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.