Caverton revenue rise 1.4% to ₦20.74bn as electric ferries near launch
- Caverton nine-month revenue grow 1.4% to ₦20.74bn, marine business help am.
- Di company loss after tax don wide reach ₦13.79bn from ₦4.63bn last year.
- Im OMIBUS electric ferries don finish sea trials on Lagos waterways before passenger service.
Caverton Offshore Support Group Plc grow revenue 1.4 per cent to ₦20.74bn in di nine months to 30 September 2026, up from ₦20.45bn a year earlier, according to im unaudited results wey di board approve on 28 October.
Di growth come mainly from di company marine arm, wey now dey bring almost a third of group revenue. A year ago, marine barely show for im accounts. Di new income help cover di loss of a major helicopter contract wey end for August 2025.
But di bottom line worse. Caverton post loss after tax of ₦13.79bn, compared with ₦4.63bn for di same period of 2025. Di company blame ₦5.9bn in non-cash depreciation charges after last year revaluation of im assets, and di absence of a ₦5.3bn one-off gain wey e record for 2025.
Electric ferries for Lagos
Di results come as Caverton OMIBUS electric ferry platform complete sea trials on Lagos waterways. For a full-load trial, one ferry carry passengers 12.6 nautical miles between Falomo and di Ikorodu ferry terminal.
Commercial passenger service go start on shorter, busy routes wey link CMS, Falomo, Victoria Island and Lekki. Longer routes like Ikorodu go follow once charging points and battery performance don prove.
Caverton still dey build 10 electric ferries for Lagos State Government for im marine facilities, including im Naval Dockyard operation for Victoria Island. Di vessels join local construction with propulsion technology from ExploMar of Shanghai, China.
For Lagos commuters, di ferries fit offer alternative to road traffic on di city waterways, though no start date for passenger service dem give.
Group Chief Executive Officer Olabode Makanjuola talk say di company dey transition. "A year ago, our marine business barely register for our accounts," e talk, adding say e now dey earn foreign currency through an international Suezmax tanker pool.
Debt and aviation
Caverton interest-bearing borrowings stand at ₦81.55bn as of 30 September 2026. Di company talk say e dey restructure di debt to make repayments more manageable, and lower interest rates don already cut net finance costs by ₦2.19bn, or 16 per cent, year on year.
Im aviation business still dey under restructuring. About 60 per cent of im maintenance, repair and overhaul (MRO) facility dey leased to a third-party provider, and di company dey talk with prospective partners on equity investment for di aviation arm. E still dey discuss partnership with international operator NHV to restore and expand flight operations.
Im helicopter contract with COTCO for Cameroon run reach March 2028, with options to extend. Di drone business, wey dem run with partners including di National Agency for Science and Engineering Infrastructure (NASENI), still dey expand.
Wetin go happen next: Caverton talk say e go focus on growing di OMIBUS platform, expanding marine operations, restoring flights through partnerships and completing im debt restructuring. Management believe say these steps fit return di group to sustainable profit.
