Caverton Group Posts N1.1bn Profit For 2016

Caverton Group Posts N1.1bn Profit For 2016

Caverton Offshore Support Group Plc has posted a profit-before-tax in excess of N1.1 billion for the 2016 financial year, The Guardian reports.

The leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, recorded an after-tax profit of N612 million. Compared to last year, the company’s revenue dropped by 17 per cent and profit-after-tax also dipped by 38 per cent in 2016. Earnings per share as well dropped by 38 per cent compared to last year

On the other hand, both the Direct Operating Costs and Administrative expenses, declined by 20 per cent and 37 per cent, respectively, which highlights its continued effort at streamlining operations and cost reduction. Caverton’s Chief Executive Officer, Bode Makanjuola, said the slide in oil prices with the resultant reduction of activities by international and local oil and gas companies continued to impact the service sector of the industry.

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