Caverton Offshore Support Group, the first fully integrated offshore support company in Sub-Saharan Africa, experienced a significant increase in prepayments in the nine months of 2024, primarily driven by rent and medical prepayments.
Prepayment, as defined by Investopedia, is the settlement of a bill or operating expense that closes an account before its due date. The firm saw a 4,557 percent growth in total prepayment to N103.4 million in the nine months of 2024 from N2.22 million in the same period of 2023.
The prepayment breakdown includes rent prepayments worth N76.3 million, medical prepayments worth N14.7 million, and insurance prepaid worth N12.4 billion. Total assets for Caverton declined to N54.2 billion from N69.5 billion in the same period of 2023.
Revenue increased to N34.2 billion from N24.2 billion in the nine months of 2023, while operating expenses also surged to N34.2 billion from N24.2 billion.
Caverton Marine has been advocating for safer and sustainable water transportation in Africa, promoting innovative strategies to enhance ferry operations. They recently participated in the 48th Annual Interferry Conference in Marrakech, Morocco, themed ‘Safety, Security, and Sustainability,’ focusing on issues in the ferry industry, especially in Africa.
Through keynotes and presentations, representatives from Caverton Marine shared insights into innovative strategies adopted by the company to promote sustainability in ferry operations, including the integration of electric outboard engines into their ferries.
The partnership with ExploMar (Suzhou) Energy Technology Co. Ltd. of China aims to enhance operational efficiency and reduce emissions impact on the environment. The recent commissioning of the OMIBUS ferry by the Lagos State Government marks a step towards transforming water transportation in Nigeria.
CEO Bode Makanjuola emphasized the company’s commitment to sustainable maritime operations and the potential for homegrown solutions to global challenges. Meanwhile, ExploMar CEO Alex Dong expressed excitement about the collaboration and the benefits it would deliver in terms of reduced operational costs, enhanced passenger experience, and positive environmental impact.
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