Caverton Offshore Support Group Plc, a leading aviation and marine services company, presented its facts behind the figures yesterday at the Nigerian Stock Exchange. The exercise was done to intimate the market of the company’s ongoing activities and future business plans.
The Chief Financial Officer, Caverton Offshore, Mrs. Titi Adigun, while speaking during the company’s facts behind the figures at the event on yesterday, said the company recorded a total increase of N2.6bn in its revenue for the nine month period that ended on September 30, 2019.
Mrs. Adigun said the company’s revenue for the period stood at N25.8 billion against the N23.3 billion, which was recorded in the same period of 2018.
According to her, revenue growth was boosted by the increase of Helicopter/Airplane contracts and agency service income.
The company also grew its profit before tax for the period to N3.9 billion from N2.6 billion in 2018 despite a seven per cent increase in direct operating costs.
She noted that the administration expenses also increased by N850m on the back of increased employee benefits of N735.5m and increase in salaries of ground staff.
The Chief Executive Officer, Caverton Offshore, Mr. 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.”
Makanjuola stated that the company was committed to improving cost efficiencies with scope for enhanced performance.
He added that the company was able to improve on its cost to income ratio and operating expenses despite the inflationary environment and maintained a stable capital adequacy ratio, which balanced the support for growth initiatives.
According to him, with a positive outlook for the global Gross Domestic Product, trade and oil demand, Caverton Offshore Support Group is well positioned to extend its service value to major crude oil exporters as a leading provider of marine and aviation logistics.
Makanjuola said the company’s direct involvement in the crude oil production value chain through service provision placed it in an advantageous position to optimise its business capabilities through a unique market access.
He noted that that the company was well positioned to thrive and grow in the sector due to its significant volumes and collaborations with capable technical partners in the crude oil transport business.