Caverton Offshore Support Group Plc, a provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, has grown its revenue by 43 percent despite macroeconomic headwinds.

The aviation and logistics services provider announced its unaudited results for the year ended 31st December 2024, showing revenue growth surged year on year to N45.6 billion while loss-before-tax stood at N50.5 billion.

In reaction to the company’s unaudited financial results for 2024, Bode Makanjuola, group CEO, highlighted the resilience of the Caverton brand in the face of significant macroeconomic challenges.

Despite the shifts in Nigeria’s economic landscape, the company achieved a positive operating profit exceeding N9 billion, underscoring the strength and adaptability of its business model.

Makanjuola emphasised that both of the company’s core operating sectors, where it is a dominant player, remain highly sensitive to macroeconomic headwinds.

These challenges continue to exert upward pressure on operating costs and lead to an erosion of value across the industries in which the company operates.

“While the operating environment has been difficult, the results clearly demonstrate the inherent

resilience embedded in our business strategy,”Makanjuola said.

“Despite the headwinds, we continue to focus on strengthening our operational efficiencies and capitalizing on strategic opportunities to deliver value to our stakeholders.”

The Group CEO further noted that the company remains committed to navigating these challenges and positioning itself for sustainable growth in the years ahead, while maintaining its strong market presence in both the charter flight and marine operations sectors.

Looking ahead, Caverton Marine is steadfast in its commitment to a long-term growth strategy, continuing to invest and collaborate in key sectors.

As part of these efforts, the company announced a significant partnership in 2024 with the Nigerian Navy for its concession agreement for its GRP workshop at the dockyard in the manufacturing of Glass Reinforced Plastic (GRP) ferries, security boats, and other vessels over the coming year.

This collaboration underscores the company’s dedication to expanding its capabilities in the marine sector while contributing to national development.

Additionally, Caverton Helicopter is actively exploring further opportunities to mitigate the impact of currency fluctuations and rising operational costs, ensuring that its business remains resilient and profitable in the years to come.

The company reported continued growth and increased patronage at its MRO (Maintenance, Repair, and Overhaul) services and Aviation Training Centre, reflecting the trust and confidence clients place in its industry-leading solutions. Caverton remains committed to enhancing its MRO facilities, leveraging cutting-edge technology, and investing in its skilled workforce to deliver world-class maintenance solutions to clients.

Despite the ongoing economic challenges, Caverton will continue to drive innovation and develop strategic initiatives that add value to both shareholders and society at large. The company is focused on ensuring its operations remain resilient and aligned with the evolving demands of the industry.

Join BusinessDay whatsapp Channel, to stay up to date

Open In Whatsapp