Caverton’s Revenue Up 33%, Pays N335m Dividend
The management of Caverton Offshore Support Group Plc, one of the leading providers of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, has assured its shareholders that the company’s future is very bright.
Caverton’s Chief Executive Officer, Mr. Bode Makanjuola, who made this known while responding to shareholders’ query at the company’s annual general meeting held in Lagos yesterday said plans are in place to ensure the company remained strong for many years to come.
He stressed that despite the fact that oil companies are cutting cost as a result of dwindling oil prices, the management will continue to do what it can to ensure shareholders value are greatly enhanced.
Makanjuola announced that the company recorded a 33 per cent increase in revenue to N24 billion for the year ended December 31, 2014 as against N18.6 billion last year with improved operating performance.
Net income, he explained, was however was impacted as a result of the weak naira due to the devaluation.
He said growth in group revenue was driven by increased activity in helicopter charter segment – segment revenue up from N267.6million in FY 2013 to N4.6Billion in FY 2014.
Gross margins, he added, improved to 44 per cent in 2014 as the group pressed on with cost cutting initiatives which led to efficiency gains.
Consequently, the company rewarded shareholders with a dividend 10 kobo for every 50 kobo ordinary share held, amounting to N335 million.
According to him, “The year has been of a mixed fortune! Whilst steady implementation of our strategic plans translated to strong top-line growth - with group revenue soaring 33 per cent year-on-year to N24Billion, an exchange translation loss of N2 billion resulting from the official devaluation of the Naira resulted in a drop in net income.”
He further stated that “In the current challenging business environment, we continue to focus on reducing cost and increasing efficiency for all sectors of our business in 2015.