DEspite the challenges in the domestic aviation sector, Caverton Offshore Support Group (COSG) made a turnover of 47.6 per cent and 1,625 per cent in profit for the 2012 financial year ended December 31, 2013.
Shareholders at the company’s Fourth Annual General Meeting (AGM) in Lagos, yesterday approved 9.5kobo as dividend for every N1 share. This amounted to N318.3 million, representing 18.6er cent increase on the N286million dividend paid for the 2011 financial year.
The group, made up of Caverton Marine Limited, Caverton Helicopters Limited and other subsidiaries, is an indigenous conglomerate and one of the leading providers of marine, aviation and logistics support services to the oil and gas sector.
According to its yearly reports audited by Ernst & Young and ECN & Co., the company recorded impressive growth. The group’s turnover increased from N10.928 billion in 2011 to N16.132 billion in 2012 (an increase of 7.6per cent); while its profit after tax and exceptional item rose from N60.373 million to N1.035 billion (a rise of 1,625 per cent).
Also, earning per share increased from 0.02kobo in 2011 to 31kobo in 2012, an increase of over 150, 000 per cent.
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