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Unaudited Financial Results for the Period Ended March 31, 2018

CAVERTON OFFSHORE SUPPORT GROUP PLC

Unaudited Financial Results for the Period Ended March 31, 2018 

CAVERTON‘S PROFIT BEFORE TAX CLIMBS BY 34% TO N476.5.MILLION IN THE FIRST QUARTER

LAGOS, NIGERIA –  27 MARCH   2018 – 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, today announces its unaudited First Quarter, 2018 results. The results show a Profit before tax of N476.5million, (and an after-tax profit of N294million). Revenue dropped by 11%, while direct operating costs improved by 21% supporting the increasing earnings per share by 34% when compared to Q1 2017. 

Commenting on the results, COSG’s Chief Executive Officer, Mr. Bode Makanjuola stated that though we witnessed revenue drop, as a result of the non-renewal of one of our contracts, we expect improved revenues as our Chevron-NNPC JV contract operations commenced successfully on the 1st of April 2018. He expressed utmost gratitude to the management, staff and board of directors of COSG for their continued professionalism and support. He added that, the implementation of our strategy to increase service offerings is also ongoing as the construction of the Maintenance Repair and Overhaul facility in Lagos is at an advanced stage. COSG continues to explore other innovative solutions in support of deep and shallow water operations in both marine and aviation business.

Below are some of the highlights of the unaudited First Quarter, 2018 Results:

Group Financial Highlights:

Revenue for 2018 is N4.6bn, (N5.1bn March 2017)

Operating Profit, (excluding other income), is N849.2mn, (N722.1bn March 2017)

EBITDA for the period is N1.2bn, (N1.02bn March 2017).

Profit before tax of N476.5mn, (N355.4mn March 2017)

EPS is 9 kobo, (6 kobo March 2017)

Profitability Ratios

Gross Margin of 40% (32% March 2017)

EBITDA Margin of 25.5% (20% March 2017)

Net Profit Margin of 6% (4%, March 2017)

EBIT/Interest Expense of 2.14x, (1.81x March 2017)

Capital Structure ratios

Net debt/EBITDA of 13.99x (13.95x March 2017)

Net debt/Equity of 1.01x (0.90x March 2017)

Total Debt/Total capitalization of 52.3% (51.3% March 2017)

Asset turnover of 9.5% (11% March 2017) 

About COSG

COSG 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 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

  

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Amaka Obiora

Company Secretary