CAVERTON‘S PRE-TAX PROFIT CLIMBS BY 69% TO N2.6BILLION IN THE FIRST HALF OF THE YEAR

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LAGOS, NIGERIA – 26 July 2019 – 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 unaudited first half-year results for 2019.

The results show a Profit before tax of N2.6billion, (and an after-tax profit of N1.7billion).
Revenue increased by 19%.In the same vein, direct operating costs also increased by 15%
supporting the earnings per share which also increased by 78% when compared with the same period in 2018.

Commenting on the recent events, COSG’s Chief Executive Officer, Mr. Bode Makanjuola stated that “As we move into the 3rd Quarter of 2019 our commitment is to continue to provide the quality of service our clients have become accustomed to, as well as positive returns for our shareholders”

Below are some of the highlights of the unaudited 2019 half-year results:

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Group Financial Highlights:

  • Revenue for 2019 is N16.9bn, (N14.2bn June 2018)
  • Operating Profit, (excluding other income), is N3.2bn, (N2.7bn June 2018)
  • EBITDA for the period is N6.3bn, (N3.6bn June 2018).
  • Profit before tax of N2.6bn, (N1.6bn June 2018)
  • EPS is 51 kobo, (29 kobo June 2018)
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Profitability Ratios

  • Gross Margin of 36% (34% June 2018)
  • EBITDA Margin of 37% (25% June 2018)
  • Net Profit Margin of 10% (7%, June 2018)
  • EBIT/Interest Expense of 3.41x, (2.23x June 2018)

Capital Structure ratios

  • Net debt/EBITDA of 4.2x (5.1
  • Net debt/Equity of 01.4x (0.99
  • Total Debt/Total capitalization of 59
  • Asset turnover of 27% (25% June 2018)
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