BY BAMIDELE FAMOOFO
Caverton Offshore Support Group Plc, the leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, recorded revenue loss of 22.74 percent in half year ended June 30, 2022 at N13.96billion as against N18.07billion in the same period in 2021.
Gross Profit stood at N3.51billion, a decrease of about 45 percent compared with N6.37billion in June 2021. Total operating profit, (excluding Finance Cost), is N1.38billion, (N3.24B in 2021) · EBITDA for the period is N7.06B (N9.02billion in 2021) · Profit before tax is N254 million as against N925million.Profit after tax is N203 million as against N780 million in 2021. Earnings per share (EPS) are 6 kobo as against 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,” he said.
Makanjuola noted that the 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,” he added.
