Caverton Offshore Support Group Plc has posted N3.9 billion Profit Before Tax (PBT) in the third quarter ended September 30, 2019. The result was an improvement from N2.6 billion achieved by the company in 2018, despite a seven per cent increase in direct operating costs.

The Chief Financial Officer, Caverton Offshore, Mrs. Titi Adigun, while speaking during the company’s facts behind the figures at at the Nigerian Stock Exchange (NSE), said the company recorded a total increase of N2. 6 billion in its revenue.

The exercise was done to intimate the market of the company’s ongoing activities and future business projects.

She said the company’s revenue for the period stood at N25.8 billion, compared to the N23.3 billion which was recorded in the same period of 2018.

According to her, revenue growth was boosted by the increase of Helicopter/Airplane contracts and agency service income.

The company also grew its profit before tax for the period to N3.9 billion from N2.6 billion in 2018 despite a seven per cent increase in direct operating costs.

She noted that the administration expenses also increased by N850 million on the back of increased employee benefits of N735.5 million and increase in salaries of ground staff.

The Chief Executive Officer, Caverton Offshore, Bode Makanjuola, said: “We are determined to end 2019 on a strong note by continuing to provide the quality of service our clients have become accustomed to. Our clients are our topmost priority and our performance reflects this commitment, which hopefully translates into positive financial returns for our shareholders.”

Makanjuola stated that the company was committed to improving cost efficiencies with scope for enhanced performance.

He added that the company was able to improve on its cost to income ratio and operating expenses despite the inflationary environment and maintained a stable capital adequacy ratio, which balanced the support for growth initiatives.

According to him, with a positive outlook for the global Gross Domestic Product, trade and oil demand, Caverton Offshore Support Group is well positioned to extend its service value as a leading provider of marine and aviation logistics to major crude oil exporters.

Makanjuola said the company’s direct involvement in the crude oil production value chain through service provision offered the advantage of unique market access to optimise its business capabilities.

He noted that with the significant volumes, and in collaboration with capable technical partners in the crude oil transport business, the company was well positioned to thrive and grow in the sector.