Caverton Offshore Support Group Plc, yesterday announced its unaudited financial results for the half year (H1) ended June 30, 2025, showcasing a robust financial recovery with a profit before tax of N2.09 billion, up from a N3.7billion loss in the same period last year.
The group’s profit moved from a loss of N3.7 billion in H1 2024 to N2.08 billion in H1 2025 to reversed Earning Per Share (EPS) from a loss of -0.54 kobo reported in H1 2024 to 0.62 kobo in H1 2025.
A further review of the financial performance of the group showed that revenue stood at N16.1 billion as against N18.8 billion in H1 2024 as Gross Profit was N9.01 billion in H1 2025 compared with N2.85 billion in H1 2024.
Profitability ratios showed that Gross Margin stood at 55.9 per cent in the period under review as against 15.2 per cent in the corresponding period of 2024.
Responding, the Group Chief Executive Officer Mr. Bode Makanjuola in a statement emphasized the management’s commitment to sustainable growth and diversification. He highlighted efforts to mitigate foreign currency risks through reduced foreign liabilities and rigorous cost controls across all operations.
Makanjuola expressed confidence in the company’s prospects, noting the positive momentum driven by ongoing government reforms and macroeconomic stabilization, which have contributed to improved profitability.
He further underscored Caverton’s strategic collaborations, including the recent partnership with Explomar, as vital to future growth.
“Our collaboration with Explomar marks a significant milestone in our commitment to innovation and sustainability. Developing Nigeria’s first all-electric ferry exemplifies our dedication to environmentally responsible solutions that will revolutionize maritime transportation.
“This project, along with other vessel design initiatives, positions Caverton as a leader in green maritime technology in Africa,” he added .
In line with its strategic growth agenda, Nigeria’s leading provider of marine, aviation, and logistics services is actively repositioning its marine and aviation divisions.
Notably, the Group has entered into a groundbreaking strategic partnership with Chinese electric marine engine manufacturer Explomar.
This collaboration aims to develop Nigeria’s first all-electric OMIBUS ferry, pioneering sustainable marine transportation in the region. Additionally, Caverton is advancing several other innovative boat-building and design projects, leveraging cutting-edge technology and sustainable practices to enhance its marine fleet and capabilities.
On the aviation front, Caverton Helicopters is refining its charter business while expanding its Maintenance and Training business units. The Group recently diversified into unmanned aerial vehicles (UAVs), opening new avenues for innovative aerial solutions in the oil and gas, security, and logistics sectors.
Looking ahead, Caverton remains committed to its long-term growth strategy, investing in sustainable projects and strategic alliances that enhance its operational resilience. The Group’s recent joint venture partnership with NNPC and Stena Bulk, initiated in February 2025, continues to be a key milestone in shipping capacity development, with operations set to commence later this year, further strengthening Caverton’s maritime capabilities.
In conclusion, Caverton reaffirms its dedication to safety, quality, and security across all operations. By embracing innovative, environmentally sustainable solutions and strategic collaborations, the company aims to deliver long-term value to stakeholders while supporting Nigeria’s economic development.
