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Caverton’s Q3 profit drops to N47m

NPA receives, coupled biggest Caverton Helicopter at port in Lagos

Caverton Offshore Support Group Plc has released its unaudited results for the third quarter (Q3) ended September 30, 2023.

Caverton’s financial results for the period showed Profit Before Tax (PBT) of N47 million, down from N392million in nine months to September 2022. The group’s profit for the nine months period stood at N47million as against N302million in the corresponding period of 2022.

Read also: Caverton Offshore reports N5.16 bn loss in 2022

The group financial highlights show revenue of N24.24billion (N22.04billion in September 2022). Gross profit of N7.21billion (N6.51billion in September 2022). Its earnings per share (EPS) stood lower at 0.01 kobo as against 0.09 kobo in September 2022.

While commenting on the results, Bode Makanjuola, Caverton’s Chief Executive Officer (CEO) said that this period has been marked by significant challenges, resulting from the removal of fuel subsidy and a substantial depreciation of the Naira against the dollar.

“As a result, we have experienced a significant increase in operating expenses that has impacted our financial performance. Despite these difficult circumstances, Caverton remains committed to prioritising the safety and quality of service delivery to our clients. We understand the importance of maintaining our operational standards and ensuring the utmost satisfaction of our customers,” he said.

“We have taken proactive measures to address the challenges and mitigate their impact on our operations. In recent times, Caverton Marine has successfully diversified its business into boat building, expanding our portfolio of services.

Read also: Caverton Marine gets new certification for boat production

“This strategic move allows us to leverage our experience and expertise in the maritime industry, and we are pleased with the progress we have made in this area. Furthermore, I am delighted to announce that Caverton Marine has been awarded the ISO 9001:2015 certification by the Standards Organization of Nigeria (SON). This recognition is a testament to our unwavering commitment to quality and excellence in our operations,” Makanjuola said.

“Additionally, Caverton MRO (Maintenance, Repair, and Overhaul) has witnessed increased patronage, reflecting the trust and confidence our clients place in our services. We have continuously invested in our MRO facilities, technology, and human capital to ensure that we provide excellent maintenance solutions to our clients. We are pleased with the positive response we have received from the market and remain dedicated to delivering exceptional service,” the CEO said.