Caverton Records N27.1bn Revenue in Q3 2021

Chinedu Eze

Below are some of the highlights of the Quarter 3, 2021 Unaudited Results:

Caverton Offshore Support Group Plc has announced a revenue of N27.1 billion for the third quarter ended September 31, 2021 as against N23.6b recorded in the comparable period of 2020.

The company’s unaudited results showed a gross Profit of N8.81 billion compared with N7.9 billion earned in 2020.

Total Operating Profit, (excluding Finance Cost), stood at N4.48 billion as against N4.18 billion in 2020.

The company recorded a profit after tax of N1.19 billion as against N1.16 billion in 2020.

Caverton in a statement said the result came in the face of the serious negative impact that the Covid-19 pandemic continued to have on business operations in Nigeria and the rest of the world.

This, the company said, has caused significant reduction in activities by international and local oil and gas companies who are the major clients of Caverton.

Commenting on the results, Caverton’s Chief Executive Officer, Bode Makanjuola said that the result was an indication of the company’s relentless tenacity to streamline its operations in the face of the challenging economic conditions, to ensure sustained business survival and profitability.

To further boost revenue and profit the Caverton said it has been re-strategizing towards exploring further opportunities within and outside the oil and gas sector.

Makanjuola further stated that Caverton’s Maintenance Repair and Overhaul (MRO) facility and its Simulator Training Centre, both in Lagos, which officially commenced business operation in the second half of 2021, have moved up remarkably.

However, as expected with new projects, the income stream from these two new projects would gradually grow as the company seeks out clients not only in Nigeria but across Sub Saharan Africa.

“As we move into the final quarter of the year, we are particularly proud to announce that the Caverton Aviation Training Centre (CATC) full flight simulator gained full certification by EASA, (European Union Aviation Safety Agency), in October 2021.

“The EASA’s mission is to promote the highest common standards of safety and environmental protection in civil aviation. The Agency develops common safety and environmental rules at the European level,” Makanjuola said.