Caverton Records N566m Profit before Tax in Q1

Chinedu Eze

Caverton Offshore Support Group Plc, has announced its unaudited results for the period ended 31st March 2023. The results show a Profit-Before-Tax of N566 million.

Commenting on the results, Caverton’s Chief Executive Officer, Mr. Bode Makanjuola said, ‘’The period’s financial position is a manifestation of the various efforts put in by management to mitigate the effects of the negative results posted in 2022 due to negative occurrences that bedevilled the company in the immediate past year. To ensure that Shareholders’ values are not eroded, necessary steps have been taken to turn the fortune of the company around and strengthen shareholders’ confidence in the affairs of the company.”

He said that 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. The company is also reconsolidating on its aviation oil contracts and industry market share and efforts are underway to boost revenue and reduce our operating and finance costs.

According to him, “The 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. We have already commenced third party maintenance of helicopter aircraft in Nigeria and given our Free Trade Zone status we are also attractive to operators and aircraft owners in neighbouring West African countries who have also had to endure the arduous task of sending aircraft and engines to Europe for heavy maintenance and overhauling. We are confident that the level of patronage we have witnessed over the first quarter of the year will herald improved revenues for 2023. Furthermore, coming off the successful reception of our AW139 flight training simulator, a second Simulator for the smaller AW 109 helicopter is due to arrive in the second quarter of 2023.”

This, according to him, will further boost the revenue generating potential of our Training Centre.