In the third quarter of 2025, the revenue generated by Caverton Offshore Support Group Plc depleted by 40.06 per cent to N20.5 billion from the N34.2 billion recorded in the same period of last year.
In its results filed to the Nigerian Exchange (NGX) Limited, the leading provider of marine, aviation, and logistics services to local and international oil and gas companies, however, posted a gross profit of N10.9 billion compared with the N9.4 billion achieved in Q3 2024.
It posted an operating profit of N9.8 billion compared with an operating loss of N34.9 billion recorded between July and September 2024.
It ended September 30, 2025, with a loss before tax of N4.6 billion versus pre-tax loss of N41.6 billion in Q3 2024.
“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 stabilize operations, enhance cost efficiency, and strengthen earnings quality,” the chief executive of Caverton, Mr Olabode Makanjuola, stated.
“Our focus remains on repositioning Caverton for long-term, sustainable growth,” he added.
The company said it would continue to implement key management initiatives aimed at strengthening business continuity, diversifying revenue streams, and enhancing shareholder value.
The firm said despite industry headwinds, it remains confident in its long-term prospects. The company’s proactive management strategies, new business initiatives, and strengthened governance framework are expected to enhance business continuity, improve margins, and support the return to profitability in the near term.