Caverton Offshore Support Group Plc has recorded growth at the end of first three months of its operation, swelling profit by 170.18 per cent.
The company result showed that profit after tax surged by N499.532 million to N793.065 million compared with N293.533 million reported in the corresponding period of 2018.
Profit before tax also increased by 155.60 per cent to N1.217 billion from N476.520 million posted in the comparable period of last year.
Analysis of the company result showed that turnover grow from N4.560 billion to N8.340 billion, representing a surge of 82.89 per cent, Cost of sales rose by 73.51 per cent to N4.771 billion from N2.749 billion achieved in the preceding year.
Finance cost went up by 12.05 per cent to N467.345 million from N417.083million reported in 2018, bringing net finance cost to N467.095 million from N410.468 million with growth of 13.80 per cent.
The result further showed that current assets inched northward marginally rising by 1.49 per cent to N19.887 billion against N19.595 billion made in the comparative period of last year, non current assets also grew by 39.74 per cent over a comparable period standing at N39.431 billion compared with N28.217 billion recorded in the preceding year, bringing total assets N59.319 billion from N47.813 billion, surging by 24.06 per cent.
