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.
more recommended stories
NEPAL Oil Delves into Aviation Business
By Dipo Olowookere One of the.
Again, South Africa Snubs Nigeria in New Visa Waiver for 4 Countries
By Adedapo Adesanya South Africa on.
Addis Ababa, Accra, Lagos Lead Africa in Hotel Room Rates
By Modupe Gbadeyanka A report released.
Free Float Deficiency: Medview Airline to Engage Stockbroker
By Dipo Olowookere In order to.
Caverton Eyes Positive Returns for Shareholders
By Dipo Olowookere Leading provider of.
Unions Disrupt Business Activities at Newest ASL
By Dipo Olowookere Business activities at.
Caverton Revs up Revenue by 19% in Six Months
By Dipo Olowookere Nigeria-based aviation company,.
Transcorp Hotels Posts Frail HY’19 Results as PAT Falls by 60%
By Adedapo Adesanya Transcorp Hotels Plc.