Caverton Offshore Support Group Suffers N50.53bn Loss In 2024

Caverton Offshore Support Group Plc, a 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 showed the company recording a loss of N50.53bn during the full year 2024 as against a loss of N12.89bn in 2023.

This was disclosed in its unaudited results filed with the Nigerian Exchange Limited seen by THE WHISTLER.

The loss was driven by the foreign exchange loss of N43.49bn at the end of the financial year

However, the company’s revenue grew by 43 per cent year on year to N45.6bn from N31.9bn in 2023 while Gross Profit was N28.8bn 2024 in contrast to N17.6bn posted in 2023.

In a press statement accompanying the results, the Group Chief Executive Officer, 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 N9.0bn, 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,”

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

The Group CEO 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.

Caverton Offshore Support Group Suffers N50.53bn Loss In 2024 is first published on The Whistler Newspaper