Caverton Rakes in N258m Profit Before Tax in Q2 2023
Caverton Offshore Support Group Plc, the leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, has announced its unaudited results for the period ended 30th June 2023.
The results show a Profit-Before-Tax of N258 million.
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 in the second quarter of 2023 ended June 31.
The company’s inability to publish was due to the delays in finalising the unaudited financial statements (FY 2023) of the Group for the second quarter ended June 31, 2023. The FY 2023 unaudited financial statement was concluded and submitted to the NGX on August 1, 2023, the company said in a statement.
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.
