Caverton Offshore Support announces N50.5bn loss in 2024

Caverton Offshore Support Group Plc, yesterday announced its unaudited results for the year ended December 31, 2024 with a loss before tax of N50.53 billion from N12.66 billion loss before tax declared December 31, 2023.

From the result and accounts posted on the Nigerian Exchange Limited (NGX), the company announced N43.49 billion, about 834.4 per cent in net exchange difference in 2024 from N4.65 billion in 2023, a major factor that contributed to the company loss in the year under review.

Also, the company announced N31.93billion operating expenses in 2024, representing an increase of 29 per cent from N24.8billion reported in 2023. 

The leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria announced N45.6 billion revenue in 2024, about 43 per cent increase over N31.99 billion reported in 2023.

In reacting to the Company’s unaudited financial results for 2024, the Group CEO, Caverton Offshore Support Group Mr. Bode Makanjuola in a statement highlighted the resilience of the Caverton brand in the face of significant macroeconomic challenges.

Despite the unprecedented shift in Nigeria’s economic landscape, the company achieved a positive operating profit exceeding N9 billion, underscoring the strength and adaptability of its business model.

Makanjuola emphasized that both of the Company’s core operating sectors, where it is a dominant player, remain highly sensitive to macroeconomic headwinds. These challenges 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,” Makanjuola said.

“Despite the headwinds, we continue to focus on strengthening our operational efficiencies and capitalizing on strategic opportunities to deliver value to our stakeholders.”

He further noted that the Company remains 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.

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