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Caverton Group declares N4.3bn profit, grows 338% in 5yrs

Five years after its shares were listed on the floor of the Nigerian Stock Exchange (NSE), Caverton Offshore Support Group PLC has grown in leaps and bounds.

For instance, Profit After Tax (PAT)  grew by 338 percent in five years. It comes to an average of 68 percent yearly.  PAT moved from N980milion as at December 31,2014 to N4.3bn as of financial year ended December 31, 2018.

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Profit before tax in five years also grew by 111 percent to N5.75 as at December 31,2018, from N2.73bn.

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The Group’s asset base rose by 56 percent from N36.63bn as of December 31, 2014, to N56.06bn in 2018 while Shareholders’ Fund reflects the confidence of shareholders in the group with a growth of 54 percent in five years, from N11.93bn in 2014 to N18.38bn in 2018.

Meanwhile, net profit in the financial year ended December 31, 2018 grew by 64 percent, from N2.62bn in the same period of 2017 to N4.30bn.  The Net Profit jump in 2018, according to Caverton Group, was driven by improved profit before tax while PBT growth was was attributed largely to the group’s ability to improve its revenue base as well as maintain its cost levels. PBT stood at N5.75bn in 2018 compared to N3.91bn in 2017.

The Group says its shareholders’ funds which grew by 16 percent to close at N18.38billion in 2018, provides ample cushion for business growth. Shareholders had  N15.80bn in the kitty of the company the preceding year.

Shareholders of the group got 25kobo per share as dividend in 2018 compared to 15kobo per share in 2017. It represents an increase of 67 percent.

But shareholders at the Annual General Meeting, AGM, which held at the Civic Centre in Lagos on Tuesday, asked  for more from dividend payout in the years ahead. Shareholders want their Company to reduce the cost of borrowing and seek for cheap funds from the capital market to finance its operations and to save more money to be shared as dividends.

However, Aderemi Makanjuola, Chairman of Caverton Offshore Support Group PLC, is optimistic that the entity would deliver a better performance in the year ending December 31, 2018 , as he said the prospects look bright.

 

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