Foremost indigenous Nigerian offshore logistics provider, Caverton Offshore Supports Group, announced a Profit After Tax (PAT) of ₦4.30 billion against ₦2.62 billion posted in the corresponding period in 2017 –for the financial year ended December 31, 2018.
Similarly, the firm’s Profit Before Tax (PBT) also grew from ₦3.91 billion in 2017 to ₦5.75billion during the period under review.
Recall that the firm was listed on the Nigerian Stock Exchange (NSE) in 2014, with PAT of ₦980 million and PBT of ₦2.73 billion, representing an increase of 338 per cent in four years.
At the time of the listing, the group’s asset base was ₦36.63billion at year-end but has since risen 56 per cent to ₦56.06billion in 2018.
Similarly, shareholders’ fund, which reflects the confidence of investors in the firm, grew 54 per cent in the five-year period from ₦11.93billion in 2014 to ₦18.38billion in 2018.
Caverton Offshore Chairman, Aderemi Makanjuola, attributes the improved performance to the group’s ability to improve its revenue base as well as maintaining its cost levels.
He explained that shareholders’ funds, which grew 16 per cent to close at ₦18.38billion in 2018, provided ample cushion for business growth.
Makanjuola expressed optimism that the company will record improved performance in the current financial year, especially following new contracts from the Nigerian National Petroleum Corporation (NNPC), and its subsidiary, Nigeria Petroleum Development Company (NPDC), which will boost the group’s revenue.
“We were awarded a three-year (2+1) contract for the provision of aviation services to the NPDC, operating out of facilities at the NAF Base in Port- Harcourt, Rivers State, he adds.