Prime Business Africa
Caverton Offshore Support Group recorded a 10.88 percent decline in its revenue in the first half (H1) of 2026, dropping to N14.68 billion, below the N16.47 billion generated in the corresponding period in 2025.
According to the company’s unaudited consolidated and separate financial statements for the period ending June 30, 2026, operating expenses also nosedived by 3.43 percent.
Join our WhatsApp ChannelCaverton Offshore expended N7.35 billion during the period under review, compared to the N7.10 billion incurred between the first quarter (Q1) and the second quarter (Q1) of 2025.
The financial statement showed that the company’s operating profit fell to N7.32 billion in the first half of 2026, down by 21.74 percent when compared to the N9.36 billion reached in the same period the year before.
While the company’s topline declined, Caverton Offshore recorded 66.75 percent increase in administrative expenses, which gulped N7.89 billion in H1 2026, compared to the N4.73 billion expended in H1 2025.
Caverton Offshore also recorded a decrease in net foreign exchange difference, as it crashed to N268.17 million in the first half of this year, below the N6.92 billion reported in H1 of the previous year, representing a 96.13 percent decline.
Other operating income also nosedived, declining to N17.01 million between January and June 2026, which is an 8.13 percent drop when compared to the N18.51 million reported in the corresponding period of 2025.
Following the company’s poor performance, the aviation company suffered N283.08 million total operating loss in H1 2026, failing to replicate the N11.56 billion total operating profit achieved in H1 2025.
However, net finance cost dropped by 11.84 percent to N8.37 billion in the first half of 2026, compared to the N9.49 billion posted in the first six months of the same period the year before.
Regardless, Caverton Offshore closed H1 2026 with N8.65 billion pretax loss during the period under review, compared to the N2.07 billion profit before tax (PBT) recorded between January and June 2025.
Following the loss, the aviation company filed a N31.8 million income tax in the first half of this year, the same amount paid in H1 2025, according to Caverton Offshore’s financial statement.
As a result, Caverton Offshore recorded N8.68 billion loss after tax during the period under review, compared to the N2.04 billion profit after tax (PAT) achieved in the first six months of 2025.
For press releases, tip-offs, and corporate information, call 08149575257 (hotline), email: [email protected] and [email protected]
Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
