CAVERTON‘S PRE-TAX PROFIT CLIMBS BY 47% TO N5.75BILLION FOR THE YEAR

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Caverton Offshore Support Group Plc, (COSG), the leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, today announces its audited year-end results for 2018. The results show a Profit before tax of N5.75b, (and an after-tax profit of N4.3billion).

Revenue jumped by 56%, while direct operating costs increased by 43% supporting the earnings per share which also increased by 64% when compared to the 2017 financial year.

Commenting on the recent events, COSG’s Chief Executive Officer, Mr Bode Makanjuola stated that “The brownout incident during the 2019 Presidential campaign which resulted in the hard landing of our aircraft conveying the Vice President of Nigeria further goes to show why safety must always remain paramount in our operations. We are thankful there were no injuries or fatalities and we express our profound gratitude to the Presidency, Nigerian Aviation regulatory authorities and the general public for their thoughts and prayers; Special commendation must go to our pilots and supporting staff for their continued professionalism, dedication and support.”

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He added that “the implementation of our strategy to increase service offerings is at an advanced stage. Our Maintenance Repair and Overall (MRO) facility, is nearing completion and work has already commenced on the training school hangar which will house our recently acquired Thales built helicopter flight simulator”. Caverton was issued a full Approved Training Organisation (ATO) Certificate by the Nigerian Civil Aviation Authority in August 2018.

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Below are some of the highlights of the audited financial year end, 2018 results:

Group Financial Highlights:

  • Revenue for 2018 is N32.1bn, (N20.54bn December 2017)
  • Operating Profit, (excluding other income), is N7.98bn, (N4.22bn December 2017)
  • EBITDA for the period is N10.25bn, (N6.24bn December 2017).
  • Profit before tax of N5.75bn, (N3.91bn December 2017)
  • EPS is 128 kobo, (78 kobo December 2017)
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Profitability Ratios

  • Gross Margin of 40.5% (35% December 2017)
  • EBITDA Margin of 25% (21% December 2017)
  • Net Profit Margin of 13.4% (12.8%, December 2017)
  • EBIT/Interest Expense of 3.2x, (3.82x December 2017)

Capital Structure ratios

  • Net debt/EBITDA of 1.78x (2.28x December 2017)
  • Net debt/Equity of 0.99x (0.90x December 2017)
  • Total Debt/Total capitalization of 53% (51% December 2017)
  • Asset turnover of 56% (44% December 2017)
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