CAVERTON declares N2.62bn PAT in 2017 Audited Results,(SP:N2.55k)

Wednesday, March 28, 2018   1:21 PM / NSE

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CAVERTON Reports N3.9 Billion PBT for 2017 Financial Year 
Caverton Offshore Support Group Plc, (Bloomberg: Caverton NL), the leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, today announces its audited 2017 FY results.

The 2017 FY results show an impressive Profit before tax of N3.9bn, (and an after-tax profit of N2.6b), with increasing revenue by 6% compared to last year. In the same vein, Earnings per share jumped by 328% year on year. On the other hand, the Direct Operating Costs and Administrative expenses, increased by 14% when compared to 2016 due to major scheduled maintenance carried out during the year.

Commenting on the results, Caverton’s Chief Executive Officer, Mr. Bode Makanjuola said that Caverton remains the leader in offshore support logistics in Nigeria. He stated that part of our strategy to weather the current challenging business environment of the past couple of years is to continue to focus on cost efficiency without compromising on our safety standards. He further added that the company will shortly commence its 5 year Chevron contract from April and is confident of securing and renewing support contracts with new and existing clients alike. The implementation of our strategy to increase service offerings is also ongoing as the construction of the Maintenance, Repair and Overhaul facility in Ikeja Lagos is at an advanced stage. We continue to explore other innovative solutions in support of deep and shallow water operations in both marine and aviation business.

Below are some of the highlights of the audited 2017 Financial Year Results:

Group Financial Highlights:
1. Revenue for 2017 is N20.5bn, (N19.3bn December 2016)
2. Operating Profit, (excluding other income), is N4.2bn, (N2.2bn December 2016)
3. EBITDA for the year is N5.7bn, (N3.2bn December 2016).
4. Profit before tax of N3.9bn, (N1.1bn December 2016)
5. EPS is 77 kobo, (18 kobo December 2016) 

Profitability Ratios
1. Gross Margin of 35% (40% December 2016)
2. EBITDA Margin of 28% (17% December 2016)
3. Net Profit Margin of 13% (3% , December 2016)
4. EBIT/Interest Expense of 3.8x, (1.7x December 2016)
5. Capital Structure ratios
6. Net debt/EBITDA of 2.48x (3.67x December 2016)
7. Net debt/Equity of 0.9ox (0.9ox December 2016)
8. Total Debt/Total capitalization of 51.3% (52% December 2016) 

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