Caverton Posts N258m Pre-tax Profit In H1

Caverton Offshore Support Group Plc has declared profit before tax of N258.637 million in the first half of the year ended June 30, 2023.

The company’s unaudited results for the period under review showed that pre-tax profit went up to N258.637 million as against N203.282 million in H1, 2022.

Revenue for the period stood at N13.28 billion from N13.96 billion in June 2022, while gross profit amounted to N4.56 billion compared to N3.51 billion in June 2022.

The company recorded a total operating profit, (excluding finance cost) of N1.04 billion, lower than N1.38 billion declared in June 2023. Also, earning per share rose to N0.08 from N0.06 in June 2022.

Speaking on the results, chief executive officer Caverton, Mr. Bode Makanjuola, stated that the period’s financial position shows a cumulative result of operating activities in both quarter one and two of the year 2023.

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He stated further that operating costs in the country have continued to skyrocket since the beginning of the year and despite this fact, management has continued to put in various efforts to ensure the sustainability of the company.

He assured that management will continue to strategise in a bid to ensure that the shareholders’ values are not eroded, stating that, continued efforts are made to analyse the market in which the Group operates with a view to tapping available benefits and converting emerging opportunities into a beneficial business interest within the aviation and marine sectors while exploring other more profitable areas for investments and business development.

According to the CEO, the Group is beginning to reap the benefit of the huge investments committed into setting up the Maintenance Repair and Overhaul (MRO) facility and the Caverton Aviation Training Centre (CATC), both in Lagos, as the level of patronage in these two units are now on the increase.

He stated further that, in addition to the already installed and fully operational AW139 Simulator (first in West African sub-region), a second Simulator for the smaller AW109 helicopter is currently being installed and it is expected to be fully completed in the third quarter of the year.

He added that, “on the marine front, Caverton Marine Limited has intensified efforts in its boat building project and as a manifestation of the company’s expansion in this business segment, Caverton marine is planning to acquire a bigger construction site along Badagry axis to complement the ongoing jobs in the current site at Badore, Ajah Lagos state.

“We are optimistic that given the level of congestion on our road, demand for marine transportation as an alternative means of fast and reliable movement of passengers and goods from one location to another will continue to grow and thereby attract more businesses for our Marine sector.”