Caverton Offshore Support Group Plc, reported its unaudited financial results for the period ending 31st March 2025. The company delivered a strong financial turnaround, moving from a loss in the same period last year to a profit after tax of N1.6 billion.
The Group reported revenue of N8.975 billion for the 3 months period, down by 3.57% from N9.31 billion reported in Q1 2024.
Profit after tax of N1.641 billion was achieved for the 3 months period from the loss after tax of N1.812 billion reported the previous year.
Earnings per share of the Group stands at 49 kobo.
At the share price of N2.92, the P/E ratio of Caverton Offshore Support Group stands at 5.96x with earnings yield of 16.78%.
Sharing insights on the company’s financial result, the Group CEO, Mr. Bode Makanjuola emphasized the management’s strategic initiatives to return the business to profitability. He detailed efforts to mitigate exposure to foreign currency fluctuations by reducing foreign liabilities and enforcing strict cost control measures across operations.
Mr. Makanjuola expressed confidence in the company’s prospects, highlighting its ability to sustain the current positive momentum and deliver long-term value to stakeholders after several quarters of losses. He acknowledged the challenges in both the Marine and Aviation sectors but also expressed optimism about the government’s ongoing reforms, which are expected to positively impact the broader economy. One such development is the stabilization of the foreign exchange environment, which has helped strengthen the company’s bottom line and boost profitability.
In his engagement with the media, the CEO reaffirmed the Company’s commitment to overcoming current challenges through strategic collaboration, while emphasizing its focus on long-term, sustainable growth. He also underscored the Company’s continued strength and leadership in both the charter flight and marine operations sectors.
Looking ahead, Caverton remains firmly committed to its long-term growth strategy, with continued investments and strategic collaborations across key sectors. In line with this vision, the Company entered into a landmark partnership with NNPC and Stena of Sweden in February 2025—marking a transformative milestone for both Caverton’s maritime operations and the broader Nigerian maritime industry. Operations under this partnership are scheduled to commence in the third quarter of the year.
This collaboration highlights Caverton’s unwavering focus on expanding its marine capabilities and contributing meaningfully to national development. Meanwhile, Caverton Helicopters is proactively pursuing new opportunities to address the challenges of currency volatility and rising operational costs, reinforcing the Company’s commitment to operational resilience and sustained profitability.
Caverton remains firmly committed to the highest standards of safety, quality, and security across all operations. By adopting tailored strategies that meet the needs of both local and international markets, the company aims to enhance shareholder value and further strengthen its market position.