Caverton reports Q1 Revenue Drops by 5%

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Nigeria’s Caverton Offshore Support Group Plc, (COSG), a provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, has announced its unaudited first quarter end results for 2020.

The results showed profit before tax of N585 million and an after-tax profit of N427 million, while the company’s revenue dropped by five per cent, from N8.34 billion in the comparable period of 2019, to N7.84 billion in the period under review.

Commenting on the recent events, COSG’s Chief Executive Officer, Mr. Bode Makanjuola said, “Coming off the back of a good year end we were looking forward to the next decade with immense optimism. Our Maintenance, repair and Overall (MRO) facility was due for completion and we were to take delivery of the first ever helicopter flight simulator in sub Saharan Africa.

We also anticipated good fortunes for our marine business, as we had been pre-qualified for a number of contracts. Unfortunately the Corona virus pandemic sweeping across the globe has turned 2020 to an annus horribilis which has seen project dates pushed back and potential contraction and indefinite suspension of some contracts.

“As we all come to terms with the unprecedented effects of the pandemic and its negative impact on our economy, financial prudence is our watchword.

We are mindful these are extremely challenging times but we remain resolute to maintaining the same level of service our clients are accustomed to whilst preserving shareholder value,” he said.

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Samson Gbenga Salau [Editorial Board Adviser] Gbenga Samuel Salau is a professional journalist with over 17 years experience in journalism, he is a graduate of Communication and Language Arts, University of Ibadan. On completion of his youth service, he joined The Guardian as a freelance journalist and was later absorbed as a staff. While in the University, he was a campus journalist reporting for the Independence Hall and Faculty of Arts Press Clubs. As a campus journalist, he won the following awards; Independence Hall Press Best News writer; University of Ibadan Union of Campus Journalists’ Best News Reporter/Writer; First Runner-up, Reuben Abati Award for Investigative Journalism; Association of Faculty of Arts Students’ Press Best Reporter; University of Ibadan Union of Campus Journalists’ Best Political Writer; Winner, Reuben Abati Award for Investigative Journalism, and University of Ibadan Union of Campus Journalists’ Best Interviewer. He served the Association of Communication and Language Arts Students, as the Public Relation Officer, the same year he was appointed the News Editor of the Association of Faculty of Arts Students Press. The following session, he was made the General Editor, and a member of the 13-man University of Ibadan Students’ Union Transition Committee. As a reporter in The Guardian, in 2014, he won the Promasidor Quill Award Best Report on Nutrition and DAME Business Reporting category. In the 2015 edition of the Promasidor Quill Award, he won the best Report on Nutrition and Brand Advocate Categories, while in 2016, he won the NMMA Print Journalist of the Year, first runner-up Golden Pen Reporter of the Year and SERAs CSR Awards. Gbenga Salau loves traveling, reading, and listening to songs with good lyrics no matter the genre.

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