CAVERTON declares N293.53m PAT in Q1 2018 Results,(SP:N2.40k)

Friday, April 27, 2018 /12:39 PM /NSE

Proshare Nigeria Pvt. Ltd.

Caverton’s Profit before Tax Climbs By 3496 To N476.5 Million In the First Quarter 

Caverton Offshore Support Group Plc, (COSG), the leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, today announces its unaudited First Quarter, 2018 results. The results show a Profit before tax of N476.5million, (and an after-tax profit of N294million). Revenue dropped by 1196, while direct operating costs improved by 2196 supporting the increasing earnings per share by 3496 when compared to Q1 2017. 

Commenting on the results, COSG's Chief Executive Officer, Mr. Bode Makanjuola stated that though we witnessed revenue drop, as a result of the non-renewal of one of our contracts, we expect improved revenues as our Chevron-NNPC JV contract operations commenced successfully on the 1st of April 2018. 

He expressed utmost gratitude to the management, staff and board of directors of COSG for their continued professionalism and support. He added that, the implementation of our strategy to increase service offerings is also on-going as the construction of the Maintenance Repair and Overhaul facility in Lagos is at an advanced stage. COSG continues 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 unaudited First Quarter, 2018 Results: 

Group Financial Highlights:
· Revenue for 2018 is N4.6bn, (N5.1bn March 2017)
· Operating Profit, (excluding other income), is N849.2mn, (N722.1bn March 2017)
· EBITDA for the period is N1.2bn, (N1.02bn March 2017).
· Profit before tax of N476.5mn, (N355.4mn March 2017)
· EPS is 9 kobo, (6 kobo March 2017)

Profitability Ratios
· Gross Mar in of 4096 (32% March 2017)
·  EBITDA Margin  of 25.596 (2096 March 2017)
· Net Profit Margin of 696 (496, March 2017)
· EBIT/interest Expense of 2.14x, (1.81x March 2017) 

Capital Structure ratios
· Net debt/EBITDA of 13.99x (13.95x March 2017)
· Net debt/Equity of 1.01x (0.9ox March 2017)
· Total Debt/Total capitalization of 52.396 (51.396 March 2017)
· Asset turnover of 9.5% (11% March 2017)


Proshare Nigeria Pvt. Ltd.

Related News

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

2.Caverton Offshore Support Group Plc Approves FY’17 Financial Statements

3.CAVERTON declares N1.19 billion PAT in Q3 2017 Results,(SP:N1.20k)

4. Caverton Awarded Contract for the Provision of Helicopters Services

5. CAVERTON declares N594.58 million PAT in Q2'17 Results,(SP:N1.06k)

6.CAVERTON declares N214.82 million PAT in Q1 2017 Results,(SP:N0.93k)

7.CAVERTON declares N612.28 Million PAT in 2016 Audited Results,(SP:N0.93k)

Related News