Caverton Offshore Support Group Plc has reported a pre-tax loss of N8.66 billion for the six months ended June 30, 2026, compared with a pre-tax profit of N2.07 billion recorded in the corresponding period of 2025.
The company also posted a net loss of N8.69 billion, reversing the N2.04 billion profit achieved in the prior-year period, as higher administrative expenses and finance costs outweighed revenue generated from its aviation and marine support operations.
According to its unaudited H1 2026 financial statements, revenue declined 11% year-on-year to N14.68 billion from N16.47 billion, while gross profit fell 22% to N7.33 billion.
Operating performance deteriorated sharply, with the company recording an operating loss of N283.09 million, compared with an operating profit of N11.57 billion in H1 2025.
Administrative expenses surged to N7.90 billion from N4.73 billion, driven largely by a sharp increase in depreciation expense, which rose to N5.37 billion from N1.21 billion a year earlier. Employee benefit expenses also increased during the period.
Finance costs remained elevated, with net finance costs standing at N8.37 billion, continuing to weigh heavily on profitability.
Helicopter maintenance generated N4.27 billion, helicopter and airplane contracts contributed N4.36 billion, while vessel agency services accounted for N3.28 billion in revenue. However, helicopter charter revenue declined significantly to N1.01 billion from N3.51 billion, contributing to the overall fall in turnover.
On the balance sheet, total assets increased modestly to N122.04 billion from N118.63 billion, supported by higher trade receivables and contract assets. However, cash and bank balances declined by 50% to N1.68 billion, while interest-bearing borrowings increased to N77.07 billion from N65.79 billion.
The company’s shareholders’ funds remained negative at N15.50 billion, reflecting accumulated losses that continue to exceed its equity base.
Caverton’s shares closed at N5.50 on the Nigerian Exchange on Tuesday, August 4, 2026, representing a 34.91% year-to-date decline from N8.45 at the start of the year.
