…Announces strategic expansion in marine and marine technology
Bamidele Famoofo
Nigeria’s leading provider of marine, aviation, and logistics services, Caverton Offshore Support Group Plc, returned to profitability in half year of the financial period ended June 30, 2025.
The unaudited financial results showcased a robust financial recovery with a profit before tax of N2.09 billion, up from a loss in the same period last year.
In line with its strategic growth agenda, Caverton 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.
Group Chief Executive Officer Mr. Bode Makanjuola 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. Mr. 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,” he stated. “This project, along with other vessel design initiatives, positions Caverton as a leader in green maritime technology in Africa.”
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 of Sweden, 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.
A review of the financial performance of the group showed that revenue stood at N16.1 billion as against N18.8 billion in H1 2024. Gross Profit was N9.0 billion compared with N2.9 billion in H1 2024.
Total Operating Profit/(loss), (excluding Finance Cost), is N11.7 billion (N1.1 billion in H1 2024).
Profit/(Loss)-Before-Tax is N2.1 billion (Loss N3.7 billion in H1 2024)
EPS reversed from a loss of -0.54 kobo to 0.62 kobo.
Profitability ratios showed that Gross Margin stood at 55.9 per cent as against 15.2 per cent in H1 2024.
Net Profit(loss) Margin is 12.9 percent from -19.7 per cent in H1 2024.
EBIT/Interest Expense is 27.2 per cent as against -11.1 percent in H1 2024.
The group’s capital structure ratios indicate a Net debt/Equity is -1.5x (-2.1x in 2024). Long-Term Debt/Total capitalization is -1.9x (-1.9x in 2024), Asset turnover is 0.20x (0.12x in 2024) and EBIT/Capital Employed is 0.28 percent (-0.13% in 2024).
Bamidele Famoofo is the Managing Editor of Business a.m. Newspaper, with over two decades of experience in the media industry. A seasoned journalist and editor, he brings a wealth of knowledge and leadership to the newsroom, driving impactful business and financial reporting.
