Caverton Offshore Support Group Plc is making bold moves to reshape Nigeria’s maritime and aviation sectors, and its latest financial results are a testament to the strategy paying off. The company’s profit before tax surged to N2.09 billion, a stark reversal from last year’s loss—proof that its pivot toward sustainability and tech-driven innovation is gaining traction.
At the heart of this transformation is a groundbreaking partnership with Chinese electric marine engine manufacturer Explomar. Together, they’re developing Nigeria’s first all-electric OMIBUS ferry, a project that could redefine sustainable maritime transport in the region. This isn’t just about cutting emissions; it’s about positioning Caverton as a leader in green maritime technology across Africa. Group CEO Bode Makanjuola put it bluntly: “Our collaboration with Explomar marks a significant milestone in our commitment to innovation and sustainability. Developing Nigeria’s first all-electric ferry exemplifies our dedication to environmentally responsible solutions that will revolutionize maritime transportation.”
But Caverton isn’t stopping at ferries. The company is advancing several other boat-building and design projects, leveraging cutting-edge tech and sustainable practices to modernize its fleet. On the aviation side, Caverton Helicopters is refining its charter business while expanding its Maintenance and Training units. And in a move that could open new revenue streams, the company has diversified into unmanned aerial vehicles (UAVs), targeting opportunities in oil and gas, security, and logistics.
The financials tell a compelling story. Revenue dipped slightly to N16.1 billion from N18.8 billion in H1 2024, but gross profit soared to N9.0 billion from N2.9 billion. Operating profit swung from N1.1 billion to N11.7 billion, and profit before tax reversed from a N3.7 billion loss to a N2.1 billion gain. Earnings per share (EPS) flipped from a loss of -0.54 kobo to a gain of 0.62 kobo. Gross margin expanded to 55.9% from 15.2%, while net profit margin improved to 12.9% from -19.7%. These numbers suggest Caverton is not just recovering—it’s recalibrating for long-term growth.
Makanjuola emphasized the company’s focus on mitigating foreign currency risks, reducing foreign liabilities, and enforcing rigorous cost controls. He also highlighted the positive momentum from government reforms and macroeconomic stabilization, which have contributed to improved profitability. The recent joint venture with NNPC and Stena Bulk, set to commence operations later this year, will further strengthen Caverton’s maritime capabilities.
This isn’t just about turning a profit—it’s about redefining what’s possible in Nigeria’s maritime and aviation industries. By embracing innovation, sustainability, and strategic partnerships, Caverton is setting a new standard. The question now is: Who will follow?