Caverton Improves Revenue by 56% in 2018

By Dipo Olowookere

The strategies put in place by the management of Caverton Offshore Support Group (COSG) Plc to make the company a world class are already yielding the needed results.

Last week, the leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria announced its audited year end results for 2018.

An analysis of the financial statements showed a 56 percent jump in the revenue generated in the year from N20.5 billion to N32.1 billion, while direct operating costs increased by 43 percent supporting the earnings per share, which also increased by 64 percent to N1.28k when compared with 78 kobo in the 2017 financial year.

Also, the profit before tax increased to N5.75 billion from N3.9 billion, while the profit after tax rose to N4.3 billion, with the EBITDA reaching N10.25 billion from N6.24 billion.

Commenting on the recent events, Chief Executive Officer of Caverton, Mr Bode Makanjuola, stated that, “The brownout incident during the 2019 presidential campaign which resulted in the hard landing of our aircraft conveying the Vice President of Nigeria further goes to show why safety must always remain paramount in our operations.

“We are thankful there were no injuries or fatalities and we express our profound gratitude to the presidency, Nigerian aviation regulatory authorities and the general public for their thoughts and prayers.

“Special commendation must go to our pilots and supporting staff for their continued professionalism, dedication and support.”

He added that, “the implementation of our strategy to increase service offerings is at an advanced stage.

“Our Maintenance Repair and Overall (MRO) facility is nearing completion and work has already commenced on the training school hangar which will house our recently acquired Thales built helicopter flight simulator.”

Caverton was issued a full Approved Training Organisation (ATO) Certificate by the Nigerian Civil Aviation Authority (NCAA) in August 2018.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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