Caverton posts N355m profit for first quarter
Caverton Offshore Support Group Plc has posted a profit before tax of N355 million and an after-tax profit of N215 million in its unaudited first quarter (Q1) 2017 results.
The leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria declared that revenue increase of 16 per cent and direct operating costs improvement by 19 per cent, supported impressive earnings per share increase by 96 per cent compared to Q1 2016.
Caverton’s Chief Executive Officer, Bode Makanjuola, said the results further highlight the continued commitment of streamlining 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.
Makanjuola further stated that apart from 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), “we are equally focused on further expanding our business model and service offering.”
He added that Caverton’s 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.
In the highlights of the unaudited First Quarter, 2017 Results made available to The Guardian, revenue was put at N5.1billion as against N4.4 billion for March 2016.Operating Profit, (excluding other income) was put at N722 million compare to N418 million in March 2016.
Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) is N1.02 billion, compare to N953 million in March 2016. Profit before tax is N355 million as against N209 million in March 2016. Earnings per Share (EPS) is six kobo compare to three kobo declared in March 2016.