Caverton Reports Revenue Growth Amid Economic Challenges

Stories byChinedu Eze

Caverton Offshore Support Group Plc, the leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, has announced its unaudited results for the year ended 31st December 2024.

The results show revenue grew by 43 per cent year on year to ₦45.6 billion while Loss-Before-Tax was ₦50.5 billion. 

In reaction to the company’s unaudited financial results for 2024, Group CEO, Mr. Bode Makanjuola, highlighted the resilience of the Caverton brand in the face of significant macroeconomic challenges. Despite the unprecedented shifts in Nigeria’s economic landscape, the company achieved a positive operating profit exceeding N9.0 billion, underscoring the strength and adaptability of its business model.

Makanjuola emphasised that both of the Company’s core operating sectors, where it is a dominant player, remain highly sensitive to macroeconomic headwinds. These challenges, he noted, continue to exert upward pressure on operating costs and lead to an erosion of value across the industries in which the Company operates.

“While the operating environment has been difficult, the results clearly demonstrate the inherent resilience embedded in our business strategy. Despite the headwinds, we continue to focus on strengthening our operational efficiencies and capitalizing on strategic opportunities to deliver value to our stakeholders,” Makanjuola said.

The Group CEO further noted that the company remained committed to navigating these challenges and positioning itself for sustainable growth in the years ahead, while maintaining its strong market presence in both the charter flight and marine operations sectors.

Looking ahead, Caverton Marine is steadfast in its commitment to a long-term growth strategy, continuing to invest and collaborate in key sectors. As part of these efforts, the Company announced a significant partnership in 2024 with the Nigerian Navy for its concession agreement for its GRP workshop at the dockyard in the manufacturing of Glass Reinforced Plastic (GRP) ferries, security boats, and other vessels over the coming year.

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