Caverton Posts N728m Profit

Caverton Offshore Support Group Plc has announced its unaudited results for the period ended March 31, 2021. The company stated that the results showed a profit before tax of N728 million and a profit after tax of N520 million.

It also recorded revenue of N8.2 billion in the period under review, higher than the N7.9 billion it realised in 2020; while EBITDA for the period was N2.5 billion, compared with the N1.4 billion it garnered in 2020.

It noted that it recorded the results in the face of the serious negative impact that the Covid-19 pandemic continues to have on business operations in Nigeria and the rest of the world, which has caused significant reduction in activities by international and local oil and gas companies who are its major clients.

Commenting on the results, Caverton’s Chief Executive Officer, Mr. Bode Makanjuola, said the results was a further demonstration of the company’s resolve to re-align its operations in the face of the challenging economic conditions, geared towards ensuring continued business survival and profitability.

“In order to boost revenue, the marine service sector of the Group, has also been restrategising to position the company towards exploring further opportunities within and out of the oil and gas sector,” he added.

He further stated that, “our Maintenance Repair and Overhaul (MRO) facility and our Simulator Training facility, both in Lagos, are expected to officially commence business operation in the second half of 2021 and when completed will herald a new age in the Nigerian aviation sector and better fortune for the Group.”