Caverton Revs up Revenue by 19% in Six Months

By Dipo Olowookere

Nigeria-based aviation company, Caverton Offshore Support Group Plc, has announced a 19 percent growth in the revenue it generated in the first six months of this.

On Friday, the leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, said its turnover for the period under review rose to N16.9 billion from N14.2 billion in the same period of last year.

This was mainly buoyed by the amount made from helicopter charter, which was N803.4 million in H1 2019 against N310.9 million in H1 2018. Helicopter/airplane contract also had an impact on the increase in the revenue generated, growing to N16 billion from N13.8 billion, analysis of the results by Business Post showed.

In the unaudited financial results of the firm for the period ended June 30, 2019, the operating expenses increased to N10.9 billion from N9.5 billion, caused by the huge amount spent on aviation fuel and spare parts, right to use-aircraft depreciation and crew salaries, with the administrative expenses rising to N2.8 billion from N2 billion as a result of sharp increase in employee benefit expense and legal and professional fees, which rose to N146.5 million from N46.3 million.

However, the finance cost reduced in the first half of the year to N1.1 billion from N1.3 billion, while the operating profit appreciated to N6 billion from N4.8 billion.

According to the financial status of the company, which provides services to the elites in the society, its operations in the period under consideration led to a rise in the profit before tax to N2.6 billion from N1.6 billion, while the profit after tax increased to N1.7 billion from N962.5 million, with the earnings per share jumping to 51 kobo in H1 2019 versus 29 kobo in H1 2018.

CEO of Caverton, Mr Bode Makanjuola, commenting on the company’s performance in the first half of the year, assured the shareholders of more value for their investment in the firm.

He said, “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.”