WorldStage Newsonline– Caverton Offshore Support Group Plc, a leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, has announced its audited results for the year ended 31st December 2021 with a loss of N4.3 billion from a profit of N1.18 billion in 2020.
The report released at the Nigerian Exchange is an improvement on last quarter results as the Company continues to recover from the serious negative impact of the Covid-19 pandemic and other factors which have negatively impacted business operations in Nigeria and the rest of the world.
Group financial highlights include Revenue of N34.76B (N32.17b in 2020); Gross Profit N9.79B (N13.58B in 2020); Total Operating Profit, (excluding Finance Cost), is N0.026B, (N5.285B in 2020); EBITDA for the period is -N3.92B (N1.67B in 2020); Profit-Before-Tax is -N5.60B, (N1.26B in 2020); EPS is -128 kobo, (35 kobo in 2020).
Commenting on the results, Caverton’s Chief Executive Officer, Mr Bode Makanjuola, said that the “Company remains cautiously optimistic on improved fortunes for Caverton and our shareholders. Despite these results Caverton remains the leading provider of oil and gas logistics in the Nigerian oil sector and will continue to strive to provide safe and efficient service to its clients whilst utilizing its cash reserves to accommodate accrued losses.
“To further boost revenues, the Group has been exploring further opportunities within and outside the oil and gas sector. In addition to growing our market share in the oil and gas logistics sector our primary focus for the year will be on third party training and maintenance. Our Maintenance Repair and Overhaul (MRO) facility and our Caverton Aviation Training Centre (CATC), both in Lagos, officially commenced business operation in the 2nd half of 2021. Prospects for training and maintenance is extremely positive as we are in advanced contract negotiations with a number of government and private institutions across sub–Saharan Africa.
“Caverton Aviation Training Centre (CATC) full flight simulator gained full certification by the European Union Aviation Safety Agency (EASA), in October 2021. The EASA’s mission is to promote the highest common standards of safety and environmental protection in civil aviation. The Agency develops common safety and environmental rules at the European level. With global certification by an internationally recognized body CATC is now suitably qualified to undertake simulator training on the AW139 helicopter for Pilots from Nigeria and any part of the world and we expect this to not only boost the Group’s revenue in the coming years, but also reduce capital flight from Nigeria.”
