Caverton’s Pre-tax Profit Hits N1.22bn in Q1

Caverton Offshore Support Group Plc, (COSG), a provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, has declared its unaudited results for the quarter ended March 31, 2019.

The results showed profit before tax of N1.22 billion and an after-tax profit of N793 million, as its revenue increased by 83 per cent, a report from the organisation disclosed.

Specifically, the unaudited first quarter of 2019 results indicated it realised revenue of N8.3 billion in the period under review, higher than the N4.6 billion recorded in March 2018; operating profit (excluding other income) was N1.88 billion, as against the N849.2 million recorded in March 2018; just as its earnings before interest, taxes, depreciation and amortisation (EBITDA) for the period climbed to N2.2 billion, higher than the N1.2 billion recorded at the end of the comparable period in 2018. Profitable ratio also indicated gross margin of 43 per cent (40 per cent March 2018).

In the same vein, Caverton’s direct operating cost also climbed by 74 per cent, supporting its earnings per share which also increased by 170 per cent when compared with same period in 2018.

Commenting on the results, COSG’s Chief Executive Officer, Mr. Bode Makanjuola said, “With the 2019 general elections behind us we look forward to favourable government policies in the oil and gas, aviation and financial sectors that will enable us continue to provide the quality of service our clients have become accustomed to as well as positive returns for our shareholders.”

COSG is one of Nigeria’s leading oil services companies providing solutions for a range of multinational companies across aviation and marine services.