Caverton Plc Posts N780m Profit

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Caverton Offshore Support Group Plc the leading provider of marine and aviation logistics services to local and international oil and gas companies in Nigeria has announced its unaudited results for the period ended 30th June 2021.

The results show a Profit-Before-Tax of N924million, (and a Profit-After-Tax of N780million). This result came even in the face of the serious negative impact that the Covid-19 pandemic continues to have on business operations in Nigeria and the rest of the world, which has caused significant reduction in activities by International and Local Oil and Gas companies who are the major clients of Caverton.
Commenting on the results, Caverton’s Chief Executive Officer, Bode Makanjuola said that the result showed the company’s continued determination to re-focus its operations in the face of the challenging economic conditions, to ensure continued business survival and profitability.

To boost revenue, Makanjuola said the marine service sector of the Group, has also been re-strategizing to position the company towards exploring further opportunities within and outside the oil and gas sector
He further stated that the company’s Maintenance Repair and Overhaul (MRO) facility and its Simulator Training facility, both located in Lagos, have officially commenced business operations in the second half of 2021.

This, he noted has heralded a new age in the Nigerian aviation sector and better fortune for the Group, adding that as expected with new projects, the income stream from these facilities would gradually grow over the years ahead

Some of the highlights of the Quarter 2, 2021 unaudited include revenue of N18.07B (N16.08b in 2020), gross profit of N6.37B (N5.62B in 2020), total operating profit, (excluding Finance Cost), of N3.24B, (N2.68B in 2020), EBITDA for the period is N3.85B (N3.71B in 2020), Profit-Before-Tax of N0.93B, (N0.89B in 2020, Profit-After-Tax of N0.78 B, (N0.77 B in 2020) and EPS of 23 kobo, (23 kobo in 2020)
Profitability ratios include gross margin of 35.25 percent (34.95 percent in 2020), EBITDA margin of 21 percent (23 percent in 2020), net profit margin of 4.32 percent (4.76 percent in 2020), EBIT/Interest Expense is 1.58 percent, (2.03 percent in 2020)
Capital structure ratios include net debt/equity is 1x (1.04x in 2020), net debt/EBITDA is 5.85x (6.12x in 2020), long-term debt/total capitalization of 0.59x (0.42x in 2020), asset turnover of 0.23x (0.24x in 2020) and EBIT/capital employed of 12 (15 in 2020)
Caverton is one of Nigeria’s leading oil services companies providing solutions for a range of multinational companies across aviation and marine services.

Caverton Marine is one of the fastest growing indigenous shipping companies commenced operations in 1999 while Caverton Helicopters, a helicopter charter, sales and Maintenance Company was established in 2002. Both companies were consolidated to form Caverton Offshore Support Group Plc on June 2, 2008.

SOURCE: THIS DAY

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