The first half (H1) 2018 earnings of Caverton Offshore increased by 61 percent in net income when compared to the same period of 2017, just as the company also recorded an increase in helicopter/ Airplane contract for the period by 47 percent.
The company’s financial report for first half of the year (H1) showed Profit Before Tax (PBT) and Profit After Tax (PAT) increased by 66 percent and 61 percent respectively as the groups PBT increased from N938 million in H1 2017 to N15.6 billion in H1 2018 and its PAT increased from N594 million to N962 million.
Revenue increased by 41 percent, as its income increase from N10.1 billion in H1 2017 to N14.2 billion in H1 2018. Although, its operating expenses increase by 33 percent from 6.6 billion in H1 2017 to N8.8 billion H1 2018, it was not enough to pull the company’s H1 2018 gross profit lower than the corresponding period in 2017 as its gross profit increased by 54.6 percent.
The market may already be reacting to the company’s financial standing, as the share price increase by 5 percent from N1.9 which was the closing price on the 25rd of July, to N2 at the close of trade yesterday.
It should be noted that the share price increased by 10 percent to 2.09 on the 26th,the day after the report was released but has since then corrected itself to its closing price yesterday.
Commenting on the results, Bode Makanjuola, the CEO of the company said that “the successes recorded are as a result of the continued professionalism and support of the staff, management and directors of the Group”.
On the future outlook of the company he went on to say that “as we move into the second half of 2018, we are confident that we will continue to deliver high quality services our clients are accustomed to, while delivering profitable returns for our shareholders. Adding that the company would continues to explore other innovative solutions in support of deep and shallow water operations in both marine and aviation business while exploring opportunities to diversify revenue streams.”
Sobechukwu Eze
