Caverton Offshore Support Group Plc, Nigeria’s leading provider of marine, aviation, and logistics services to local and international oil and gas companies, has announced its unaudited results for the third quarter ended September 30, 2025, showing continued operational improvement and strong recovery momentum despite a difficult business environment.
The group’s financial figures for Q3, 2025, made available to investors on the Nigerian Exchange Limited at the weekend, showed that Gross profit rose by 16 per cent to N10.9 billion in the review period compared to N9.4 billion in the same period of 2025.
Operating profit improved to N9.8 billion as against the N34.9 billion loss printed in Q3 2024 while Loss Before Tax scaled down to N4.6 billion compared with N41.6 billion in Q3 2024.
Earnings Per Share (EPS) though still in the negative, appreciated to-N1.38 up from -N12.42 in Q3 2024.
Revenue dropped by 66.8 per cent from N34.2 billion in Q3, 2024 to N20.5 billion in Q3, 2025.
Furthermore, the group’s profitability ratios look more promising with gross margin rising to 55.6 per cent in the review period compared to 15.2 per cent in 2024.
Net Profit (loss) Margin stood at – 18.9.per cent as against -19.7 per cent in 2024.
EBIT/Interest Expense rose to 28.1.per cent from 23.1 per cent in 2024.
Capital Structure ratios showed that Net debt/Equity recorded -1.1x (2.4x in 2024). Long-Term Debt/Total capitalisation is -1.1x (-5.6x in 2024), Asset turnover is 0.3x (0.3x in 2024), and EBIT/Capital Employed is -0.2% (-0.1% in 2024).
Commenting on the results, Olabode Makanjuola, Group CEO, Caverton Group, 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 stabilise operations, enhance cost efficiency, and strengthen earnings quality. Our focus remains on repositioning Caverton for long-term, sustainable growth,” said Makanjuola.
Caverton 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 Optimisation: 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 becoming increasingly integral to 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.
Outlook
Despite 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.
