CAVERTON Records 5% Revenue Decline in Q3'15 Results

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Tuesday, November 03, 2015 12:13PM / Press Release/ Caverton Offshore Support Group Plc

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 Q3 2015 results.

The results show revenue of N17.8 billion which represents a 5% decrease over the same period last year. Earnings per Share came in at 42 kobo, already trending higher than FY 2014 (29 kobo).

Commenting on the results, CEO of COSG PLC, Mr. Bode Makanjuola said “The dip in net profit was due largely to reduction in ad-hoc revenue, increase in equipment lease cost and the effect of foreign exchange loss.


We continued with our efficiency measures during the period and achieved some reduction in our overhead cost, however, the impact of the foreign exchange translation loss (year-on-year) muted the effect on our overall performance.”

Mr. Bode Makanjuola further stated that “In today’s challenging business environment, we are committed and focused on the delivery of efficient aviation and marine logistics services to our esteemed customers. We work to ensure value-add to their business even as they are also impacted by the present economic condition. “

“As interest for logistics service support from Nigerian Oil Companies (NOC’s) continues to grow, we are adequately positioned to provide increased coverage for this sector and even for the non oil and gas sectors of the economy.”

Group Financial Highlights

 

·         Revenue of N17.8b down by 5%, (N18.7b September 2014)

·         Operating Profit (excluding other operating income) of N2.78b down 35%, (N4.26b September 2014)

·         Profit before tax of N2.25b down 26%, (N3.6b September 2014)

·         Profit after tax of N1.39b down 26%, (N1.87b September 2014)

·         EPS of 42 kobo (56 kobo September 2014)


Profitability Ratios

·         EBITDA Margin of 27%, (30% September 2014)

·         Net Profit Margin of 8%, (10% September 2014)

·         EBIT/Interest Expense of 2.73x, (3.50x September 2014)


Capital Structure Ratios

·         Net debt/EBITDA of 2.60x (3.14x September 2014)

·         Net debt/Equity of 0.96x (1.38x September 2014

·         Net debt/Total capitalisation of 42% (55% September 2014)

·         Total Debt/Total capitalisation of 57% (60% September2014)

·         Asset turnover of 43% (44% September 2014)


Operational Highlights

·         Caverton Helicopters signed a two year contract extension with Shell

·         Sixth Annual General Meeting of CAVERTON OFFSHORE SUPPORT GROUP PLC held on 6th of May, 2015. Dividend of 10kobo for every N0.50 ordinary share paid to shareholders.

·         Capt Josiah Choms MD Caverton Helicopters elected to the Board of HeliOffshore

·         Caverton Helicopters signed a Helicopter Charter Service Agreement with Nigerian National Petroleum Company (NNPC).This service provision will cover offshore platforms operated by Nigerian Petroleum Development Company (NPDC) as well as all flight requests from other NNPC subsidiaries on a call-off basis. Focused

·         COSG migrated its accounting platform to the SAP Enterprise Resource Planning Tool. The new system which was customized to meet accounting and reporting needs is a game changer for Caverton as it enables us to become more efficient and easily compliant with reporting standards global

 

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