Caverton Group, the leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, announced its unaudited results for the half year ended 30th June 2023.
Its financials showed that Caverton Group recorded mixed results. Revenue fell by 4.9 percent to N13.28 billion in 2023 in contrast to N13.96 billion as of June 2022. On the contrary, gross profit rose by 29.9 percent to N4.56 billion in June 2023 in contrast to N3.51 billion in June 2022.
The CEO of the group said Caverton has started to reap the benefit of the huge investments made into setting up the “The Maintenance Repair and Overhaul (MRO) facility and the Caverton Aviation Training Centre (CATC), both in Lagos, as the level of patronage in these two units are now on the increase.
“On the marine front, Caverton Marine Limited has intensified efforts in its boat building project and as a manifestation of the company’s expansion in this business segment. Caverton Marine is planning to acquire a bigger construction site along Badagry axis to complement the ongoing jobs in the current site at Badore, Ajah Lagos State,” Amaka Obiora, company secretary, said in a release to the Nigerian Exchange Group.
The Caverton Offshore Support Group Plc made a profit before tax of N258 million from January to June 2023, compared to N203 million as of June 2022
The gross margin rose by 34.34 percent in June 2023, in contrast to 25.12 percent in June 2022, while the net profit margin also rose by 1.95 percent in June 2023 as against 1.46 percent in June 2022.
The interest expense rose by 135 percent in June 2023 when compared to 110 percent in June 2022.
