Caverton‘s Revenue Down By 8% To N23.6billion In The 3rd Quarter Of The Year

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LAGOS, NIGERIA – 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, announces its unaudited first half-year results for 2020. The results show a Profit before tax of N1.5billion, (and an after-tax profit of N1.2billion).

Revenue went down by 8%. In the same vein, direct operating expenses also dropped by 10% supporting the earnings per share which also dropped by 55% when compared to 2019 quarter three results.

Caverton‘s Revenue Down By 8% To N23.6billion In The 3rd Quarter Of The Year

Commenting on the recent events, COSG’s Chief Executive Officer, Mr. Bode Makanjuola stated that

“2020 is definitely a year we would all like to put behind us. While the Covid-19 pandemic and oil price crash continues to have adverse effects on the Nigerian economy, the recent protest has further exposed deep socio-economic problems in the country. Despite these setbacks, we are cautiously optimistic about the future for Caverton as well as Nigeria as a nation.

As a people, we remain resilient in weathering these uncertain times and look forward to finishing the year on a more positive note. As we move into the 4th Quarter of the year we look forward to the completion of our Maintenance Repair and Overhaul Hangar as well as the Caverton Aviation Training Centre which would be the first fully equipped simulator training centre in sub-Saharan Africa. When completed the MRO and CATC would help in reducing capital flight and providing employment for Nigerian pilots and engineers.”

Below are some of the highlights of the unaudited 2020 3rd Quarter results:

Group Financial Highlights:

  • Revenue for 2020 is N23.6b, (N25.8b September 2019)
  • Operating Profit, (excluding other income), is N4b, (N5b September 2019)
  • EBITDA for the period is N8.1b, (N9.5b September 2019).
  • Profit before tax of N1.5b, (N3.9b September 2019)
  • EPS is 35kobo, (77kobo September 2019)
Read Also:  Chevron Awards Caverton Helicopter Five-Year Contract

Profitability Ratios

  • Gross Margin of 34% (34% September 2019)
  • EBITDA Margin of 34% (37% September 2019)
  • Net Profit Margin of 5% (10%, September 2019)
  • EBIT/Interest Expense of 1.56x, (3.4x September 2019)

Capital Structure ratios

  • Net debt/EBITDA of 1.63x (2.76x September 2019) Net debt/Equity of 0.61x (1.3x September 2019)
  • Total Debt/Total capitalization of 40% (57% September 2019)
  • Asset turnover of 36% (40% September 2019)
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COSG is one of Nigeria’s leading oil services companies providing solutions for a range of multinational companies across aviation and marine services. Caverton Marine Limited, one of the fastest-growing indigenous shipping companies commenced operations in 1999, while Caverton Helicopters Limited is a helicopter charter, sales and Maintenance Company established in 2002. Both companies were consolidated to form Caverton Offshore Support Group on 2nd June 2008.

Caverton‘s Revenue Down By 8% To N23.6billion In The 3rd Quarter Of The Year

The Group’s focus and the primary business are 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. Caverton has a young and growing fleet of vessels and aircraft operating out of nine locations. The company has an impressive oil and gas client base which include Shell, Total, ExxonMobil, NNPC, Aiteo, Aje-Folawiyo, and Chevron, among others.

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Caverton‘s Revenue Down By 8% To N23.6billion In The 3rd Quarter Of The Year - Brand SpurCaverton‘s Revenue Down By 8% To N23.6billion In The 3rd Quarter Of The Year - Brand Spur

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Caverton‘s Revenue Down By 8% To N23.6billion In The 3rd Quarter Of The Year - Brand SpurCaverton‘s Revenue Down By 8% To N23.6billion In The 3rd Quarter Of The Year - Brand Spur

Latest News

DHL donated IDR2.4 billion to SOS Children’s Villages in six years of partnership in Indonesia

  • With DPDHL Group's support and contribution of €140,000 (IDR2.4 billion) since inception, program has benefitted more than 2,500 young people in Indonesia
  • GoTeach program aims to improve youth employability, especially now with challenges posed by the COVID-19 pandemic

JAKARTA, INDONESIA - Media OutReach - 8 March 2021 - DHL Global Forwarding, the leading international freight specialist arm of Deutsche Post DHL Group (or DPDHL Group), today commemorates six years of partnership with SOS Children's Villages (SOSCV) at a DHL GoTeach Donation Ceremony. Working together with the non-governmental organization (NGO) focused on supporting children without parental care and families at risk, DPDHL Group has reached out to more than 2,500 beneficiaries in Indonesia through mentorship and educational activities and a contribution of €140,000 (IDR2.4 billion) since 2014.


Caverton‘s Revenue Down By 8% To N23.6billion In The 3rd Quarter Of The Year - Brand Spur

"As one of the largest employers in the world, the Group is supportive of programs that prepare job seekers for the working world, especially during such challenging times. Today, we are proud to commemorate our six years of partnership with SOS Children's Villages at the DHL GoTeach Donation Ceremony," said Thomas Grunau, Global Head of Business Strategy & Digitalization, DHL Global Forwarding.

During the ceremony, Grunau presented a donation of €5,000 to SOSCV Indonesia in support of the Pandemic GoTeach project, which offered an online employability training to more than 1,000 young people all over Indonesia in 2020. With the support of 12 volunteers, the online training sessions, covering employability related topics such as job interview and resume writing skills, will continue in 2021 until social distancing measures ease up. The program is the brainchild of Elok Vinindya Wardhani, Marketing and Corporate Communications, DHL Global Forwarding Indonesia, who was recognized for her initiative and effort with the organization's CEO award in the category sustainability.

Read Also:  Caverton Helicopters posts NGN612 Million profit in 2016

DHL Global Forwarding Indonesia President Director, Vincent Yong said, "In today's rapidly changing world, education paves the way to a stable, sustainable and prosperous tomorrow. Through the GoTeach program, DHL hopes to help the youth in Indonesia to develop the skills and confidence to enter the professional world. With 509 employees across all business divisions volunteering for more than 3,000 hours in the past six years, GoTeach also delivers opportunities for our employees to actively contribute and play a role in the community."

GoTeach is a group-wide corporate responsibility program aimed at improving youth employability for those from disadvantaged socio-economic backgrounds. Educational and mentorship activities are regularly organized to better prepare them to enter the working world.

"The sustainability and power of an economy and the society depend on a strong educational system and targeted efforts to develop the next generation of working professionals. During the COVID-19 pandemic, jobs and livelihoods have been impacted, deepening the need for training and mentoring programs, such as GoTeach, for our youth to continue to develop their competencies and capabilities to reach their dreams. SOS Children's Villages is happy and proud to join hands with DHL Indonesia to deliver on this commitment," said Gregor Hadiyanto Nitihardjo, National Director SOS Children's Villages Indonesia.

According to UNICEF, there are approximately 24 million students who have dropped out of school as a result of the pandemic, adding to the 870 million students or half of the world's student population in 51 countries who have yet to return to school.

In Indonesia, DHL Global Forwarding together with DHL Express and DHL Supply Chain have continuously focused on developing youth's potential since 2014, sharing knowledge on soft and hard skills as well as supporting career development and employability for young people. The GoTeach program has been conducted in several locations across Indonesia such as Meulaboh, Banda Aceh, Medan, Jakarta, Lembang, Semarang, Bali and Flores. For the past six years, DHL employees have actively become mentors in several GoTeach activities such as skill preparation, job shadowing, DHL facility tours, internships and dream camp activities at SOS Children's Villages to improve employability. The initiative is also part of DPDHL Group's effort to contribute to local communities where they operate.


DHL – The logistics company for the world

DHL is the leading global brand in the logistics industry. Our DHL divisions offer an unrivalled portfolio of logistics services ranging from national and international parcel delivery, e-commerce shipping and fulfillment solutions, international express, road, air and ocean transport to industrial supply chain management. With about 380,000 employees in more than 220 countries and territories worldwide, DHL connects people and businesses securely and reliably, enabling global sustainable trade flows. With specialized solutions for growth markets and industries including technology, life sciences and healthcare, engineering, manufacturing & energy, auto-mobility and retail, DHL is decisively positioned as "The logistics company for the world".

About SOS Children’s Villages

SOS Children's Villages is a non-profit organization that provides alternative care for children who lost or at risk of losing their parental care. Founded in 1949 in Innsbruck, Austria, SOS Children's Villages now are in 136 countries, including Indonesia. Today, Indonesia SOS Children's Villages have nurtured and assisted more than 5.500 children in 11 cities in Indonesia: Lembang, Jakarta, Bogor, Semarang, Yogyakarta, Tabanan, Maumere, Banda Aceh, Meulaboh, Medan, and Palu. For further information, visit: www.sos.or.id | @desaanaksos


*Special Notes

SOS Children's Villages prioritizes family-based care and we form substitute families for children who lost or at risk of losing their parental care. The Mothers and Children establish a family relationship with each other just like any family out there (family-care), so we avoid terms such as an orphanage, foster child, foster mother, and orphans that is replaced with the term a child who lost or at risk of losing their parental care. In SOS Children's Villages, we also pay close attention to children's interests and we also protect their privacy, so any information that is related to their background and personal matter will only be shared with particular parties and will not be published to the public.

Caverton‘s Revenue Down By 8% To N23.6billion In The 3rd Quarter Of The Year - Brand Spur
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- Advertisement -Caverton‘s Revenue Down By 8% To N23.6billion In The 3rd Quarter Of The Year - Brand SpurCaverton‘s Revenue Down By 8% To N23.6billion In The 3rd Quarter Of The Year - Brand Spur