Caverton Group Reduces Q2 Loss, Grows Revenue by 41%

Kayode Tokede

Caverton Offshore Support Group Plc has reported half-year results that point to a business finding its footing again, with revenue accelerating through the second quarter and losses narrowing markedly from the first three months of the year.

The group’s half-year revenue for the six months ended June 30, 2026 came to N14.7 billion. Second-quarter revenue of N8.6 billion was 41 per cent higher than the N6.1 billion recorded in the first quarter, while the quarterly loss narrowed to N3.7 billion from N5.0 billion — an improvement of some N1.2 billion quarter on quarter. The Group closed the half year with a loss of N8.7 billion, with net finance costs of N8.4 billion remaining the principal weight on the bottom line — underscoring why the Group’s debt restructuring programme sits at the centre of its recovery plan.

Beneath the headline loss, the operating picture is firmer. Operating profit before administrative costs reached N7.3 billion, a margin of roughly 50 per cent on revenue, reflecting the disciplined cost management that first showed through in the Group’s first-quarter numbers.

The clearest driver of the recovery is Caverton Marine. Through its relationship with Stena Bulk, one of the world’s leading tanker operators, the Group now participates in three Suezmax tankers trading internationally a rare source of foreign-currency revenue for a Nigerian-listed company. That relationship is being deepened through Unity Shipping Worldwide, a joint venture with the Nigerian National Petroleum Company and Stena Bulk that pairs NNPC’s national position and Stena Bulk’s fleet with Caverton’s indigenous operating platform.

Closer to home, the Group’s OMIBUS platform, developed with Shanghai-based electric-propulsion OEM Explomar, is bringing battery-electric passenger ferries to Lagos waterways.

Commenting on the performance, Olabode Makanjuola, Group Chief Executive Officer, said: “The first half of the year tested us, but the direction of travel is now visible in the numbers. Quarter on quarter, we are working to build up our revenue to narrow losses. Our marine business units, from international tankers to electric ferries, are scaling. Meanwhile our aviation relaunch is on track for the second half, and our cost base is tighter than it has been in years. There is distance still to travel, but Caverton is moving from stabilisation to recovery, and we intend to finish 2026 with that momentum intact.”

“The Board and management look to the remainder of 2026 with measured confidence as the marine business scales, the aviation restructuring and partnership comes on stream, and the benefits of the restructured balance sheet take hold,” he added.