Caverton Offshore Support Group Plc, (COSG), a provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria has announced its unaudited first half year results for 2020.
The financial highlights released to the Nigerian Stock Exchange showed a Profit before tax of N1.5billion, and an after-tax profit of N1.2billion.
The results showed that revenue dropped by 8% to N23.6billion while direct operating expenses also dropped by 10% supporting the earnings per share which also dropped by 55% when compared to 2019 quarter three results.
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, recent protest have further exposed deep socio economic problems in the country.”
He added: “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).”