Shareholders of Caverton Offshore Support Group (COSG) have commended the company’s expansion into the sub-Sahara Africa, stressing that the expansion will enhance the company’s profitability and dividend payment.
The shareholders who spoke at the company’s 2013 Annual General Meeting (AGM) in Lagos, also approved the company’s N418 million total dividend, representing 12.5k per share dividend for every 50k ordinary share.
A shareholder, Vitalis Anyim, said that the offshore expansion would increase the company’s visibility and presence across Africa, even as it urged the company to increase its awareness programme to enhance investors’ interest on its general operations.
Solomon Akinsanya, a member of Independent Shareholders Association of Nigeria (ISAN), stressed the need for prompt release of information to boost investor confidence, arguing that the technical challenges had made it imperative for the company to always provide information for investors.
Olabode Makanjuola, the Chief Executive Officer, said that the company planned to operate in Ghana, Congo, Mozambique and Angola, adding that the company would introduce marine vessels, pipeline surveillance and seafarer training.
The Chief Executive Officer said that the company would soon emerge the preferred offshore support and logistics provider in Sub-Sahara Africa by offering a fleet of modern aircraft and offshore support vessels.
He said that the company was migrating into a global conglomerate and was committed to enhanced value creation to all stakeholders.
The company, in the financial year ended Dec.31, 2013, recorded a turnover of N18.66 billion against the N16.13 billion declared in 2012.
Its profit stood at N1.88 billion from the N1.36 billion achieved in 2012 and total assets also stood at N39.31 billion in contrast to the N38 billion recorded in 2012.
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