Caverton Grows Nine Months Pre-Tax Profit by 39% to N2.63bn

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Goddy Egene

Caverton Offshore Support Group Plc(COSG), a leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, has reported a profit before tax (PBT) of N2.63 billion and profit after tax (PAT) of N1.613 billion for the nine months ended September 30, 2018. The PBT and PAT indicate growth of 39 per cent and 35 per cent respectively compared to its performance in the corresponding period of 2017.

Details of the results showed that revenue rose by 57 per cent to N23.16 billion, fromN14.84 billion in 2017. Operating profit increased from N2.05 billion to N4.37 billion, while PBT improved from N1.89 billion to N2.63 billion.

However, finance cost increased from N1.8 billion, compared with N1.056 billion, just as tax paid jumped from N696 million to N1.018 billion.

Hence, the company ended with growth of 35 per cent in PAT at N1.613 billion, compared with N1.193 billion in 2017.

Commenting on the results, Chief Executive Officer, , COSG, Mr. Bode Makanjuola said: “Though our contract with Total Nigeria Plc came to an end at the end of third quarter (Q3), we still experienced improved revenues as our Chevron-NNPC JV contract operations commenced successfully on the 1st of April 2018. We were also recently awarded a two-year aviation logistics service contract with the Nigerian Petroleum Development Company (NPDC).

According to him, the NPDC is a fully-owned subsidiary of the Nigerian National Petroleum Corporation (NNPC) engaged in oil & gas exploration and production activities. Makanjuola expressed utmost gratitude to the management, staff and board of directors of COSG for their continued professionalism and support.

“The implementation of our strategy to increase service offerings is also ongoing as the construction of the Maintenance Repair and Overhaul (MRO) facility in Lagos is at an advanced stage. In addition to the MRO facility, I am pleased to announce that Caverton will be expanding its service offering into full flight simulator training for pilots and persons with a keen interest in aviation.

We recently acquired a pilot training simulator built by leading French aerospace company Thales via an €8m Buyer Credit provided by BPI France and secured by the ECA branch of France. The Caverton flight training centre is to be situated on the same site of the MRO within the Murtala Mohammed Airport Lagos Nigeria and will be the first of its kind in sub-Saharan Africa,” he said.