Caverton’s Q3 Profit Climbs by 48% to N3.9bn

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Caverton Offshore Support Group Plc, (COSG), the leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, has announced its unaudited third quarter results for 2019.
The results showed a profit before tax of N3.9 billion, while its after-tax profit stood at N2.6 billion. Its revenue increased by 11 per cent.

In the same vein, its direct operating costs also increased by seven per cent, supporting the earnings per share, which also increased by 60 per cent when compared with same period in 2018.

Commenting on the results, COSG’s Chief Executive Officer, Bode Makanjuola, said: “We are determined to end 2019 on a strong note by continuing to provide the quality of service our clients have become accustomed to.
“Our clients are our topmost priority and our performance reflects this commitment which hopefully translates into positive financial returns for our shareholders.”

The results also showed that EBITDA for the period stood at N8.5 billion, up from the N5.8 billion recorded as at September 2018 and earnings per share of 77 kobo, higher than the 48 kobo reported in September 2018.

Profitability ratios included gross margin of 34 per cent (32 per cent September 2018), EBITDA margin of 33 per cent (25 percent September 2018), net profit margin of 10 percent (seven percent, September 2018) and EBIT/interest expense of 3.40x, (2.46x September 2018).

COSG is one of Nigeria’s leading oil services companies providing solutions for a range of multinational companies across aviation and marine services. Caverton Marine Limited, one of the fastest growing indigenous shipping companies commenced operations in 1999, while Caverton Helicopters Limited is a helicopter charter, sales and Maintenance Company established in 2002.

Caverton has a young and growing fleet of vessels and aircraft operating out of nine locations. The company has an impressive oil and gas client base which include Shell, Total, ExxonMobil, NNPC, Aiteo, Aje-Folawiyo, and Chevron, among others.