Caverton records N4.4bn profit growth

Caverton Offshore Support Group Plc increased its net profit by 14 per cent from N3.8bn to about N4.35bn in the financial year ended December 31, 2019.

Caverton Offshore, whose shares are listed on the Nigerian Stock Exchange in the reviewed financial year also declared a dividend of 20 kobo per share for shareholders out of its 128 kobo earnings per share portfolio.

The group’s earnings per share moved up by 14.3 per cent from 112 kobo per share in 2018 to 128 kobo per share in 2019.

The Board of Directors of the company also shored up its revenue reserves, which increased by 37 per cent from N9.49bn in 2018 to N12.96bn.

Shareholders’ fund also witnessed an increase of 20 per cent, from N17.94bn in 2018 to N21.45bn in the review period.

According to some financial analysts, the decision of Caverton to reduce its exposure to banks in terms of borrowing in the reviewed financial year was commendable, especially as it continues to plough back profit to fund its operations in the years ahead.
Chairman, Caverton Offshore Support Group Plc, Dr. Aderemi Makanjuola, speaking about the result at the virtual 11th Annual General Meeting held in Lagos, said, “Despite the onerous challenges we faced due to the changing economic environment, 2019 was indeed a good year for our company as we showed improved performance in most financial indices.”

Makanjuola said the performance reflected continued effective execution of the group’s bold strategy as it continues to innovate and break barriers to boost bottom line in building a customer-centric group ready to generate sustainable long-term value to its shareholders.

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