By Chinedu Eze
Caverton Offshore Support Group Plc, (COSG) has announced that it recorded increased its pre-tax profit by 36 per cent, to N7.2 billion in its 2019 financial year.
This was disclosed in its audited financial results for the year ended December 31, 2019. According to the company, its after-tax profit was N4.3 billion. Besides, its revenue increased by five per cent, while direct operating costs increased by three per cent supporting the earnings per share, which also grew by 15 per cent when compared to 2018 financial year.
Commenting on the recent events, the COSG’s Chief Executive Officer, Mr. Bode Makanjuola said: “Coming off the back of a good year end we were looking forward to the next decade with immense optimism.
“Our Maintenance, Repair and Overall (MRO) facility was due for completion and we were to take delivery of the first ever helicopter flight simulator in sub Saharan Africa. We also anticipated good fortunes for our marine business, as we had been pre-qualified for a number of contracts.
“Unfortunately the coronavirus pandemic sweeping across the globe has turned 2020 to an annus horribilis, which has seen project dates pushed back and potential contraction and indefinite suspension of some contracts.”
Makanjuola, also explained that as the world comes to terms with the unprecedented effects of the COVID-19 pandemic and its negative impact on economies, financial prudence would be its watchword.
He agreed that the current situation was challenging to business growth, but assured that the company would maintain the same level of service to its clients.
The report further indicated that the company’s revenue for 2019 stood at N34.98 billion, compared to N33.21 billion the previous year, while its operating profit, (excluding other income), was N9 billion, as against N7.6 billion within the same period in 2018.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the period was N14.21 billion, (N9.79 billion December 2018), while it had profit before tax of N7.24 billion, (N5.31 billion December 2018).