Caverton shares N418 Million in dividend

Shareholders of Caverton Offshore Support Group (COSG) will share the company’s N418 million total dividend, representing 12.5k per share dividend for every 50k ordinary share.

This was approved on Thursday at the company’s 2013 Annual General Meeting (AGM) in Lagos with shareholders, in support of the company’s expansion drive into sub-Saharan Africa.

Mr Olabode Makanjuola, the chief executive officer of Caverton, told shareholders that the company planned to operate in Ghana, Congo, Mozambique and Angola, as marine vessels, pipeline surveillance and seafarer training would be introduced.

“We will soon emerge the preferred offshore support and logistics provider in Sub-Saharan Africa by offering a fleet of modern aircraft and offshore support vessels as we migrate into a global conglomerate that is committed to enhanced value creation to all stakeholders,” he said.

Reacting, the shareholders commended the expansion project. According to them, the expansion will enhance the company’s profitability and dividend payment.

A shareholder, Mr Vitalis Anyim, said that the offshore expansion would increase the company’s visibility and presence across. He urged the company to increase its awareness programme to enhance investors’ interest on its general operations.

The company, in the financial year ended December 31, 2013, recorded a turnover of N18.66 billion against the N16.13 billion declared in 2012.

Profit stood at N1.88 billion from the N1.36 billion achieved in 2012, while total assets stood at N39.31 billion to the N38 billion recorded in the previous year.

Caverton recently got listed on the Nigerian Stock Exchange.