Caverton Makes Profit Of N780million in H1 2021

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

29 JULY 2021 – Caverton Offshore Support Group Plc, the leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, today announces its unaudited results for the period ended 30th June 2021.

The results show a Profit-Before-Tax of N924Million, (and a Profit-After-Tax of N780Million). This result came even in the face of the serious negative impact that the Covid-19 pandemic continues to have on business operations in Nigeria and the rest of the world, which has caused a significant reduction in activities by International and Local Oil and Gas companies who are the major clients of Caverton.

Commenting on the results, Caverton’s Chief Executive Officer, Mr. Bode Makanjuola, said that,

“The result shows our continued determination to re-focus our operations in the face of the challenging economic conditions, to ensure continued business survival and profitability. To boost revenue, the marine service sector of the Group has also been restrategizing to position the company towards exploring further opportunities within and outside the oil and gas sector”.

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

He further stated that

“Our Maintenance Repair and Overhaul (MRO) facility and our Simulator Training facility, both in Lagos, have officially commenced business operations in the 2nd half of 2021. This heralds a new age in the Nigerian aviation sector and a better fortune for the Group. As expected with new projects, the income stream from these two new projects will gradually grow over the years ahead”

Below are some of the highlights of the Quarter 2, 2021 Unaudited Results:

Group Financial Highlights:

  • Revenue is N18.07B (N16.08b in 2020)
  • Gross Profit N6.37B (N5.62B in 2020)
  • Total Operating Profit, (excluding Finance Cost), is N3.24B, (N2.68B in 2020)
  • EBITDA for the period is N3.85B (N3.71B in 2020)
  • Profit-Before-Tax is N0.93B, (N0.89B in 2020)
  • Profit-After-Tax is N0.78 B, (N0.77 B in 2020)
  • EPS is 23 kobo, (23 kobo in 2020)
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Profitability Ratios

  • Gross Margin is 35.25% (34.95% in 2020)
  • EBITDA Margin is 21% (23% in 2020)
  • Net Profit Margin is 4.32% (4.76% in 2020)
  • EBIT/Interest Expense is 1.58 %, (2.03 % in 2020)

Capital Structure ratios

  • Net debt/Equity is 1x (1.04x in 2020)
  • Net debt/EBITDA is 5.85x (6.12x in 2020)
  • Long-Term Debt/Total capitalization is 0.59x (0.42x in 2020)
  • Asset turnover is 0.23x (0.24x in 2020)
  • EBIT/Capital Employed is 12 (15 in 2020)

Caverton is one of Nigeria’s leading oil services companies providing solutions for a range of multinational companies across aviation and marine services