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.
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