Travel/Tourism
Caverton Eyes Positive Returns for Shareholders
By Dipo Olowookere
Leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, Caverton Offshore Support Group (COSG) Plc, has said it intends to deliver good yields to its shareholders in the present financial year.
In order to achieve this goal, the company wants to continue to provide the quality of service its clients have become accustomed to over the years.
Chief Executive Officer of Caverton, Mr Bode Makanjuola, expressed confidence that the company, which offered chartered chopper to Vice President Yemi Osinbajo during the campaign for the 2019 general elections, would excite shareholders with a impressive performance.
“As we move into the 3rd quarter of 2019, our commitment is to continue to provide the quality of service our clients have become accustomed to, as well as positive returns for our shareholders,” Mr Makanjuola assured.
In the first half of this year, Caverton achieved a profit before tax of N2.6 billion and an after-tax profit of N1.7 billion. During the period, revenue increased by 19 percent to N16.9 billion from N14.2 billion recorded in the same period of 2018, while the direct operating costs also increased by 15 percent, supporting the earnings per share which also increased by 78 percent when compared with same period in 2018.
A further analysis of the results showed that operating profit, excluding other income, rose to N3.2 billion from N2.7 billion June 2018, while the EBITDA for the period increased to N6.3 billion from N3.6 billion in June 2018.
The EPS grew to 51 kobo from 29 kobo in June 2018, while the profitability ratios gross margin appreciated by 36 percent against 34 percent in June 2018, with the EBITDA margin standing at 37 billion in H1 2019 versus 25 percent in H1 2018, and the net profit margin at 10 percent in contrast to 7 percent in June 2018.
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 Limited, one of the fastest growing indigenous shipping companies commenced operations in 1999, while Caverton Helicopters Limited is a helicopter charter, sales and maintenance company established in 2002. Both companies were consolidated to form Caverton Offshore Support Group on June 2, 2008.
The group’s focus and primary business is to provide logistics and environmental support services to oil and gas fields with broader plans to support energy operations along the West African shelf as well as other ancillary support services.
Caverton has a young and growing fleet of vessels and aircraft operating out of nine locations. The company has an impressive oil and gas client base which include Shell, Total, ExxonMobil, NNPC, Aiteo, Aje-Folawiyo, and Chevron, among others.
Travel/Tourism
US to Nigerian Travellers: Visa Overstays Not Good for Fellow Citizens
By Adedapo Adesanya
The United States (US) has warned that visa overstays by Nigerian travellers could deny future opportunities for other aspiring applicants.
The United States embassy had earlier in February stated that compliance would help protect visa access for students and business travellers.
In a reminder statement posted on its official X handle on Monday, the US Mission in Nigeria advised that strengthening compliance helps protect visa access for students, business travellers, and families who travel responsibly.
“#Reminder: Visa overstays by Nigerian travellers can affect opportunities for their fellow citizens. Strengthening compliance helps protect access for students, business travellers, and families who travel responsibly. If you are aware of visa fraud, please report it to [email protected] or [email protected],” the statement read.
Last August, the Mission also announced that all non-immigrant visa applicants must now provide details of their social media accounts from the past five years.
In a statement, the embassy said applicants are required to disclose usernames or handles from every platform used within the period when completing the DS-160 visa application form.
“Visa applicants are required to list all social media usernames or handles of every platform they have used from the last 5 years on the DS-160 visa application form. Applicants certify that the information in their visa application is true and correct before they sign and submit,” the statement read.
The mission warned that omitting such information could result in visa denial and render applicants ineligible for future visas.
The DS-160 is the standard online form required for most US non-immigrant visas, including temporary business (B-1), tourism (B-2), student visas (F and M), and work-related categories such as the H-1B.
It insisted the new rules were designed to enhance security, they come amid repeated US criticism of governments accused of clamping down on free speech online.
Travel/Tourism
Tinubu Okays 30% Debt Relief to Airlines, Orders Fuel Price Talks
By Adedapo Adesanya
President Bola Tinubu has approved a 30 per cent relief on debts owed by local airlines to aviation agencies and ordered talks involving fuel marketers, airlines, and regulators to reach a fair jet fuel price.
He had earlier agreed in principle to write off part of domestic airlines’ debts to aviation agencies following successful talks with the Airline Operators of Nigeria (AON).
The group demanded a total waiver of debts owed to aviation agencies to cushion the effect of a 300 per cent increase in aviation fuel prices during a crucial high-level meeting with the Minister of Aviation and Aerospace Development, Mr Festus Keyamo and other critical stakeholders in Abuja.
Recall that the airlines had called off their impending strike due to commence on Monday over the rising cost of operations, particularly for fuel, triggered by the current Middle East crisis.
In an update on Thursday, Mr Keyamo said President Tinubu had approved the 30 per cent write‑off and tasked stakeholders, including fuel marketers, government representatives, airlines, and regulators, to reach a fair jet fuel price by Sunday.
Also, the federal government agreed to set up a committee to review taxes, levies and fees charged on domestic air tickets, to recommend cuts to ease pressure on airlines and passengers.
Engagements among representatives from government, airlines, fuel marketers, and regulators will continue to agree on what the minister described as “fair and reasonable” pricing for jet fuel, with any outcome to be made public.
The cost of fuel has generally risen in the last two months due to the escalating war with Iran by the US and Israel, which has triggered one of the most severe energy shocks in decades. Oil prices are currently above $100 per barrel as markets react to escalating tensions and the risk of prolonged disruption.
At the centre of the crisis is the Strait of Hormuz, a chokepoint through which roughly one-fifth of global oil supply flows. With shipping constrained, the effects are cascading across the global economy, raising fuel costs, fueling inflation, and increasing the risk of economic slowdown across many economies. This is forcing airlines to raise fares, curb growth plans and rethink forecasts.
Travel/Tourism
Nigeria Achieves 91.4% Safety Rating in ICAO Assessment
By Adedapo Adesanya
Nigeria has received a 91.4 per cent aviation safety rating following the latest assessment by the International Civil Aviation Organisation (ICAO) Coordinated Validation Mission (ICVM), marking one of its strongest performances in recent years.
This was disclosed by the Minister of Aviation and Aerospace Development, Mr Festus Keyamo, who announced the development on Wednesday at his office in Abuja, describing it as one of the highest safety ratings Nigeria has achieved under ICAO evaluations since 1960.
He explained that the outcome follows a comprehensive audit in which all aviation agencies and airlines operating in the country were assessed and certified safe based on the findings of the ICAO visiting team.
Speaking further, Mr Keyamo attributed the success to President Tinubu’s deliberate policy and support for the aviation industry.
The ICVM team concluded its on-site safety oversight audit in Nigeria on Wednesday after beginning its review last week.
The exercise was carried out as a follow-up to the ICAO Universal Safety Oversight Audit Programme (USOAP), conducted between August and September 2023.
Mr Keyamo had on Wednesday disclosed key federal government interventions aimed at reducing the financial pressure on airlines following rising concerns over the cost of Jet A1 fuel and the threat of service disruptions in the aviation sector.
Mr Keyamo stated that President Bola Tinubu had approved a generous discount on certain outstanding fees owed to the government by airline operators after they threatened to shut down over a 300 per cent surge in jet fuel price
He explained that the decision is part of efforts to provide immediate relief to the sector and prevent a breakdown in air transport services.
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