CAVERTON OFFSHORE SUPPORT GROUP PLC
Unaudited Financial Results for the Period Ended 30 September 2025
- Revenue: ₦20.5 billion (₦34.2 billion in Q3 2024)
- Gross Profit: ₦10.9 billion (₦9.4 billion in Q3 2024)
- Operating Profit/(Loss) (excluding finance cost): ₦9.8 billion profit (₦34.9 billion loss in Q3 2024)
- Loss Before Tax: ₦4.6 billion loss (₦41.6 billion loss in Q3 2024)
-
Earnings Per Share (EPS): -₦1.38 (-₦12.42 in Q3 2024)
Resilience and Ongoing Transformation
Commenting on the results, the Group CEO, Olabode Makanjuola, noted that the Q3 2025 performance underscores the strength of Caverton's business fundamentals and the positive trajectory of its turnaround strategy.
"While we acknowledge the current loss position, the significant reduction in pre-tax losses and strong operating profit demonstrate the effectiveness of our strategic initiatives to stabilize operations, enhance cost efficiency, and strengthen earnings quality. Our focus remains on repositioning Caverton for long-term, sustainable growth," said Makanjuola.
Strategic Initiatives Driving Future GrowthCaverton continues to implement key management initiatives aimed at strengthening business continuity, diversifying revenue streams, and enhancing shareholder value. Notable developments include:
- Expansion into Air Cargo Services: The Company is advancing plans to launch its air cargo business to capture opportunities in Nigeria's growing logistics and e-commerce sectors. This follows Caverton's participation in Nigeria's presidential state visit to Brazil, during which the Group announced its strategic entry into cargo operations.
- Commencement of Vessel Operations: Preparations are at an advanced stage for the launch of Unity Shipping Worldwide, a joint venture between Caverton marine, NNPC and Swedish shipping giant, Stena Bulk. This initiative is expected to diversify the Group's income base and improve cash flow stability whilst developing indigenous shipping capacity on an international platform for the shipment of petroleum and bulk cargoes.
- Boat Building and Marine innovation: Caverton is expanding its boat-building capacity through collaboration with the Nigerian Navy at the Naval Dockyard. The Company's OMIBUS fleet, designed to address water transportation challenges in Lagos and across Nigeria, recently launched the first-ever 100% electric ferry built in Nigeria. Developed in partnership with Chinese outboard engine manufacturer Explomar and supported by the Naval Dockyard, the ferry has successfully completed sea trials, with full-scale production expected to commence in Q4 2025.
- Operational Efficiency and Cost Optimization: Management continues to implement robust cost control measures and process automation across its aviation and marine businesses to sustain profitability improvements.
- Strengthening Partnerships and Client Relationships: The Company remains committed to deepening its relationships with key clients in the oil and gas and logistics sectors while exploring new commercial opportunities within and outside Nigeria. The Group is equally repositioning its helicopter operations, previously accounting for 80% of Group revenue-through renewed strategic operating and leasing partnerships.
Caverton UAV Solutions is the newest addition to our aviation portfolio at the Caverton MRO and Training Centre. Around the world, Unmanned Aerial Vehicles (UAVs), commonly known as drones, are increasingly becoming an integral part of everyday life. Caverton is developing drone applications spanning agriculture, land surveying, social events such as the recently concluded FIDA Drone Soccer Championship in South Korea, and critical security operations.
As part of our ongoing commitment to technological advancement and local innovation, Caverton, in partnership with NASENI, plans to commence the design and development of a range of UAV solutions beginning in Q1 2026.
OutlookDespite industry headwinds, Caverton remains confident in its long-term prospects. The Company's proactive management strategies, new business initiatives, and strengthened governance framework are expected to enhance business continuity, improve margins, and support the return to profitability in the near term.
Below are additional Financial Highlights of the Q3 unaudited 2025 Financial Results: Profitability Ratios· Gross Margin is 55.6% (15.2% in 2024)
Net Profit(loss) Margin is - 18.9% (-19.7% in 2024)
EBIT/Interest Expense is 28.1%, (23.1% in 2024)
Capital Structure ratiosNet debt/Equity is -1.1x (2.4x in 2024)
Long-Term Debt/Total capitalization is -1.1x (-5.6x in 2024)
Asset turnover is 0.3x (0.3x in 2024)
EBIT/Capital Employed is -0.2% (-0.1% in 2024)
Chief Financial Officer
Email: adedeji.adeola@caverton-offshore.com
About
CavertonCaverton is one of Nigeria's leading oil services companies providing solutions for a range of multinational companies across aviation and marine services. Caverton Marine, one of the fastest growing indigenous shipping companies commenced operations in 1999 while Caverton Helicopters a helicopter charter, sales and Maintenance Company was established in 2002. Both companies were consolidated to form Caverton Offshore Support Group on 2ndJune 2008. The group's focus and primary business is to provide logistics and environmental support services to oil and gas fields with broader plans to support energy operations along the West African shelf as well as other ancillary support services.
For more information, visit the company's website at https://www.caverton-offshore.com
Amaka Obiora Company Secretary
Attachments
- Original document
- Permalink
Disclaimer
Caverton Offshore Support Group Pplc published this content on November 03, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on November 03, 2025 at 16:08 UTC.
