Caverton Offshore Support Group Plc has reported a profit before tax of N2.09bn for the half-year period ending June 30, 2025, reversing a loss recorded in the same period last year.
The group’s revenue stood at N16.1bn, down from N18.8bn in the first half of 2024. However, gross profit increased to N9.0bn from the N2.9bn recorded in H1 2024. Operating profit excluding finance costs rose sharply to N11.7bn compared to N1.1bn in the previous period.
Earnings per share improved from a loss of 0.54 kobo to a profit of 0.62 kobo. Caverton’s gross margin expanded 55.9 per cent from 15.2 per cent, while net profit margin rose to 12.9 per cent from negative 19.7 per cent.
The group’s earnings before interest and taxes to interest expense ratio increased to 27.2 per cent from -11.1 per cent. Capital structure ratios also showed improvement, with net debt to equity at -1.5x compared to -2.1x in 2024. Asset turnover stood at 0.20x, up from 0.12x in the previous year.
Caverton continues to reposition its marine and aviation divisions, recently entering a strategic partnership with Chinese electric marine engine manufacturer Explomar to develop Nigeria’s first all-electric ferry. The company is also expanding its aviation services, including unmanned aerial vehicles for the oil and gas, security, and logistics sectors.
In February 2025, Caverton formed a joint venture with NNPC and Stena Bulk to enhance shipping capacity, with operations expected to commence later this year.
Commenting on the result, the Group Chief Executive Officer, Bode Makanjuola, said the company remained committed to sustainable growth and diversification. He noted that management had taken steps to reduce foreign currency risk by lowering foreign liabilities and implementing strict cost controls across all operations.
“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 transform maritime transportation,” he said.
Makanjuola expressed confidence in Caverton’s prospects, citing ongoing government reforms and macroeconomic stability as key drivers of improved profitability.
The group reaffirmed its focus on safety, quality, and security while continuing to invest in strategic partnerships that strengthen operational resilience.
