Marine, aviation, and logistics services provider to oil and gas companies, Caverton Offshore Support Group Plc, has announced its unaudited results for third quarter ended September 30, showing operational improvement and strong recovery despite a difficult business environment.
The figures showed gross profit rose by 16 per cent to N10.9 billion compared to N9.4 billion in 2024.
Operating profit improved to N9.8 billion as against N34.9 billion loss in Q3 2024 while Loss Before Tax scaled down to N4.6 billion compared with N41.6 billion in Q3 2024.
Furthermore, gross margin rose to 55.6 per cent compared to 15.2 per cent in 2024.
Net Profit (loss) Margin stood at 18.9.per cent as against -19.7 per cent in 2024.
EBIT/Interest Expense rose to 28.1.per cent from 23.1 per cent in 2024.
Group Chief Executive, Olabode Makanjuola, noted that the performance underscored the strength of Caverton’s business fundamentals and positive trajectory of its turnaround strategy.
“While we acknowledge the loss position, the reduction in pre-tax losses and strong operating profit demonstrate effectiveness of our strategic initiatives to stabilise operations, enhance cost efficiency, and strengthen earnings. Our focus remains on repositioning Caverton for sustainable growth,” Makanjuola said.
He said Caverton continues to implement key management initiatives to strengthen business continuity, diversify revenue streams, and enhance shareholder value.
“The firm will launch its air cargo business to capture opportunities in Nigeria’s logistics and e-commerce sectors. This follows Caverton’s participation in the presidential state visit to Brazil, during which it announced its strategic entry into cargo operations. ‘’
‘‘Preparations are at an advanced stage for the launch of Unity Shipping Worldwide, a joint venture between Caverton marine, NNPC and Swedish shipping giant, Stena Bulk. This initiative is expected to diversify the Group’s income base and improve cash flow stability whilst developing indigenous shipping capacity on an international platform for the shipment of petroleum and bulk cargoes.
“Caverton is expanding its boat-building capacity through collaboration with the Nigerian Navy at the Naval Dockyard. The Company’s OMIBUS fleet, designed to address water transportation challenges in Lagos and across Nigeria, recently launched the first-ever 100% electric ferry built in Nigeria. Developed in partnership with Chinese outboard engine manufacturer Explomar and supported by the Naval Dockyard, the ferry has successfully completed sea trials, with full-scale production expected to commence in Q4 2025.”
