017 to N5.75billion during the period under review.
Recall that the firm was listed on the Nigerian Stock Exchange (NSE) in 2014, with PAT of N980 million and PBT of N2.73 billion, representing an increase of 338 per cent in four years.
At the time of listing, the group’s asset base was N36.63billion at year end, but since risen 56 per cent to N56.06billion in 2018.
Similarly, shareholders’ fund, which reflects the confidence of investors in the firm, grew 54 per cent in the five year period from N11.93billion in 2014 to N18.38billion in 2018.
The Chairman of Caverton Offshore, Aderemi Makanjuola, while addressing shareholders during the firm’s 2018 yearly general meeting in Lagos, on Tuesday, attributed the improved performance to the group’s ability to improve its revenue base as well as maintaining its cost levels.
He explained that shareholders’ funds, which grew 16 per cent to close at N18.38billion in 2018, provided ample cushion for business growth.
This is just as company shareholders approved a dividend of 25kobo per share, compared to 15kobo per share declared in 2017.
Makanjuola expressed optimism that the company would record improved performance in the current financial year, especially as it secured juicy contracts from the Nigerian National Petroleum Corporation (NNPC), and its subsidiary, Nigeria Petroleum Development Company (NPDC), which will boost the group’s revenue.
“We were awarded a three-year (2+1) contract for the provision of aviation services to the NPDC, operating out of facilities at the NAF Base in Port Harcourt, Rivers State.
“The award of this new contract demonstrates the quality of character and tenacity of purpose of our Management Team, and this laudable development also represents true commitment towards ensuring seamless running of the nation’s oil and gas industry and by extension the Nigerian economy.”
The chairman added that measures are being taken to improve on safety of customers and staff in the ongoing year, adding that the Group had also demonstrated a strong commitment to corporate social responsibility through a couple of non-governmental organisations (NGOs), in the year under review.