Caverton Grows First Quarter Profit by 65% to N355m
Caverton Offshore Support Group Plc, a provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, has announce its unaudited first quarter ended March 31, 2017, showing growth in its performance indicators. Revenue rose from N4.4 billion in 2016 to N5.1 billion in 2017, while operating income excluding other income grew from N418 million to N722 million.
Profit before tax rose by 65 per cent to N355million, compared with N215 million in 2016, while earnings per share improved from three kobo to six kobo.
Commenting on the results, Chief Executive Officer of Caverton, Mr. Bode Makanjuola said that the results further highlight the continued commitment of streamlining our operations in the face of tough economic conditions and reduction of activities by International and Local oil and gas companies which continue to impact the service sector of the industry.
He noted that apart from its continued focus on cost efficiency, evident from the decline in operating costs by 19 per cent in the first quarter of 2017, (compared to Q1, 2016), the company equally focused on further expanding its business model and service offering.
“Our Maintenance Repair and Overhaul (MRO) facility in Lagos, when completed will herald a new age in the Nigerian aviation sector and better fortune for the company and industry at large. While the marine service sector has been impacted negatively by the reduction in patronage and services, we are actively re-strategising and positioning the company to pursue opportunities within and out of the oil and gas sector,” he said.
According to him, the company will also continue to explore other innovative solutions in support of deep and shallow water operations in both marine and aviation business.
Caverton is one of Nigeria’s leading oil services companies providing solutions for a range of multinational companies across aviation and marine services. The group’s focus and primary business is to provide logistics and environmental support services to oil and gas fields with broader plans to support energy operations along the West African shelf as well as other ancillary support services. Caverton has a young and growing fleet of vessels and aircrafts operating out of nine locations. The company has an impressive oil and gas client base which include Shell, Total, ExxonMobil, NNPC, Aiteo, Aje-Folawiyo, and Chevron, among others.