- The results show a loss After-Tax of N5.16 billion as against a loss of N4.32 billion in 2021.
- Gross Profit stood at N3.69 billion in 2022 from N8.2 billion in 2021 representing a decrease of 55%.
- The company recorded Loss-Before-Tax is N5.08 billion from N5.6 billion posted in 2021.
Caverton Offshore Support Group Plc, a provider of marine, aviation, and logistics services to local and international oil and gas companies in Nigeria, has announced its audited results for the year ended 31st December 2022 on 9 May 2023.
The results show a loss After-Tax of N5.16 billion as against a loss of N4.32 billion in 2021.
This is on the back of increasing inflation which the economy continues to struggle. Nigeria’s headline inflation rate rose to 22.22% in April 2023, a 0.18% point higher than the 22.04% recorded in the previous month.
The increase in Nigeria’s inflation rate
According to the latest Consumer Price Index (CPI), report by the National Bureau of Statistics (NBS), Nigeria’s inflation rate has increased for the fourth consecutive month, maintaining the highest rate in 17 years. Compared to the corresponding period of 2022, inflation increased by 5.4% from 16.82% recorded in April 2022.
On a month-on-month basis, the All-Items Index in April 2023 was 1.91%, which was 0.05% points higher than the rate recorded in March 2023 (1.86%). This means that in April 2023, on average, the general price level was 0.05% higher relative to March 2023.
Nigeria’s inflation rate continues its uptrend despite multiple interest rate hikes by the central bank to tame the rising rate. The CBN has increased Monetary Policy Rate (MPR) from 11.5% to 18% between May last year and March 2023.
According to the statement signed by Amaka Obiora, Company Secretary, revenue dropped by 15.90% to N29.23 billion from N34.76 billion posted in 2021 · Gross Profit stood at N3.69 billion in 2022 from N8.2 billion in 2021 representing a decrease of 55%. The company recorded Loss-Before-Tax is N5.08 billion from N5.6 billion posted in 2021.
Commenting on the results, Caverton’s Chief Executive Officer, Mr Bode Makanjuola, said that coming off the back of a difficult 2022 for the company, the loss was anticipated and the Group’s management has already been taking the necessary steps to mitigate the negative impact across the Group to ensure shareholder value is not eroded.
- “Whilst offshore helicopter logistics has accounted for a substantial amount of the company’s revenue over the past decade, the Group has refocused its efforts on diversifying its business interest within the aviation and marine sectors while exploring other more profitable areas for investments and business development”.
- “While reconsolidating on our aviation oil contracts and industry market share, efforts are underway to boost revenue and reduce our operand and finance costs,” Makanjuola said. He stated that Maintenance Repair and Overhaul (MRO) facility and the Caverton Aviation Training Centre (CATC), both in Lagos, have officially commenced business with prospects to improve the earning capacity of the Group.
According to Makanjuola, this will further boost the revenue-gendering potential of the Training Centre.
- “On the marine front, Caverton Marine Limited has been at the forefront of promoting and supporting improved water transportation.
- “As a result of the growing interest in waterways transportation, the quality and safety of water ferries have been a major talking point amongst regulators, passengers, and operators. Caverton recently invested in a boatyard where the company is currently building GRP passenger ferries and security boats to promote and encourage safe water transportation,” he said.
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