Caverton
Caverton Helicopter

Adebayo Obajemu

Caverton Offshore Support Group on Friday published its audited year end results for 2019 on the website of the Nigerian Stock Exchange.

The leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria reported a turnover of N34.98 billion, up by 5.31% when compared the turnover of N33.21 billion in 2018.

Profit before tax increased by 36.45% to N7.24 billion from N5.31 billion reported in 2018 year end.

The firm grew its profit after tax by 14.35%, closing the year at N4.35 billion as against the profit after tax of N3.80 billion in 2018.

Earnings per share (EPS) of the firm increased to N1.30 from N1.13, implying a growth of 14.35% year on year.

With reference to the share price of N2.90, the P.E ratio of Caverton Offshore Support Group is calculated as 2.24x with earnings yield of 44.73%.

The firm proposed a dividend payout of 20 kobo subject to appropriate withholding tax. Relative to the share price of N2.90, dividend yield of Caverton Offshore Support Group is evaluated as 6.90%.

The Register of Shareholders will be closed on the 16th of June, 2020Qualification date is June 15, 2020On the 25th of June, dividend will be paid electronically to shareholders whose names appear on the Register of Members as at the close of business on the 15th of June.

 

Commenting on the recent events, Chief Executive Officer of Caverton Offshore Support Group, Mr. Bode Makanjuola stated that “Coming off the back of a good year end we were looking forward to the next decade with immense optimism. Our Maintenance, repair and Overall (MRO) facility was due for completion and we were to take delivery of the first ever helicopter flight simulator in sub Saharan Africa. We also anticipated good fortunes for our marine business as we had been pre qualified for a number of contracts. Unfortunately the Corona virus pandemic sweeping across the globe has turned 2020 to an annus horribilis which has seen project dates pushed back and potential contraction and indefinite suspension of some contracts.

As we all come to terms with the unprecedented effects of the pandemic and its negative impact on our economy, financial prudence is our watchword. We are mindful that these are extremely challenging times but we remain resolute to maintaining the same level of service our clients are accustomed to whilst preserving shareholder value.”