Prime Business Africa
Caverton Offshore Support Group Plc became unprofitable in the first half (H1) of 2026, following a significant decline in the company’s revenue and surge in expenses.
According to analysis of the company’s unaudited consolidated financial statements for the period ended June 30, 2026, Caverton’s revenue fell by 10.88 percent year-on-year.
Join our WhatsApp ChannelThe company generated N14.68 billion between Janaury and June 2026, failing to surpass the N16.47 billion raked in during the corresponding period in 2025.
As revenue plummeted, Caverton’s operating expenses grew by 3.43 percent to N7.35 billion in the first half of this year, above the N7.10 billion expended in H1 2025.
This dragged operating profit down by 21.74 percent to N7.32 billion during the period under review, compared to the N9.36 billion recorded in the first half of 2025.
The company’s earnings plugged further after administrative expenses accounted for N7.89 billion in the first six months of this year, up by 66.75 percent when compared to the N4.73 billion gulped in H1 of the previous year.
Caverton also suffered a 96.13 percent decline in net exchange difference, which nosedived to N268.17 million in the first half of this year, below the N6.92 billion recorded in the same period in 2025.
Other operating income also plunged, dropping by 8.13 percent to N17.01 million between the first quarter (Q1) and the second quarter (Q2) of 2026, below the N18.51 million reported in H1 last year.
Consequently, Caverton suffered a total operating loss of N283.08 million during the period under review, compared to the N11.56 billion total operating profit recorded in the first half of the year before.
However, the company was able to reduce net finance cost, which declined to N8.37 billion in H1 2026, compared to the N9.49 billion posted in the first six months of last year, reflecting a 11.84 percent decrease.
With revenue declining and expenses rising, coupled with the decrease in net exchange difference, Caverton became unprofitable, recording pretax loss of N8.65 billion, as the company failed to replicate the N2.07 billion profit before tax (PBT) recorded in H1 2025.
The aviation company said it paid N31.8 million as tax expense for the period between Q1 and Q2 2026, the same income tax recorded in the corresponding period last year.
After the tax deduction, Caverton recorded a post-tax loss of N8.68 billion in the first half of this year, compared to the N2.04 billion profit after tax (PAT) reported between January and June the year before.
Meanwhile, Prime Business Africa’s analysis showed that during the period under review, Caverton’s shareholders recorded the highest appreciation in investment value compared to rivals’ stocks in the Nigerian Exchange (NGX).
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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.
