RC NO: 750603
CAVERTON OFFSHORE SUPPORT GROUP PLC
1 Prince Kayode Akingbade Close
Tel: +234(1) 2705757
Tel: +234(1) 2705656
CAVERTON OFFSHORE SUPPORT GROUP PLC
Unaudited Financial Results for the Period Ended 30 Sept 2023
CAVERTON MAKES A PROFIT-BEFORE-TAX OF N47 MILLION
FOR THE PERIOD JANUARY TO SEPT 2023 STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023
LAGOS, NIGERIA – 1 Nov 2023 – 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 results for the period ended 30th September 2023. The results show a Profit-Before-Tax of N47 million. Commenting on the results, Caverton’s Chief Executive Officer, Mr. Bode Makanjuola stated that this period has been marked by significant challenges, resulting from the removal of fuel subsidy and a substantial depreciation of the Naira against the dollar. As a result, we have experienced a significant increase in operating expenses that has impacted our financial performance.
Despite these difficult circumstances, Caverton remains committed to prioritizing the safety and quality of service delivery to our clients. We understand the importance of maintaining our operational standards and ensuring the utmost satisfaction of our customers. We have taken proactive measures to address the challenges and mitigate their impact on our operations.
In recent times, Caverton Marine has successfully diversified its business into boat building, expanding our portfolio of services. This strategic move allows us to leverage our experience and expertise in the maritime industry, and we are pleased with the progress we have made in this area. Furthermore, I am delighted to announce that Caverton Marine has been awarded the ISO 9001:2015
certification by the Standards Organization of Nigeria (SON). This recognition is a testament to our unwavering commitment to quality and excellence in our operations.
Additionally, Caverton MRO (Maintenance, Repair, and Overhaul) has witnessed increased patronage, reflecting the trust and confidence our clients place in our services. We have continuously invested in our MRO facilities, technology, and human capital to ensure that we provide excellent maintenance solutions to our clients. We are pleased with the positive response we have received from the market and remain dedicated to delivering exceptional service.
Furthermore, I am thrilled to announce that the Caverton aviation training center has received its second AW109 simulator, enhancing our training capabilities and allowing us to offer a comprehensive range of simulation-based training programs. This investment highlights our commitment to developing highly skilled professionals and providing them with the necessary tools to excel in their roles
in sub–Saharan Africa and beyond.
Caverton understands the importance of delivering value to our shareholders. While we have faced challenges in this reporting period, we remain focused on optimizing our operations, strengthening our cost management strategies, and exploring growth opportunities. We are confident in our ability to navigate these turbulent times and create sustainable long-term value for our shareholders.
In conclusion, Caverton remains steadfast in our commitment to safety, quality, and security. We are grateful for the continued support of our clients, shareholders, employees, and stakeholders during this challenging period. We will continue to adapt, innovate, and drive our business forward, leveraging our expertise and expanding our service offerings to meet the evolving needs of the
Below are some of the highlights of the September 2023 unaudited Results:
Group Financial Highlights:
· Revenue is N24.24B (N22.04B in Sept 2022)
· Gross Profit N7.21B (N6.51B in Sept 2022)
· Total Operating Profit, (excluding Finance Cost), is N1.45B, (N3.28B in Sept 2023)
· Profit/(Loss)-Before-Tax is (N47M), (N302M in Sept 2022)
· EPS is (0.01) kobo, ((0.09) kobo in Sept 2022)
· Gross Margin is 29.74% (29.54% in Sept 2022)
· Net Profit Margin is 0.2% (1.37% in Sept 2022)
· EBIT/Interest Expense is 104 %, (105 % in Sept 2022)
Capital Structure ratios
· Net debt/Equity is 4.7x (3.84x in Sept 2022)
· Long-Term Debt/Total capitalization is 2.06x (1.13x in Sept 2022)
· Asset turnover is 0.35x (0.26x in Sept 2022)
· EBIT/Capital Employed is 3.87% (8.65% in Sept 2022)
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 @ields with broader plans to support energy operations along the West African shelf as well as other ancillary support services.
For more information, visit the company’s website at www.caverton-offshore.com
DIRECTORS: Mr. Aderemi Makanjuola (Chairman), Mr. Olabode Makanjuola (CEO), HRM Dr. Edmund Maduabebe Daukoru. Mr. Bashiru Bakare Mallam Bello Gwandu, Mr. Akinsola Falola, Chief Raymond Ihyembe, Mr. Akin Kekere-Ekun