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, has announced its unaudited revenue of N17.8 billion for Q3 2015 results.
According to the company, the N17.8 billion represents a 5 per cent decrease over the same period last year and earnings per Share came in at 42 kobo, already trending higher than FY 2014 (29 kobo).
Commenting on the results, CEO of COSG PLC, Mr. Bode Makanjuola said “The dip in net profit was due largely to reduction in ad-hoc revenue, increase in equipment lease cost and the effect of foreign exchange loss. We continued with our efficiency measures during the period and achieved some reduction in our overhead cost, however, the impact of the foreign exchange translation loss (year-on-year) muted the effect on our overall performance.”
Mr. Bode Makanjuola further stated that “In today’s challenging business environment, we are committed and focused on the delivery of efficient aviation and marine logistics services to our esteemed customers. We work to ensure value-add to their business even as they are also impacted by the present economic condition. “
“As interest for logistics service support from Nigerian Oil Companies (NOC’s) continues to grow, we are adequately positioned to provide increased coverage for this sector and even for the non oil and gas sectors of the economy.”
The Groups’ financial highlights include revenue of N17.8b down by 5 per cent, (N18.7b September 2014), operating Profit (excluding other operating income) of N2.78b down 35 per cent, (N4.26b September 2014), profit before tax of N2.25b down 26 per cent, (N3.6b September 2014), profit after tax of N1.39b down 26%, (N1.87b September 2014) and earnings per share (EPS) of 42 kobo (56 kobo September 2014).
The company’s profitability rations include earnings before interest, taxes, depreciation and amortization (EBITDA) margin of 27 per cent, (30 per cent September 2014), net profit margin of 8 per cent, (10 per cent September 2014) and EBIT/Interest Expense of 2.73x, (3.50x September 2014).
Also the company’s capital structure is, net debt/EBITDA of 2.60x (3.14x September 2014), net debt/Equity of 0.96x (1.38x September 2014, net debt/total capitalisation of 42 per cent (55 per cent September 2014), total debt/total capitalisation of 57 per cent (60 per cent September2014) and asset turnover of 43% (44% September 2014).
Caverton Helicopters signed a two-year contract extension with Shell, held its sixth Annual General Meeting of on May 6, 2015. Dividend of 10kobo for every N0.50 ordinary share was paid to shareholders.
Helicopters Managing Director, Capt Josiah Choms Caverton was elected to the Board of HeliOffshore and the company also signed a Helicopter Charter Service Agreement with Nigerian National Petroleum Company (NNPC).
“This service provision will cover offshore platforms operated by Nigerian Petroleum Development Company (NPDC) as well as all flight requests from other NNPC subsidiaries on a call-off basis abd COSG migrated its accounting platform to the SAP Enterprise Resource Planning Tool. The new system which was customized to meet accounting and reporting needs is a game changer for Caverton as it enables us to become more efficient and easily compliant with reporting standards,” the company said.,,lobal safety-.
Caverton is one of Nigeria’s leading oil services companies providing solutions for a range of multinational companies across aviation and marine services.
