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Published On: Sun, Jun 8th, 2014

Caverton revamps operations, rewards shareholders with N12.5k

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Caverton Offshore Support Group, (Caverton) one of the leading provider of marine, aviation and logistics services to local and international oil and gas companies, has announced the company’s resolve to commence the construction of an aircraft maintenance, repair and overhaul centre as well as an aviation training centre at MurtalaMuhammed International Airport, Lagos

The Chairman of the company, Mr. AderemiMakanjuola who disclosed this at the company’s annual general meeting in Lagos assured that construction will commence in the second quarter of 2014 as part of the company’s medium-term strategy to diversify its revenue stream.

This came less than a month after the company listed its shares on the Nigerian Stock Exchange.

Addressing shareholders at the meeting, Makanjuola noted that the listing via introduction which marked the first offshore support company to be listed on the NSE avails existing shareholders of Caverton an opportunity of trading on their shares even as it paved way for new investors participation in the company.

He noted that the company started 2014 with a corporate rebranding exercise, “We have now obtained relevant regulatory approvals to commence the construction of our maintenance, repair and overhaul centre as well as an aviation training centre on a 40,000 square meters facility at the MurtalaMuhammed International Airport, Lagos, both of which will house OEMs (Original Equipment Manufacturers).”

He expressed satisfaction that the company was able to improve on its 2012 performance despite several challenges as a result of the support of its growing customer base and stakeholders.

Caverton recorded profit after tax rose to the tune of N1.875bn from the N1.360bn it posted in 2012. Similarly, the shareholders’ funds rose by 15.9 per cent from N9.823bn to N11.380bn.

Makanjuola attributed the increase in turnover and profit to the stability recorded and incremental business from both existing and new contracts signed in the financial year under review.

Shareholders of the company at the meeting approved a dividend payout of N12.5 kobo for every 50 kobo ordinary share held by investors whose names appeared in the company register thus translating to N418 million.

He said N418 million dividend proposed by the board of directors was in line with the company’s “commitment to stable dividend policy”.

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