Caverton Reports N5.16bn Loss-After-Tax

Chinedu Eze

Caverton Offshore Support Group Plc, has announced its audited results for the year ended December 31, 2022, showing a Loss-After-Tax of N5.16 billion. 

Commenting on the results, Caverton’s Chief Executive Officer, Mr. Bode Makanjuola said, “Coming off the back of a difficult 2022 for the company this loss was anticipated and the Group’s management has already been taking the necessary steps to mitigate the negative impact across the Group to ensure shareholder value is not eroded. Whilst offshore helicopter logistics has accounted for a substantial amount of the company’s revenue over the past decade, the Group has refocused its efforts on diversifying its business interest within the aviation and marine sectors while exploring other more profitable areas for investments and business development. While reconsolidating on our aviation oil contracts and industry market share, efforts are underway to boost revenue and reduce our operating and finance costs.

“Our Maintenance Repair and Overhaul (MRO) facility and the Caverton Aviation Training Centre (CATC), both in Lagos, have officially commenced business with prospects to improve the earning capacity of the Group.  We have already commenced third party maintenance of helicopter aircraft in Nigeria and given our Free Trade Zone status, we are also attractive to operators and aircraft owners in neighboring West African countries who have also had to endure the arduous task of sending aircraft and engines to Europe for heavy maintenance. We are confident that the level of patronage we have witnessed over the first quarter of the year will herald improved revenues for 2023. Furthermore, coming off the successful reception of our AW139 flight training simulator, a second Simulator for the smaller AW 109 helicopter is due to arrive in the second quarter of 2023.”

Makanjuola said the subsidiary has been at the forefront of promoting and supporting improved water transportation. As a result of the growing interest in waterways transportation, the quality and safety of water ferries has been a major talking point amongst both regulators, passengers and operators.

He disclosed that Caverton recently invested in a boatyard where the company is currently building GRP passenger ferries and security boats to promote and encourage safe water transportation.

“These marine vessels are being built to the highest safety and quality standards under international marine vessel classification agency guidelines. Marine vessels are classified according to the soundness of their structure and design and classification agency guidelines are there to ensure the vessels meet an acceptable standard of stability, safety and environmental impact acceptability, ”he stated.