Caverton Offshore Support Group Plc’s after-tax loss increased by 146.79 percent to N12.75 billion at the end of December 2023, up from N5.17 billion in the same period.
This was disclosed in its annual report recently filed with the Nigerian Exchange Limited.
This is the third straight year that the corporation has reported after-tax losses, and they have continued to rise, with 2023 being the worst. Caverton lost N4.34 billion in 2021.
The company’s revenue rose by 9.5 per cent to N31.99bn from N29.23bn in the previous year.
Caverton Offshore Support Group is Sub-Saharan Africa’s first fully integrated offshore support company, offering maritime and aircraft logistics services to the oil and gas industry.
The company’s gross profit rose by 94 per cent to N7.16bn from N3.69bn in 2022. However, administrative expenses surged by 110 per cent to N10.74bn from N5.12 billion in the previous year. This was driven by employee benefit expenses, bank charges, and others.
Finance income fell from N45.83 million to N24.93 million during the review period, but finance costs remained high, rising from N5.27 billion to N5.82 billion.
The financial report also revealed that total assets increased by 7%, to N79.32 billion, from N74.46 billion in 2022. This comprises non-current assets including property, plants, and equipment.
In addition to financial disclosures, Caverton Offshore reported on its corporate social responsibility initiatives, raising its philanthropic contributions to N27.55 billion in 2023, up from N12.87 million the year before.
Donations were provided to a variety of organizations, including the National Association of Aircraft Pilots and Engineers and the Lagos Polo Club. The company continues to focus on its employees’ health, safety, and well-being, offering extensive insurance policies and healthcare plans.
The Chairman of Caverton Offshore Support Group, Aderemi Makanjuola, noted in the corporate governance report that the directors are confident in the company’s future, asserting that Caverton Offshore remains a going concern for at least the next 12 months.
He said that, notwithstanding the stated losses, the company’s strategic initiatives and strong shareholder backing create a basis for future recovery and growth in the next years.
