Caverton Offshore Support Group Plc, Nigeria’s leading provider of marine, aviation, and logistics services, has swung back to profitability after losses piled last year.
The net income of the Lagos-based marine and logistics company surged to N2.08 billion in the first six months through June 2025, down from a loss of N3.70 billion in the same period last year.
This brings the company’s net profit margin to 12.9 percent from a negative territory of -19.7 percent in the first six months of 2024.
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, excluding finance cost, rose more than ten times to N11.7 billion in the period under review from N1.1 billion in H1 2024.
Pre-tax profit also increased to N2.1 billion, down from a N3.7 billion loss a year ago. This is earnings per share (EPS) reversed from a loss of -0.54 kobo to 0.62 kobo.
Profitability ratios showed that gross margin stood at 55.9 percent as against 15.2 percent in the corresponding period last year.
EBIT/interest expense saw a notable rebound to 27.2 percent as against the negative -11.1 percent in H1 2024.
The group’s capital structure ratios indicate a net debt/equity stood at -1.5x compared to -2.1x in 2024.
Long-term debt/total capitalisation remains unchanged at -1.9x while asset turnover came at 0.20x as against 0.12x last year.
EBIT/capital employed moved from the negative sides to positive of 0.28 percent when compared to -0.13 percent in 2024.
Caverton is actively repositioning its marine and aviation divisions, as part of a broader strategy to expand its market reach and improve its growth agenda.
The Group, in a statement, said it had 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.
The firm is equally advancing several other innovative boat-building and design projects, leveraging cutting-edge technology and sustainable practices to enhance its marine fleet and capabilities.
“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 revolutionise maritime transportation,” Makanjuola stated.
“This project, along with other vessel design initiatives, positions Caverton as a leader in green maritime technology in Africa.”
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.
Bode Makanjuola, group chief executive officer emphasised the management’s commitment to sustainable growth and diversification.
Makanjuola highlighted efforts to mitigate foreign currency risks through reduced foreign liabilities and rigorous cost controls across all operations.
He expressed confidence in the company’s prospects, noting the positive momentum driven by ongoing government reforms and macroeconomic stabilisation, which have contributed to improved profitability.
Caverton remains committed to its long-term growth strategy, investing in sustainable projects and strategic alliances that enhance its operational resilience, the company said.
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.
“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.”
