Caverton Explains N5.16b Net Loss For 2022
In its audited results for the fiscal year ended December 31, 2022, Caverton Offshore Support Group Plc reported a loss after tax of N5.16 billion.
Mr. Bode Makanjuola, CEO of Caverton, commented on the results, saying, “coming off the back of a difficult 2022 for the company, this loss was anticipated, and the Group’s management have already been taking the necessary steps to mitigate the negative impact across the Group to ensure shareholder value is not eroded.”
“While offshore helicopter logistics has contributed significantly to the company’s revenue over the last decade, the Group has refocused its efforts on diversifying its business interests within the aviation and marine sectors while exploring other more profitable areas for investments and business development.”
He stated that “efforts are underway to boost revenue and reduce our operating and finance costs while reconsolidating our aviation oil contracts and industry market share.”
“Our Maintenance Repair and Overhaul (MRO) facility and the Caverton Aviation Training Centre (CATC), both in Lagos, have officially commenced business with prospects to improve the Group’s earning capacity,” Makanjuola stated.
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“We have already begun third-party maintenance of helicopter aircraft/ in Nigeria, and thanks to our Free Trade Zone status, we are also a3racve to operators and aircraft/ owners in neighboring West African countries who have also had to endure the arduous task of sending aircraft/ and engines to Europe for heavy maintenance.”
“We are confident that the level of patronage we have seen in the first quarter of the year will herald improved revenues for 2023,” he added. Furthermore, following the successful acceptance of our AW139 flight training,
“A second Simulator for the smaller AW 109 helicopter is scheduled to arrive in the second quarter of 2023.”
This, he claims, will increase our Training Centre’s revenue-generating potential.
Caverton Marine Limited has been at the forefront of promoting and supporting better water transportation. Because of the increased interest in waterways transportation, the quality and safety of water ferries has become a major topic of discussion among regulators, passengers, and operators.