Caverton Offshore Support Group Plc says it is moving into air cargo services as part of its turnaround strategy, after narrowing losses and showing signs of recovery in its latest financial report.
The company, which provides aviation and marine logistics to Nigeria’s oil and gas industry, reported a ₦4.6 billion pre-tax loss for the third quarter of 2025 — a major improvement from ₦41.6 billion in the same period last year.
Revenue dropped to ₦20.5 billion from ₦34.2 billion a year earlier, but Caverton’s gross profit margin improved sharply to 55.6% from 15.2%, signaling better cost control and operational efficiency.
“Our focus remains on repositioning Caverton for long-term, sustainable growth,” Group CEO Olabode Makanjuola said, noting that the company’s recovery plan is beginning to yield results.
New Air Cargo Business
Caverton is now preparing to launch an air cargo business, tapping into the growing demand from Nigeria’s e-commerce and logistics markets. The company revealed that the move followed its participation in a presidential state visit to Brazil, where it announced plans to enter the cargo segment.
Industry analysts see the expansion as part of a broader effort to reduce Caverton’s dependence on oil-sector contracts, which have dominated its revenue for years.
Other Growth Projects
The company is also finalizing plans for Unity Shipping Worldwide, a joint venture with NNPC and Swedish firm Stena Bulk, to handle petroleum and bulk cargo shipments.
In its marine division, Caverton is working with the Nigerian Navy and Chinese partners to build electric ferries, one of which has already completed sea trials. Full-scale production is expected to begin before the end of 2025.
The group has also launched Caverton UAV Solutions, focusing on drone technology for agriculture, security, and industrial monitoring — with new designs expected in 2026 in partnership with NASENI.
While the company remains loss-making, its operating profit rebounded to ₦9.8 billion in Q3 2025, compared with a ₦34.9 billion loss a year earlier. Caverton said this reflects the “effectiveness” of its cost-efficiency and restructuring measures.
Caverton’s shares closed at N5.05 on Monday, its lowest since June as investors reacted to the company’s latest performance.
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