Caverton Offshore loss worsens to N12bn

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Caverton Offshore Support Group’s losses after tax worsened by 146.79% to N12.75 billion at the end of 2023, compared to N5.17 billion in the previous year. This marks the third consecutive year of growing losses for the company.

Despite a 9.5% revenue increase to N31.99 billion, administrative expenses surged by 110% to N10.74 billion, driven by employee benefits and bank charges. The company’s gross profit rose by 94% to N7.16 billion, but high finance costs of N5.82 billion impacted overall performance.

Total assets grew by 7% to N79.32 billion, and Caverton significantly increased its charitable contributions to N27.55 billion. Chairman Aderemi Makanjuola expressed confidence in the company’s future, citing strategic investments and shareholder support as key to potential recovery and growth.

Source: PUNCH

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