Caverton’s pretax profit rises to N728m in Q1

Caverton Offshore Support Group Plc has posted a profit before tax of N728 million for the quarter ended Mar. 31, 2021, compared to N585 million in the same period a year earlier.  

Caverton is a provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria.

It said in a statement that the result came even in the face of the serious negative impact that the COVID-19 pandemic continued to have on business operations in Nigeria and the rest of the world.

The company noted that the pandemic had caused significant reduction in activities by international and local oil and gas companies, which are its major clients.

Commenting on the results, Caverton’s Chief Executive Officer, Mr Bode Makanjuola, described the results as a further demonstration of the company’s resolve to re-align its operations in the face of the challenging economic conditions, geared towards ensuring continued business survival and profitability.

“In order to boost revenue, the marine service sector of the group, has also been re-strategising to position the company towards exploring further opportunities within and out of the oil and gas sector,” he said.

According to the company, the company’s maintenance repair and overhaul facility and simulator training facility, both in Lagos, are expected to officially commence business operation in the second half of 2021 and when completed will herald a new age in the Nigerian aviation sector and better fortune for the group.

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