Caverton revenue rises 41% as quarterly loss narrows

The company's half-year results for the six months ending June 30, 2026, show revenue reaching N8.6bn in Q2, up from N6.1bn in Q1. The quarterly loss improved to N3.7bn from N5.0bn in Q1. For the six-month period, Caverton recorded N14.7bn in revenue and an N8.7bn loss, with net finance costs of N8.4bn being the primary pressure on profitability.

The Group attributes its performance to cost management and a debt restructuring program. Caverton Marine, through its partnership with Stena Bulk and the Unity Shipping Worldwide joint venture, contributed to foreign-currency revenue. The OMIBUS platform is introducing battery-electric passenger ferries to Lagos waterways, with a prototype in service and an order for 10 vessels from Lagos State.

In aviation, a partnership with NHV, a Belgium-based international helicopter operator, is supporting recovery, with charter operations restructuring planned for the second half of 2026. The Group is also seeking to increase revenue from its Maintenance, Repair and Overhaul facility and the Caverton Aviation Training Centre, and its unmanned aerial vehicle business is growing. The Group Chief Executive Officer, Olabode Makanjuola, stated that the company is moving from stabilization to recovery and aims to finish 2026 with continued momentum.