Caverton Offshore Support Group Plc, a provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, has recorded 54.94 per cent drop in profit after tax for the third quarter ended September 30, 2020.

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Its unaudited results for the third quarter released to the Nigerian Stock Exchange showed a profit after tax of N1.16bn for the third quarter against N2.58bn reported in 2019, representing a drop of 54.94 per cent.

The results also showed a profit before tax of N1.54bn as against N3.89bn posted in 2019, accounting for a decline of 60.42 per cent.

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Revenue went down by eight per cent to N23.63bn from N25.78bn in 2019.

In the same vein, direct operating expenses also dropped by 10 per cent supporting the earnings per share which also dropped by 55 per cent when compared to 2019 quarter three results.

Commenting on the recent events, COSG’s Chief Executive Officer, Mr Bode Makanjuola stated that “2020 is definitely a year we would all like to put behind us. While the COVID-19 pandemic and oil price crash continues to have adverse effects on the Nigerian economy, recent protest have further exposed deep socio-economic problems in the country.