Caverton Offshore Support Group plc (COSG), provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, has announced its unaudited Q3 2015 results as N17.8 billion, representing a 5 percent decrease over the same period last year.
Earnings per share came in at 42 kobo, already trending higher than FY 2014 (29 kobo).
The group’s financial highlights show a revenue of N17.8 b down by 5 percent, (N18.7bn September 2014) with an operating Profit (excluding other operating income) of N2.78b down 35%, (N4.26b September 2014)
Profit before tax is recorded as N2.25b down 26%, (N3.6b September 2014) and Profit after tax of N1.39b down 26%, (N1.87b September 2014)
Profitability ratios show EBITDA Margin of 27%, (30% September 2014), net profit margin of 8%, (10% September 2014) and EBIT/Interest Expense of 2.73x, (3.50x September 2014)
Commenting on the results, Bode Makanjuola, CEO, COSG 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.”
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. “
He mentioned that as interest for logistics service support from Nigerian Oil Companies (NOC’s) continues to grow, the group is adequately positioned to provide increased coverage for this sector and even for the non oil and gas sectors of the economy.
While highlighting some of its operations, he disclosed that Caverton Helicopters signed a two year contract extension with Shell and Dividend of 10kobo for every N0.50 ordinary share paid to shareholders.
He further revealed that Caverton Helicopters signed a Helicopter Charter Service Agreement with Nigerian National Petroleum Company (NNPC), which 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.
Ifeoma Okeke
