Caverton Reports N45.8bn Profit for 2025 Financial Year

Caverton Offshore Support Group Plc announced a total comprehensive profit of N45.8 billion for the financial year ending December 31, 2025, recovering from significant losses in the prior fiscal year. Group Chief Executive Officer Olabod Makanuola expressed optimism about the company's performance, attributing the recovery to strategic initiatives that stabilized operations and optimized costs.

The profit was largely driven by an asset revaluation model, with properties and equipment independently valued by Knight Frank, resulting in a N59.7 billion surplus. This strategic pivot allowed Caverton to reduce its net loss by 74%, bringing operational losses down to N13.8 billion.

Chief Financial Officer Adedeji Adeola noted that the company focused on high-margin partnerships and successfully restructured foreign liabilities. Despite the profit milestone, the board of directors decided to skip dividend payments for the 2025 financial year to ensure that the newly recovered capital is utilized for ongoing operations and settling outstanding debts.