Caverton Offshore Support Group Plc for the first half of the year 2023 reported a turnover of N13.285 billion. This represents a decline of 4.84% from N13.96 billion revenue reported the previous year.
The Company reported profit after tax of N258.637 million for the 6 months period, up by 27.23% from N203.282 million achieved the previous year.
Earnings per share of Company stands at 8 kobo.
At the share price of N1.36, the P/E of Caverton Offshore Support Group Plc stands at 17.62x with earnings yield of 5.68%.
Commenting on the results, Caverton’s Chief Executive Officer (CEO), Bode Makanjuola, said the Company was unable to timely file and publish its Unaudited Financial Statements (Q’2 2023 UFS) for the second quarter ended June 31, 2023, by July 31, 2023, as required under the Rules of the NGX. The Company’s inability to publish was due to the delays in finalizing the Unaudited Financial Statements (FY 2023 UFS) of the Group for the second quarter ended June 31, 2023. The FY 2023 UFS was concluded and submitted to the NGX on August 1, 2023.
The CEO stated that the period’s financial position shows a cumulative result of operating activities in both quarter one and two of the year 2023. He stated further that operating costs in the country has continued to skyrocket since the beginning of the year and despite this fact, management has continued to put in various efforts to ensure the sustainability of the company. He then assured that management will continue to strategize in a bid to ensuring that the Shareholders’ values are not eroded.
Furthermore, the company’s Chief Executive officer stated that continued efforts are made to analyse the market in which the Group operates with a view to tapping available benefits and converting emerging opportunities into a beneficial business interest within the aviation and marine sectors while exploring other more profitable areas for investments and business development.
According to the CEO, the group is beginning to reap the benefit of the huge investments committed into setting up the “The Maintenance Repair and Overhaul (MRO) facility and the Caverton Aviation Training Centre (CATC), both in Lagos, as the level of patronage in these two units are now on the increase. He stated further that in addition to the already installed and fully operational AW139 Simulator (first in West African sub-region), a second Simulator for the smaller AW109 helicopter is currently being installed and it’s expected to be fully completed in the third quarter of the year. All these pioneering efforts in the aviation sub-sector of the group’s operations are expected to improve the overall profitability of the group this year and in a foreseeable future period.
On the marine front, Caverton Marine Limited has intensified efforts in its boat building project and as a manifestation of the company’s expansion in this business segment, Caverton marine is planning to acquire a bigger construction site along Badagry axis to complement the ongoing jobs in the current site at Badore, Ajah Lagos state. Aside from building GRP passenger ferries, the company is also building security boats and plans are underway to add fishing boats and leisure boats to the fleet. These marine vessels are being built to the highest safety and quality standards under international marine vessel classification agency guidelines.
We are optimistic that given the level of congestion on our road, demand for marine transportation as an alternative means of fast and reliable movement of passengers and goods from one location to another will continue to grow and thereby attract more businesses for our Marine sector. The CEO stated that “Our boatyard and jetty will provide a hub for the construction and maintenance of marine vessels, creating jobs and contributing to the development of the Nigerian maritime industry. Our team is constantly conducting researches into a more and efficient ways of building a state-of-the-art boat and we are confident that we can deliver top-quality vessels that meet international standards.