Caverton Offshore Support Group Records Profit of N1.56bn in Six Months

Caverton Offshore Support Group Records Profit of N1.56bn in Six Months

Caverton Offshore Support Group Records Profit of N1.56bn in Six Months

Caverton Offshore Support Group Plc, (COSG), provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, has recorded improved financial results for the half year(H1) ended June 30, 2018. The results show significant increases in the revenue, profit before tax (PBT) and profit after tax (PAT), earnings per share among others.

For instance, revenue rose by 40.6 per cent from N10.11 billion in 2017 to N14.22 billion. PBT improved by 65.9 per cent from N938 million to N1.56 billion in 2017, while PAT appreciated by 62 per cent to N962.45 million in 2018.

Gross profit margin improved from 35 per cent to 38 per cent, while net profit margin is seven per cent, up from six per cent in 2017. Earnings per share stood at 29 kobo compared with 18 kobo in the corresponding period of 2017.

Speaking on the results, the Chief Executive Officer of COSG, Mr. Bode Makanjuola, said the success recorded is as a result of the continued professionalism and support of the staff, management and directors of the group. “As we move into the second half of 2018, we are confident that we will continue to deliver high quality services our clients are accustomed to, while delivering profitable returns for our shareholders. In addition, COSG continues to explore other innovative solutions in support of deep and shallow water operations in both marine and aviation business while exploring opportunities to diversify revenue streams.”

The company had posted highly impressive performance for the 2017 full year with PAT rising by over 300 per cent. The Chairman of COSG, Mr. Aderemi Makanjuola had explained at the annual general meeting (AGM) that stability of exchange rate and increase in revenue during the year impacted positively on the company’s bottom-line.

“Our performance reflected continued effective execution of our bold strategy as we innovate and break barriers to boost our bottom-line in building a Client-centric Group and generate sustainable long-term value to our shareholders,” Makanjuola added.

Makanjuola expressed confident that COSG would improve on its revenue as well as bottom-line. According to him, more contractors signed by the company in 2017 would boost its revenue. The chairman disclosed that COSG was able to add 11 new helicopters to its fleets by April 2018, adding that would further boost its revenue base.

Part of the company’s strategy to weather the current challenging business environment of the past couple of years has been to continue to focus on cost efficiency without compromising on its safety standards.

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