Caverton Offshore Support Group Plc has announced its audited results for the year ended December 31, 2020. The results showed a profit before tax of N1.26 billion and a profit after tax of N1.18 billion.
The result came even in the face of the negative impact the Covid-19 pandemic had on business operations in Nigeria and the rest of the world.
Like every other business in Nigeria, Caverton had to battle with the lockdowns, travel/movement restrictions due to the Covid-19 pandemic which resulted to exceptionally low business activities during the year.
Commenting on the results, Caverton’s Chief Executive Officer, Bode Makanjuola said it further highlights the continued commitment of, “streamlining our operations in the face of tough economic conditions and reduction of activities by international and local oil and gas companies which continue to impact the service sector of the industry.”
Makanjuola further stated that, “apart from our continued focus on cost efficiency, evident from the decline in operating costs by eight percent in 2020, (compared to 2019), we are equally focused on further expanding our business model and service offering.
“Our Maintenance Repair and Overhaul (MRO) facility and our Simulator Training facility, both in Lagos, are almost ready to officially commence business operation in the second half of 2021 and when completed will herald a new age in the Nigerian aviation sector and better fortune for the company and industry at large.
“While the marine service sector has been impacted negatively by the reduction in patronage and services, we are actively re-strategising and positioning the company to pursue opportunities within and out of the oil and gas sector.”
The Group financial highlights showed that revenue was N32.2 billion (N34.9b in 2019); operating profit, (excluding other income) of N5.3 billion (N10.6 billion in 2019); and EBITDA for the period was N7.27 billion (N14.21 billion in 2019).
