Caverton Offshore Loss Worsens To N12bn

Caverton Offshore Loss Worsens To N12bn

Caverton Offshore Support Group Plc has seen its loss after tax worsen by about 146.79 per cent to N12.75bn at the end of December 2023 from N5.17bn in the corresponding period.

This is the third consecutive year that the company has been recording losses after tax, and they have continued to grow, with 2023 being the worst. Caverton lost N4.34bn in 2021.

This was contained in its annual report filed with the Nigerian Exchange Limited recently.

The firm’s revenue rose by 9.5 per cent to N31.99bn from N29.23bn in the prior year.

Caverton Offshore Support Group is the first fully integrated offshore support company in Sub-Saharan Africa, able to provide marine and aviation logistics services to support companies within the oil and gas industry.

The company’s gross profit rose by 94 per cent to N7.16bn from N3.69bn in 2022. However, administrative expenses surged by 110 per cent to N10.74bn from N5.12 billion in the previous year. This was driven by employee benefit expenses, bank charges, and others.

During the period under review, finance income declined to N24.93m from N45.83 million, while finance costs remained high and rose to N5.82bn from N5.27bn.

The financial statements further revealed that the total assets grew by seven per cent to N79.32bn, from N74.46bn in 2022. This includes non-current assets such as property, plants, and equipment.

In addition to financial disclosures, Caverton Offshore reported on its corporate social responsibility efforts, significantly increasing its charitable contributions to N27.55bn in 2023, up from N12.87m in the previous year.

Donations were made to various organisations, including the National Association of Aircraft Pilots and Engineers and the Lagos Polo Club. The company continues to prioritise the health, safety, and welfare of its employees, maintaining comprehensive insurance policies and healthcare schemes.

The Chairman of Caverton Offshore Support Group, Aderemi Makanjuola, noted in the corporate governance report that the directors are confident in the company’s future, asserting that Caverton Offshore remains a going concern for at least the next 12 months.

He added that despite the reported losses, the company’s strategic investments and robust shareholder support provide a foundation for potential recovery and growth in the coming years.

Media reported that Caverton Offshore Support Group announced plans to expand its marine business in 2023.

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