Caverton Offshore Support Group has recorded a profit after tax of N1.035bn for the 2012 financial year.
A statement by the company on Thursday explained that its profit after tax and exceptional item rose from N60.373m achieved the previous year to N1.035bn.
Also, its turnover rose by 47.6 per cent from N10.92bn in 2011 to N16.132bn in the year under consideration.
The statement added that the company declared a total of N318.3m as dividend, translating into 9.5 kobo per N1 share. This amount represents an increase by 18.6 per cent compared to N286m paid the previous year.
The group, made up of Caverton Marine Limited, Caverton Helicopters Limited and other subsidiaries, is a wholly indigenous conglomerate and a provider of marine, aviation and logistics support services.
Chairman of the group, Mr. Aderemi Makanjuola, was quoted in the statement as saying, “The increase recorded was due to the positive impact of the revenue generated on our new fleet of aircraft deployed in our existing contracts. The growth would have even been more impressive if not that we decided to buy helicopters instead of leasing them.”
“The adoption of this cautious approach of low dividend payout is in view of the belief to conserve funds for future growth and expansion, which will translate to greater advantages for the company in the not so distant future.”
The company, incorporated in June 2008, was formed in response to the Local Content Policy of the Federal Government; it was aimed at increasing indigenous participation in the oil and gas sector, the statement added.
Meanwhile equity trading activities on the Nigerian Stock Exchange closed on a negative note on Thursday, as a result of profit-taking activities of investors.