Caverton reports PBT of N728m in Q1

Offshore Support Group Plc has reported N728million profit before tax in its unaudited first quarter ended March 31, 2021 results against N585million reported in prior quarter results.

The company also reported increase in revenue to N8.2billion in Q1 2021 from N7.9illion reported in Q1 in 2020.

The company maintained that the result came even in the face of the serious negative impact that the COVID-19 pandemic continues to have on business operations in Nigeria and the rest of the world, which has caused significant reduction in activities by International and Local Oil and Gas companies who are the major clients of Caverton.

Commenting on the results, Caverton’s Chief Executive Officer, Mr. Bode Makanjuola in a statement, said that “the result is a further demonstration of our resolve to re-align our operations in the face of the challenging economic conditions, geared towards ensuring continued business survival and profitability.”

In order to boost revenue, the marine service sector of the Group, has also been re-strategizing to position the company towards exploring further opportunities within and out of the oil and gas sector.

He further stated that “our Maintenance Repair and Overhaul (MRO) facility and our Simulator Training facility, both in Lagos, are expected to officially commence business operation in the 2nd half of 2021 and when completed will herald a new age in the Nigerian aviation sector and better fortune for the Group.”