Caverton Offshore Support Group Plc has announced plans to expand its marine business as it reported a profit of N258.64m for the first half of the year 2023.
It disclosed this in a statement accompanying the financial statement of the group, which was filed with the Nigerian Exchange Limited on Monday.
Caverton, a company providing marine and aviation logistics services to oil and gas firms, reported a 27.23 per cent appreciation in profit, from N203.3m as of June 2022 to N258.637m in the same period of 2023.
However, its revenue for the period under review declined by 4.83 per cent to N13.3bn from N13.96bn.
Commenting on the results, the firm’s Chief Executive Officer, Bode Makanjuola, said the operating costs in Nigeria had continued to skyrocket since the beginning of the year.
This, he said, was impacting on the group’s performance, but noted that the management had continued to put in various efforts to ensure the sustainability of the company.
He said the group was beginning to reap the benefit of the huge investments committed into setting up the Maintenance, Repair and Overhaul facility and the Caverton Aviation Training Centre, both in Lagos, adding that the level of patronage in these two units were now on the increase.
On the marine front, Makanjuola said Caverton Marine Limited had intensified efforts in its boat-building project and was planning to acquire a bigger construction site along Badagry axis to complement its current site at Badore, Ajah Lagos State.
