Caverton Group Cuts Pre-tax Loss To N4.6bn In Q3

Caverton Offshore Support Group Plc has reported a significant reduction in its pre-tax loss for the third quarter of 2025, narrowing the deficit to N4.6 billion from previous periods.

The Group released its unaudited results for the third quarter (Q3) ended September 30, 2025, at the Nigerian Exchange Limited (NGX), showing a Loss Before Tax (LBT) of N4.6 billion as against LBT of N41.6 billion in Q3 2024.

Caverton is Nigeria’s leading marine, aviation, and logistics provider to local and international oil and gas companies. In the review period, the company’s revenue decreased to N20.5 billion, from a high of N34.2 billion in Q3 2024.

Caverton reported Q3’25 gross profit of N10.9 billion against N9.4 billion in Q3’2024. Operating profit excluding finance cost decreased in Q3’25 to N9.8 billion against an operating loss of N34.9 billion in Q3’2024.

The company’s negative Earnings Per Share (EPS) decreased to N1.38 in Q3’25 from a high of N12.42 in Q3’2024. This year, the stock price has risen by 117.67 per cent, according to trading data as of November 3, when the stock closed at N5.05 per share.

Commenting on the results, the group CEO, Caverton Offshore Support Group Plc, Olabode Makanjuola, noted that the Q32025 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.

Despite industry headwinds, Caverton remains confident in its long-term prospects. The company believes that its proactive management strategies, new business initiatives, and strengthened governance framework will enhance business continuity, improve margins, and support the return to profitability in the near term.