Caverton Offshore Support Group Plc has reported an N50.53bn loss for the financial year ended December 31, 2024, marking a decline from the N12.89bn loss recorded in 2023.

In the company’s unaudited financial statement filed on the Nigerian Exchange Limited on Thursday, the downturn was primarily driven by an N43.49bn net exchange loss, reflecting the impact of foreign currency translation amid Nigeria’s volatile forex market.

Despite the loss, Caverton saw a 42.7 per cent increase in revenue, reaching N45.64bn in 2024 from N31.99bn in 2023.

However, operating expenses surged by 28.6 per cent to N31.93bn from 24.82bn, while administrative expenses also increased by 12.4 per cent to N12.07bn from N10.74bn, further pressuring profitability.

The company suffered a setback from foreign exchange losses, which soared to N43.49bn from N4.65bn in the prior year, an 834.7 per cent increase.

Caverton’s finance costs rose to N8.81bn, reflecting a 51.3 per cent increase from N5.82bn in 2023, further deepening its loss position.

Consequently, profit before tax plummeted to N50.53bn, compared to N12.66bn in the previous year.

https://punchng.com/caverton-records-n50-53bn-loss-in-2024/