Caverton Records Profit before Tax Despite Challenges

Caverton Records Profit before Tax Despite Challenges

Chinedu Eze

Caverton Offshore Support Group Plc, the leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, has announces its unaudited results for the period ended 30th September 2023. The results show a Profit-Before-Tax of N47 million.

Commenting on the results, Caverton’s Chief Executive Officer, Mr. Bode Makanjuola stated that this period has been marked by significant challenges, resulting from the removal of fuel subsidy and a substantial depreciation of the Naira against the dollar. As a result, we have experienced a significant increase in operating expenses that has impacted our financial performance.

“Despite these difficult circumstances, Caverton remains committed to prioritizing the safety and quality of service delivery to our clients. We understand the importance of maintaining our operational standards and ensuring the utmost satisfaction of our customers. We have taken proactive measures to address the challenges and mitigate their impact on our operations,” he said.

Makanjuola disclosed that in recent times, Caverton Marine has successfully diversified its business into boat building, expanding its portfolio of services, noting that this strategic move allows the comany to leverage on its experience and expertise in the maritime industry, “and we are pleased with the progress we have made in this area.”

He also announced that Caverton Marine has been awarded the ISO 9001:2015 certification by the Standards Organization of Nigeria (SON), which recognition is a testament to the company’s unwavering commitment to quality and excellence in its operations. “We have continuously invested in our MRO facilities, technology, and human capital to ensure that we provide excellent maintenance solutions to our clients. We are pleased with the positive response we have received from the market and remain dedicated to delivering exceptional service, ”he stated.

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