Caverton Offshore reports 47% drop in earnings, propose 10 kobo dividends

Revenue

• Caverton Offshore Plc reported revenues of N24.9billion a 25% increase from the N18.6billion reported a year earlier.
• Gross profit also rose 47% to N10.9billion compared to the N7.4billion reported a year earlier.

Profitability

• Pre-tax profits for the year was N2.7billion representing a 14% drop compared to the N3.1billion compared a year earlier.
• Earnings before interest and taxes dropped 8% to N4billion compared to N4.4billion reported a year earlier.
• Profit after tax dropped 48% to N979million compared to the N1.8billiion reported a year earlier. The drop in profits was mostly due to a 27% rise in indirect operating expenses to N7.2billion.

Shareholders

• Earnings per share for the period was 29kobo compared to the 55 kobo reported a year earlier, representing a 47% drop.
• Proposed dividend for the period was 10kobo with the closure of the register to be announced.