Caverton Helicopters posts NGN612 million profit in 2016

Caverton Offshore

While OAS Helicopters was taken over by the Asset Management Company of Nigeria, Caverton Helicopters seems to be faring well.

Caverton plc ended the year with NGN19.3 billion revenue in contrast to NGN23.2 billion recorded in 2015. Its cost of sales for the year was NGN11.6 billion compared to NGN14.6 billion recorded in the year 2015.

Gross profit for the year fell to NGN7.6 billion gross profit compared to NGN8.6 billion recorded in the financial year 2015.

The company operating profit for the period was NGN2.6 billion compared to NGN3.4 billion recorded in the year before.

The company recorded NGN1.1 billion as profit before taxation in the year in review in contrast to NGN1.7 billion recorded in the fiscal year 2015.

After it deducted its tax for the year, Caverton profit for the year fell by 38% to NNG612.2 million from NGN988.0 million recorded in the fiscal year 2015.

The total asset position for the year was NGN41.3 billion compared to NGN39.5 billion recorded in the year before. The total liabilities fir the year was NGN28.1 billion in contrast to NGN26.9 billion recorded in 2015.

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Company Information

Caverton Offshore Support Group Plc was incorporated in Nigeria on 2nd June, 2008, as a private limited liability company. The Group operates in the marine and aviation logistics sectors of the Nigerian oil and gas industry. The Caverton Group was formed to acquire Caverton Helicopters Limited and Caverton Marine Limited, both of which were already operating in the Nigerian offshore oil and gas logistics industry.

Since inception, the Caverton Group has positioned itself as one of the leading indigenous oilfield services companies in Nigeria and following the passage of the Nigerian Government‟s “Local Content Policy,‟ which is aimed at substantially increasing indigenous participation in the local and gas industry, is very well positioned to leverage the opportunities this represents.

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