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CAVERTON PROFIT BEFORE TAX CLIMBS BY 70% Q1 2017

CAVERTON OFFSHORE SUPPORT GROUP PLC

Unaudited Financial Results for the Period Ended March 31, 2017

 CAVERTON PROFIT BEFORE TAX CLIMBS BY 70% TO N355MILLION, AS REVENUE INCREASES BY 16% IN THE FIRST QUARTER

 LAGOS, NIGERIA –  31 MARCH   2017 – Caverton Offshore Support Group Plc, (Bloomberg: Caverton NL), the leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, today announces its unaudited First Quarter, 2017, results. The results show a Profit before tax of N355million, (and an after-tax profit of N215million). A revenue increase of 16% and direct operating costs improvement by 19% support impressive earnings per share increase by 96% compared to Q1 2016. 

Commenting on the results, Caverton’s Chief Executive Officer, Mr. Bode Makanjuola said that the results further highlight the continued commitment of streamlining our operations in the face of tough economic conditions and reduction of activities by International and Local Oil and Gas companies which continue to impact the service sector of the industry.  He further stated that apart from our continued focus on cost efficiency, evident from the decline in operating costs by 19% in the first quarter of 2017, (compared to Q1, 2016), we are equally focused on further expanding our business model and service offering. Our Maintenance Repair and Overhaul (MRO) facility in Lagos, when completed will herald a new age in the Nigerian aviation sector and better fortune for the company and industry at large. While the marine service sector has been impacted negatively by the reduction in patronage and services, we are actively re-strategizing and positioning the company to pursue opportunities within and out of the oil and gas sector.   

Below are some of the highlights of the unaudited First Quarter, 2017 Results:

Group Financial Highlights:

  • Revenue is N5.1b,  (N4.4b March 2016)
  • Operating Profit, (excluding other income), is N722m, (N418m March 2016)
  • EBITDA is N1.02b, (N953m March 2016).
  • Profit before tax is N355m, (N209m March 2016)
  • EPS is 6 kobo, (3 kobo March 2016)

Profitability Ratios

  • Gross Margin is 32% (34% March 2016)
  • EBITDA Margin is 21% (22%  March 2016)
  • Net Profit Margin is 4% (2% , March 2016)
  • EBIT/Interest Expense is1.8x, (1.6x March 2016)

Capital Structure ratios

  • Net debt/EBITDA is 10.99x (9.77x March 2016)
  • Net debt/Equity is 0.73x (0.73 March 2016)
  • Total Debt/Total capitalization is 3.4 (3.2 March 2016)
  • Asset turnover is 11% (11% March 2016)

About Caverton

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, one of the fastest growing indigenous shipping companies commenced operations in 1999 while Caverton Helicopters a helicopter charter, sales and Maintenance Company was established in 2002.  Both companies were consolidated to form Caverton Offshore Support Group on 2ndJune 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 aircrafts 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.

For more information, visit the company’s website at www.caverton-offshore.com

 

CAVERTON PROFIT BEFORE TAX JUMPS BY 140% IN Q2 2017

CAVERTON OFFSHORE SUPPORT GROUP PLC

Unaudited Financial Results for the Period Ended June 30, 2017 

CAVERTON PROFIT BEFORE TAX JUMPS BY 140% IN Q2 2017 

LAGOS, NIGERIA – 25 July 2017 – Caverton Offshore Support Group PLC (COSG), the leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria has announced its unaudited 2017 Half year results. The results indicate revenue of N10.1billion and Profit Before tax of N938m which represent 11% and 140% increases over the results of same period in 2016.

The increase in revenue during the quarter was due to increase in charter flights and vessel agency operations, which also affected our operating costs increasing by 9% over last year’s result. We have on the other hand been able to contain the administrative expenses during the period by about 61% arising majorly from the impact of the government intervention in stabilizing the foreign exchange rate.

Consequently, the earnings per share increased to 18 kobo from a negative 73 kobo same period last year.

Reacting to the result, the CEO of COSG PLC, Mr Bode Makanjuola said COSG’s ability to post this impressive result was a result of the shared will and determination of the company’s management with the support of its board of directors to manage our overall expenses while maximizing company revenue potentials. With the revenue increasing by 11% and the profit before tax by 140% over 2016 half year result, we remain determined to ensure optimal use of the business resources.

Find below the highlights from the unaudited report from 2017 half year result.

Group Financial Highlights:

  • Revenue is N10.1b,  {N9.1b June 2016}
  • Operating Profit, (excluding other income), is N1.6b, {(N1.9b) June 2016}
  • EBITDA is N1.9b, {(N396m) June 2016}.
  • Profit before tax is N938m, {(N2.4m) June 2016}
  • EPS is 18 kobo, {(73 kobo) June 2016}

Profitability Ratios

  • Gross Margin is 35% (34% June 2016)
  • EBITDA Margin is 19% {(4%) June 2016}
  • Net Profit Margin is 9% {(26%) June 2016}
  • EBIT/Interest Expense is 2.24x {(2.21)x June 2016}

Capital Structure ratios

  • Net debt/EBITDA is 6.08x {(31.03)x June 2016}
  • Net debt/Equity is 0.85x (1.21x June 2016)
  • Total Debt/Total capitalization is 0.95 (1.42 June 2016)
  • Asset turnover is 24% (23% June 2016)
  • The construction of our Maintenance, Repair and Overhaul facility (MRO) is at advance stage and when completed will enhance the group revenue.
  • We are also taking a critical review of operations in Marine and Aviation sectors to be able to tap into the business opportunities available in these sectors.
  • The eighth Annual General Meeting of CAVERTON OFFSHORE SUPPORT GROUP PLC was held on 18th of May, 2017.

Operational Highlights

  • The construction of our Maintenance, Repair and Overhaul facility (MRO) is at advance stage and when completed will enhance the group revenue.
  • We are also taking a critical review of operations in Marine and Aviation sectors to be able to tap into the business opportunities available in these sectors.
  • The eighth Annual General Meeting of CAVERTON OFFSHORE SUPPORT GROUP PLC was held on 18th of May, 2017.

About Caverton

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, one of the fastest growing indigenous shipping companies commenced operations in 1999 while Caverton Helicopters a helicopter charter, sales and Maintenance Company was established in 2002. 

Both companies were consolidated to form Caverton Offshore Support Group on 2ndJune 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 aircrafts operating out of nine locations. The company has an impressive oil and gas client base which include Shell, Total, NNPC, Aje-Folawiyo, and Chevron, among others.

 

For more information, visit the company’s website at www.caverton-offshore.com

CAVERTON Unaudited Financial Results For The Period Ended September 30, 2016

Caverton Offshore Support Group PLC

Unaudited Financial Results For The Period Ended September 30, 2016 

LAGOS, NIGERIA – 30 October  2016 – Caverton Offshore Support Group PLC, COSG, (Bloomberg: Caverton NL), the leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria today announces its unaudited Q3 2016 results. The results show revenue of N14.45 billion which represents a 19% decrease over the same period last year.

The drop in revenue in the quarter was due to slower business activities in the Oil and Gas Industry.  However, continued efforts to cut costs and increase efficiency across the Group resulted in a 15% reduction in Operating Expenses.  Similarly, Administrative Expenses also declined by 23%, which highlights our continued effort at streamlining our operations. 

Commenting on the results, CEO of COSG PLC, Mr. Bode Makanjuola said:   “Our primary focus has been to reduce and manage operating expenses and exposure to the volatility of the forex market whilst not compromising safety standards.  We recently received our best Shell Audit Report since 2010, which is an indication of the company’s commitment to maintain and improve safety standards despite the economic challenges. As we enter the last quarter of 2016 and move into 2017 our focus will be on revenue generation and diversification of revenue streams, while still pushing further on cost reduction.  As part of the diversification process, there are opportunities finally opening up for our marine business in the non-oil sector and the Maintenance, Repair and Overhaul, (MRO), Facility, when completed will mean that the aircraft maintenance activities currently being done outside the country will be carried out in Nigeria, and this will bring about reduction in capital flight and training costs for Engineers and Pilots, amongst other benefits. The operational results shows that we are in a good position going into the last quarter of the year, but for the huge Foreign Exchange Loss recorded YOY that muted the effect of our overall efficient performance.’’

Group Financial Highlights

  • Revenue of N14.45b down by 19%, (N17.82b September 2015).
  • Operating Expenses of N8.47b reduced by 15% in the period, (N9.96b in Sept, 2015).
  • Administrative Expenses of N3.2b also reduced by 23%, (N4.1b in September 2015)
  • Total Operating Costs of N16.7b, (made up of Operating Expenses, Admin Expenses, Finance Cost and Foreign Exchange Translation Costs, respectively), increased by 1.98%, (N16.3b in Sept 2015), majorly due to the huge Foreign Exchange Translation Cost of N3.8b in the period, compared to N930m in Sept 2015. 
  • Operating Profit Before Tax of –N956m down by 142%, being N2.25b September 2015.
  • Profit/(Loss) after tax of (N1.04b) down by 175%,  being N1.39b in September 2015
  • EPS flat at -N0.31

 Operational Highlights: 

  • The implementation of our strategy to increase service offerings is ongoing as the construction of the Maintenance, Repair and Overhaul, (MRO), facility in Ikeja Lagos, is in top gear.  We will also continue to explore other innovative solutions in support of deep and shallow water operations in both marine and aviation business.” 
  • We successfully signed a new 5-year contract for helicopter management services which highlights our ongoing diversification efforts.
  • We are also in the process of concluding terms of a new contract in our helicopter operations which we expect to have a significant impact on the scale of our business’’.

 About Caverton

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, one of the fastest growing indigenous shipping companies commenced operations in 1999 while Caverton Helicopters a helicopter charter, sales and maintenance company was established in 2002. 

Both companies were consolidated to form Caverton Offshore Support Group on 2ndJune 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 aircrafts operating out of nine locations.

The company has an impressive oil and gas client base which includes Shell, Total, ExxonMobil, Addax Petroleum, NNPC and Subsea 7 among others.

For more information, visit the company’s website at www.caverton-offshore.com

News Update

 LIVE UPDATE

13-05-2018

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