Caverton Offshore Support Group Plc has released its audited financial report for the year ended 31st December 2024, revealing a substantial revenue of N40.1 billion.
This figure marks a notable 25.61% increase from the previous year’s revenue of N31.9 billion, largely driven by flight contracts, which accounted for N20.3 billion of the total.
Despite the impressive revenue growth, the company reported a pre-tax loss of N53.6 billion, an increase from the previous year’s loss of N12.6 billion, primarily due to the high cost of sales, operating expenses, and substantial foreign exchange losses.
- Sales costs rose by 27.92% to N31.7 billion, largely due to consumables and employee benefits, which totalled N11 billion and N10.7 billion, respectively, significantly impacting gross profitability and leaving it unable to cover operating expenses.
- The group also experienced a rise in foreign exchange losses, which surged to N28.6 billion compared to N3.1 billion in the prior year, leading to an operating loss of N30.7 billion.
- Additionally, finance costs spiked to N22.9 billion from just N5.8 billion the previous year.
Key Highlights (2024 vs 2023)
- Revenue: N40.1 billion, +25.61% YoY
- Cost of Sales: N31.7 billion, +27.92% YoY
- Gross Profit: N8.4 billion, +17.60% YoY
- Exchange Loss: N28.6 billion, +813.54% YoY
- Finance Cost: N22.9 billion, +293.87% YoY
- Pre-tax Loss: N53.6 billion, +323.07% YoY
- Total Assets: N76.1 billion, -3.98% YoY
As of March 31, 2025, the company’s shares are trading at N2.45, reflecting a year-to-date performance of 5.60%. In 2024, Caverton recorded a year-to-date performance of 29.61% in the Nigerian stock market.
