Business

Caverton’s net profit slumps by 59%, firm’s helicopter contract dwindles

Published

9 months ago

August 3, 2023

Caverton Offshore Support Group suffered a 59.46 per cent drop in its profit after tax in the second quarter of 2023, the firm’s Q2 financial statement revealed.

Ripples Nigeria gathered that Caverton’s net profit between April to June this year was N184.65 million, failing to surpass the N455.56 million reported in the same period in 2022.

Although Caverton’s net profit dropped by N270.91 million year-on-year, the firm’s revenue rose to N7.60 billion in Q2 2023, rising above last year’s N5.98 billion turnover.

However, a broader look showed that Caverton generated N13.28 billion in revenue in the first half of this year, falling below the N13.96 billion reported the corresponding day.

Within the first six months of 2023, Caverton reported its net profit was N258.63 million. This is higher than the N203.28 million profit after tax of H1 last year.

A breakdown of the firm’s total revenue in H1 showed that Caverton’s earnings from helicopter or aeroplane contracts are dropping, with the firm generating N8.70 billion, compared to the N12.02 billion posted in the same period last year.

But turnover from Helicopter maintenance rose to N2.69 billion in the first half of 2023, surpassing the N9.05 million recorded in H1 2022.

Also, helicopter charter turnover between January to June this year was N1.58 billion, against the N358.52 million reported in the corresponding period the year before.

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