Caverton Explains Net Loss Of N5.16bn For 2022

Caverton Offshore Support Group Plc has reported a loss after tax of N5.16 billion in its audited results for the year ended December 31, 2022.

Speaking on the results, the chief executive officer of Caverton, Mr. Bode Makanjuola, said: “coming off the back of a difficult 2022 for the company this loss was anticipated and the Group’s management have already been taking the necessary steps to mitigate the negative impact across the Group to ensure shareholder value is not eroded. 

“Whilst offshore helicopter logistics has accounted for a substantial amount of the company’s revenue over the past decade, the Group has refocused its efforts on diversifying its business interest within the aviation and marine sectors while exploring other more profitable areas for investments and business development.”

He stated that “while reconsolidating on our aviation oil contracts and industry market share, efforts are underway to boost revenue and reduce our operating and finance costs”. 

Makanjuola stated that “our Maintenance Repair and Overhaul (MRO) facility and the Caverton Aviation Training Centre (CATC), both in Lagos, have officially commenced business with prospects to improve the earning capacity of the Group. 

“We have already commenced third party maintenance of helicopter aircraft/ in Nigeria and given our Free Trade Zone status we are also a3racve to operators and aircraft/ owners in neighboring West African countries who have also had to endure the arduous task of sending aircraft/ and engines to Europe for heavy maintenance.”

He added that “we are confident that the level of patronage we have witnessed over the first quarter of the year will herald improved revenues for 2023. Furthermore, coming off the successful reception of our AW139 flight training 

“simulator, a second Simulator for the smaller AW 109 helicopter is due to arrive in the second quarter of 2023”.

This according to him will further boost the revenue generating potential of our Training Centre..

On the marine front, Caverton Marine Limited has been at the forefront of promoting and supporting improved water transportation. As a result of the growing interest in waterways transportation, the quality and safety of water ferries has been a major talking point amongst both regulators, passengers and operators.