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Caverton group profit goes up by 328%, announces 15k dividend

Caverton Offshore Support Group Plc, (COSG), an  indigenous offshore logistic services provider, grew Profit after Tax (PAT) by 328 percent from N612.28 million in the financial year ended December 31, 2016 to N2.62 billion in the review financial year ended December 31, 2017.

At the its         AGM recently in Lagos, the company  declared a dividend of 15kobo per ordinary share of 50kobo each for its shareholders.

Caverton which was listed on the Nigeria Stock Exchange (NSE), some four years ago, also grow its Profit before Tax (PBT) by N2.81 billion or 256 percent from N1.10 billion in 2016 to N3.91 billion in 2017.

The management of Caverton was shrewd in cost management in the review financial year to achieve a robust bottom-line as revenue only grew marginally by 6.4 percent to N20.54 billion in 2017 compared to N19.31 billion recorded in 2016.

The chairman of Caverton Group, Mr. Aderemi Makanjuola, said stability of exchange rate and increase in revenue during the year impacted positively on the company’s bottom-line.

“Our performance reflected continued effective execution of our bold strategy as we innovate and break barriers to boost our bottomline in building a client-centric group and generate sustainable long-term value to our shareholders”, Makanjuola added.

Mr. Moses Ogundeji, a shareholder affiliated to the Independent Shareholders Association of Nigeria (ISAN) at the AGM of the group held at the Civic Centre in Lagos on Tuesday, praised the company for paying 15kobo per share as dividend but urged the board of directors to make the largesse better subsequently.

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