Caverton Offshore Support Group Plc, increased its net profit by 14 percent from N3.8billion to about N4.35billion in the financial year ended December 31, 2019.
Caverton Offshore, whose shares are listed on the floor of the Nigerian Stock Exchange (NSE), in the review financial year also declared a dividend of 20kobo per share for shareholders out of its 128kobo Earnings per Share (EPS) portfolio.
The Group’s Earnings per Share moved up by 14.3 percent from 112kobo per share in 2018 to 128kobo per share in 2019.
The Board of Directors has also decided to shore-up its revenue reserves. In the financial year ended December 31, 2019, the group’s revenue reserves increased by 37 percent from N9.49billion in 2018 to N12.96billion. Shareholders’ fund also witnessed an increase of 20 percent, from N17.94billion in 2018 to N21.45billion in the review period. Financial analysts are of the opinion that the decision of Caverton group to reduce its exposure to banks in terms of borrowing in the review financial year was commendable, especially as it continues to plow-back profit to fund its operations in the years ahead.
Chairman, Caverton Offshore Support Group Plc, Dr. Aderemi Makanjuola, speaking about the result at the virtual 11th Annual General Meeting of the group held on Thursday, in Lagos, said “Despite the onerous challenges we faced due to the changing economic environment, 2019 was indeed a good year for our company as we showed improved performance in most financial indices.”
Makanjuola said the performance reflected continued effective execution of the group’s bold strategy as it continues to innovate and break barriers to boost bottom line in building a customer-centric group ready to generate sustainable long term value to its shareholders.