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The chairman of Caverton Offshore Support Group Plc Mr Aderemi Makanjuola said the company’s major project which is the Maintenance Repair and Overhaul (MRO) project which is still under construction will be completed in the last quarter of 2018 and fully operational in 2019.
Makanjuola, while addressing shareholders at the company 9th Annual General Meeting (AGM) in Lagos, explained that the project has been generating interest from both current, prospecting global aviation partners and original equipment manufacturers, will enable the diversification of the company group revenue and shift focus from sole reliance on the oil and gas industry.
However, the shareholders’ approved the board of directors request to pay 15 kobo dividend for the full year ended December 31, 2017, which amounts to N502,58 million. Highlight of the 2017 audited financial statement shows that the group revenue slightly went up by 6 percent to N20.54 billion from N19.31 billion in 2016.
Profit after tax increased significantly by 328 percent, standing at N2.62 billion as against N612.28 million in 2016. Earnings per shares increased to 77 kobo from 18 kobo in 2016. While total assets of the company increased by 11.84 percent from N41.35 billion in 2016 to N46.25 billion in 2017.
The Caverton Offshore Support Group Plc, which is trading around N2.45 kobo on the floor of Nigerian Stock Exchange (NSE) is the first fully integrated offshore support company in Sub-Saharan Africa, able to provide quality marine and aviation logistics services to support companies within the oil and gas industry.
The group aims to harness the abundant opportunities currently available in the global market and Africa. This is achieved by providing a formidable asset base along with the right infrastructural support and technology to improve efficiency in the industry.
The companies within the group share and adhere to five main core values, Safety, Commitment to Staff Development and Teamwork, Timely and Efficient Service Delivery, Good Corporate Governance Development and Propagation of Nigerian Content/CSR.
Photo Caption: The chairman of Caverton Offshore Support Group Plc Mr Aderemi Makanjuola
