Caverton Offshore Support Group (COSG) has said its profit for the third quarter ended September 30, 2014 rose by 24 per cent.
According to the company’s result posted on the Nigerian Stock Exchange (NSE) website at the weekend showed that the group’s profit for the period grew to N1.87 billion from the previous year’s N1.51 billion.
Profit before tax (PBT) increased by the same margin to N3.05 billion from the N2.47 billion that was recorded the erstwhile year.
More so, the company’s revenue advanced to N18.71 billion in the period under review from the prior year’s N14 billion; representing an increase of 34 per cent.
Commenting on the result, Chief Executive Officer (CEO) of COSG Plc, Mr Bode Makanjuola said: “The steady implementation of our strategic plans is yielding good results. Our strategic plans is yielding good results. Revenue grew 34 per cent to N18.7 billion, driven by growing demand for helicopter charters that complemented our recurring revenues from fixed contracts. In addition, we delivered improved operating performance as our margin was up from 10 per cent last year to 23 per cent as at September 2014.”
Again, the COSG’s gross profit jumped by 59 per cent from the erstwhile year’s N5.59 billion to N8.87 billion posted in the review period of September 30, 2014.
Operating profit increased by 25 per cent to N4.28 billion from the corresponding year’s N3.41 billion; just as net profit margin advanced by 10 per cent.
“As part of our strategic plan to diversify our income base, our plan in partnership with CAE to build and operate the first aviation training centre and aviation maintenance, repair and overhaul services in Nigeria remains on course,” he disclosed.
Recall that the Mr Olabode Makanjuola, had earlier revealed during the award of a new contract to Caverton-RK to supply drilling vessels to Shebah Exploration and Production Company Limited that it will boost its revenue base.
Furthermore, the company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) margin, which shows how much profit it makes with its present assets and its operations on the products it produces and sells, as well as providing a proxy for cash flow, closed at 30 per cent.
The company successfully listed 3.35 billion shares on the Nigerian Stock Exchange by way of Introduction, the first indigenous oil services operator in the sector.
Caverton, an oil services companies, provides solutions for a range of multinational companies across aviation and marine services.
It has two subsidiaries; Caverton Marine, an indigenous shipping company, which commenced operations in 1999, and Caverton Helicopters, a helicopter charter, sales and maintenance company established in 2002.
Both companies were consolidated to form Caverton Offshore Support Group in June 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.
Source : Tribune