CAVERTON RECORDS ₦8.69BN H1 LOSS AS COSTS SURGE

Caverton Offshore Support Group Plc recorded a ₦8.69 billion net loss in the first half of 2026, reversing the ₦2.04 billion profit reported in the corresponding period of 2025.

The company’s unaudited financial statements showed that revenue declined by about 11 per cent to ₦14.68 billion, compared with ₦16.47 billion a year earlier.

The weaker performance was compounded by a sharp increase in operating expenses. Administrative expenses rose to ₦7.90 billion, from ₦4.74 billion in the same period of 2025, while depreciation expenses reached ₦5.37 billion.

Finance costs also remained a major pressure on the company, with net finance costs standing at approximately ₦8.37 billion during the six-month period.

As a result, Caverton moved from an operating profit of ₦11.57 billion in the first half of 2025 to an operating loss of about ₦283 million in the latest period.

The company said it remains focused on stabilising its aviation operations while expanding its marine businesses and other growth areas.

Caverton’s performance reflects the broader pressure facing capital-intensive businesses in Nigeria, particularly those dealing with high financing costs, depreciation, and foreign exchange volatility.

The company said its strategic partnerships and expansion across marine and aviation operations would remain central to its efforts to improve performance.