Caverton Posts 73.97% Drop In Profit To N203m In H1 2022
Caverton Offshore Support Group Plc, a leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria has announced its unaudited results for the period ended 30th June 2022 with 73.97% drop in profit after tax to N203 million from N780 million half year 2021.
NewsBeatng reports that the group financial highlights of the company include revenue is N13.96B (N18.07b in 2021); gross profit N3.51B (N6.37B in 2021) ; Total Operating Profit, (excluding Finance Cost), is N1.38B, (N3.24B in 2021); EBITDA for the period is N7.06B (N9.02B in 2021); Profit-Before-Tax is N254M, (N925M in 2021); EPS 6 kobo, (23 kobo in 2021).
Commenting on the results, Caverton’s Chief Executive Officer, Mr. Bode Makanjuola, said that “the company faced tremendous financial and operational head winds in the first half of the year which necessitated the need for the management and the board of Caverton to urgently review the company’s management structure and business portfolio as a Group.
“We recently announced the appointment of a new Managing Director for Caverton Helicopters, restructured Caverton Offshore Support Group’s executive management and diversified our aviation business from oil and gas aviation logistics to third party training and maintenance, via our recently commissioned Maintenance Repair and Overhaul (MRO) facility and our Caverton Aviation Training Centre (CATC), both in Lagos.
“These announcements have been well received by the wider aviation and oil and gas industry and we are confident this strategy would yield positive financial fortunes for the Group whilst addressing this infrastructure gap in the aviation sector of Nigeria and sub-Saharan Africa.
“Our marine subsidiary, Caverton Marine, has also been repositioned for growth with our foray into local manufacturing of GRP boats. We recently launched our prototype 40-seater GRP ferry at the recently concluded NOG 2022 conference in Abuja, Nigeria and reception has been very positive. The ferry protype was locally built to the highest safety and quality standards under guidance of government and safety agencies and has applications in both oil and gas and commercial mass transit ferry transportation.”