Caverton Offshore Support Group Plc, a provider of marine, aviation, and logistics services to local and international oil and gas companies in Nigeria said it realised a profit profit-after tax of N203 million in 2022.
The amount is 22% dip from the N18.07 billion in the same period of last year according to a disclosure signed by Amaka Obiora, the Company Secretary.
The company stated that this is due to tremendous financial and operational headwinds in the first half of the year
Key highlight of the result
- Revenue is N13.96 billion from N18.07 billion in 2021
- Gross Profit N3.51 billion from N6.37 billion in 2021
- Total Operating Profit, (excluding Finance Cost), is N1.38 billion from N3.24 billion in 2021
- EBITDA for the period is N7.06 billion from N9.02 billion in 2021
- EBITDA for the period is N7.06 billion from N9.02 billion in 2021
- Profit-After-Tax is N203 million from N780 million in 2021
- EPS is 6 kobo from 23 kobo in 2021
Profitability Ratios
- Gross Margin is 25.14% from 35.25% in 2021
- EBITDA Margin is 51% from 50% in 2021
- Net Profit Margin is 1.43% from 4.32% in 2021
- EBIT/Interest Expense is 5.65 % from 3.71 % in 2021
Capital Structure ratios
- Net debt/Equity is 0.89x from 1.28x in 2021
- Net debt/EBITDA is 2.16x from 2.46x in 2021
- Long-Term Debt/Total capitalization is 0.51x from 0.53x in 2021
- Asset turnover is 0.17x from 0.23x in 2021
- EBIT/Capital Employed is 4% from 9% in 2021
What the company is saying
Bode Makanjuola, Caverton’s Chief Executive Officer, said that the company faced tremendous financial and operational headwinds in the first half of the year which necessitated the need for the management and the board of Caverton to urgently review the company’s management structure and business portfolio as a Group.
He said, “We recently announced the appointment of a new Managing Director for Caverton Helicopters, restructured Caverton Offshore Support Group’s executive management and diversified our aviation business from oil and gas aviation logistics to third party training and maintenance, via our recently commissioned Maintenance Repair and Overhaul (MRO) facility and our Caverton Aviation Training Centre (CATC), both in Lagos.
“These announcements have been well received by the wider aviation and oil and gas industry and we are confident this strategy would yield positive financial fortunes for the Group whilst addressing this infrastructure gap in the aviation sector of Nigeria and sub-Saharan Africa.
“Our marine subsidiary, Caverton Marine, has also been repositioned for growth with our foray into local manufacturing of GRP boats. We recently launched our prototype 40-seater GRP ferry at the recently concluded NOG 2022 conference in Abuja, Nigeria and reception has been very positive. The ferry protype was locally built to the highest safety and quality standards under guidance of government and safety agencies and has applications in both oil and gas and commercial mass transit ferry transportation.”
