Caverton Offshore Support Group Plc (NGX: CAVERTON) has posted a profit after tax of ₦2.08 billion for the half-year period ended 30 June 2025.
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The company released its unaudited consolidated financial statements on Wednesday, showing a recovery from a loss of ₦3.70 billion despite a drop in revenue.
Caverton’s profitability can be attributed to a significant reduction in operating expenses, dropping over 100% from ₦15.93 billion in H1 2024 to ₦7.11 billion.
Statements of Profit and Loss
Caverton Offshore reported a 14.2% decline in revenue for the period, dropping from ₦18.79bn reported in H1 2024 to ₦16.12bn in H1 2025.
The drop in revenue stems from a decline in earnings from helicopter charter and helicopter/airplane contract, as it earned ₦3.50bn (H1 2024: ₦6.16bn) and ₦7.62bn (H1 2024: ₦10.54bn) respectively.
Operating expenses decreased from ₦15.93bn in H1 2024 to ₦7.11bn in H1 2025. Crew salaries almost halved from ₦6.29bn expensed in H1 2024 to ₦3.32bn in the year in review. The report shows that while Caverton spent ₦5.17bn on aviation fuel, spare parts in H1 2024, it spent nothing on these items in H1 2025.
The Company’s administrative expenses changed marginally from ₦4.94bn in H1 2024 to ₦4.88bn.
Net exchange difference added ₦6.91bn (H1 2024: ₦3.16bn) to the company in H1 2025, contributing to its eventual profit. Further review of the financial statements shows that while the company booked a realized exchange loss of ₦263.92mn (H1 2024: +₦2.67bn), it recorded an unrealized exchange gain of ₦7.18bn (H1 2024: ₦488.29mn).
Profit Before Tax for H1 2025 stood at ₦2.11bn, against a loss of ₦3.70bn in H1 2024. The company paid tax amounting to ₦31.80Mn (H1 2024: ₦0.00).
At the end of the period, Caverton Offshore posted a profit after tax of ₦2.08bn, against the loss of ₦3.70bn reported in H1 2024.
Earnings per share stood at ₦0.62.
Statements of financial position
Total assets as at 30 June, 2025, was ₦77.34bn (31 Dec. 2024: ₦76.16n). Of this, ₦25.48n was non-current assets while ₦51.86bn was current assets.
Total liabilities as at 30 June, 2025, was ₦129.85bn (31 Dec. 2024: ₦36.72bn). Of this value, ₦36.72bn was non-current liabilities, while ₦93.12bn was current liabilities.
Shareholders equity stood in negative at minus ₦52.50bn (31 Dec. 2024: minus ₦54.60bn). The companies retained income remained in the negative at minus ₦60.41bn on the books (31 Dec. 2024: minus ₦62.49bn)
Statements of cash flow
Caverton Offshore Support Group Plc generated a net cash of ₦10.12bn in the 6 months period, in H1 2024 ₦3.69bn was used for the same activity.
A net cash of ₦567.74mn was used in investing activities in the period under review, while a net cash of ₦8.33bn was used in financing activities.
Cash and cash equivalent at the end of the period was ₦1.66bn (H1 2024: ₦447.86mn).
About the Company
Caverton is one of Nigeria’s leading oil services companies providing solutions for a range of multinational companies across aviation and marine services. Caverton Marine, one of the fastest growing indigenous shipping companies commenced operations in 1999 while Caverton Helicopters a helicopter charter, sales and Maintenance Company was established in 2002. Both companies were consolidated to form Caverton Offshore Support Group on 2nd June 2008.
The group’s focus and primary business is to provide logistics and environmental support services to oil and gas fields with broader plans to support energy operations along the West African shelf as well as other ancillary support services.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur