• Saturday, July 20, 2024
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Caverton widens full year loss to N12.75bn

…sell pressure pushes share price down by 12.8% year-to-date

Caverton Offshore Support Group Plc’s loss after tax (LAT) rose to N12.747billion in year 2023 from N5.165billion loss after tax the group recorded in 2022.

This was revealed in its recently released annual report and financial statements for the year ended December 31, 2023.

The consolidated and separate financial statements of Caverton Offshore Support Group Plc and its subsidiaries (collectively, the Group) for the year ended December 31, 2023 were authorised for issue in accordance with a resolution of the directors on June 7, 2024.

Read also: Caverton Offshore appoints Adedeji Adeola as new CFO

The group’s administrative expenses spiked to N10.737billion in 2023 from a low of N5.119billion in 2022.

The Group is principally engaged in the provision of offshore services to the oil and gas industry, harbour and general marine operations; and the provision of charter, shuttle and maintenance services of helicopters and airplanes to third parties.

Caverton Offshore Support Group Plc had on June 7, 2024 informed the Nigerian Exchange Limited and the investing public that the Board of Directors approved the appointment of Adedeji Adeola as the new Chief Financial Officer

(CFO) of COSG effective same day. Also, the Board of Caverton Marine Limited (a subsidiary of Caverton Offshore Support Group Plc) approved the appointment of Akin Kekere-Ekun as the Chairman of its Board.

The Board of Caverton Helicopters Limited (a subsidiary of Caverton Offshore Support Group Plc) also approved the appointment of Bello Gwandu as the Chairman of its Board.

Further look at the full year 2023 financial statements also showed that the Group’s impairment loss on financial assets rose to N2.378billion in 2023 from N402.307million in 2022.

Just like in 2022, the Directors did not recommend payment of dividends in respect of the year ended December 31, 2023.

Despite growing revenue to N31.988billion in 2023 from a low of N29.228billion in 2022, Caverton Offshore Support Group pre-tax loss in the review year stood high at N12.685billion from N5.084billion loss before tax recorded in 2022.

Caverton Offshore Support Group Plc had on May 10, 2024 announced that its audited financial statements for the year ended December 31, 2023 was not filed within the regulatory timeline due the delays in completing the audit process.

Last 7 Days Trades

The N1.56 per share the stock was priced as at Friday June 14 represents a decline by 12.8 percent year-to-date (YtD). In the review year, Caverton Offshore Support Group basic/diluted earnings per share was in negative of N3.78, higher than 2022 low of N1.53.

The issued and fully paid-up share capital of Caverton Offshore Support Group is N1.675billion made up of 3,350,509,750 ordinary shares of 50kobo each.

According to the register of members, apart from three substantial shareholders (Tasmania Investments Limited, Aderemi Makanjuola and Molar Vessels Limited) no other person or persons held more than 5percent of the issued and fully paid-up shares of the company at December 31, 2023.

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