Travel/Tourism
Caverton Revs up Revenue by 19% in Six Months
By Dipo Olowookere
Nigeria-based aviation company, Caverton Offshore Support Group Plc, has announced a 19 percent growth in the revenue it generated in the first six months of this.
On Friday, the leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, said its turnover for the period under review rose to N16.9 billion from N14.2 billion in the same period of last year.
This was mainly buoyed by the amount made from helicopter charter, which was N803.4 million in H1 2019 against N310.9 million in H1 2018. Helicopter/airplane contract also had an impact on the increase in the revenue generated, growing to N16 billion from N13.8 billion, analysis of the results by Business Post showed.
In the unaudited financial results of the firm for the period ended June 30, 2019, the operating expenses increased to N10.9 billion from N9.5 billion, caused by the huge amount spent on aviation fuel and spare parts, right to use-aircraft depreciation and crew salaries, with the administrative expenses rising to N2.8 billion from N2 billion as a result of sharp increase in employee benefit expense and legal and professional fees, which rose to N146.5 million from N46.3 million.
However, the finance cost reduced in the first half of the year to N1.1 billion from N1.3 billion, while the operating profit appreciated to N6 billion from N4.8 billion.
According to the financial status of the company, which provides services to the elites in the society, its operations in the period under consideration led to a rise in the profit before tax to N2.6 billion from N1.6 billion, while the profit after tax increased to N1.7 billion from N962.5 million, with the earnings per share jumping to 51 kobo in H1 2019 versus 29 kobo in H1 2018.
CEO of Caverton, Mr Bode Makanjuola, commenting on the company’s performance in the first half of the year, assured the shareholders of more value for their investment in the firm.
He said, “As we move into the 3rd Quarter of 2019 our commitment is to continue to provide the quality of service our clients have become accustomed to, as well as positive returns for our shareholders.”
By Modupe Gbadeyanka
The hospitality subsidiary of Transnational Corporation (Transcorp Group), Transcorp Hotels Plc, has posted its unaudited results for the second quarter ended June 30, 2026.
In the results submitted to the Nigerian Exchange (NGX) Limited, it was shown that the performance for the period was driven by disciplined cost management and continued operational excellence despite moderated revenue, with post-tax profit rising by 21 per cent to N10.5 billion from N8.7 billion in the same period of 2025.
However, due to softer market demand in its International Business segment, revenue for the period moderated to N44.4 billion from N46.9 billion in Q2 2025, though Operating Expense Margin improved by 3 percentage points, demonstrating continued operational efficiency and prudent cost management.
These results validate Transcorp Hotels’ resilience and focus on operational excellence, cost efficiency, and customer-centric innovation, reinforcing its leadership in Nigeria’s hospitality sector.
Commenting on the results, the chief executive of Transcorp Hotels, Ms Uzoamaka Oshogwe, said, “Our Q2 2026 performance reflects the resilience of our business and the disciplined execution of our strategy in a dynamic operating environment.
“While market conditions remained challenging, we continued to deliver strong profitability by staying focused on operational excellence, commercial agility, and creating exceptional experiences for our guests.
“We remain committed to strengthening our market leadership, investing strategically in our business, and delivering sustainable long-term value for our shareholders.”
Also, the Chief Finance Officer of Transcorp Hotels, Oluwatobiloba Ojediran, said, “Our disciplined approach to cost management, revenue optimisation, and operational execution delivered a 12 per cent increase in Profit Before Tax to N13.7 billion, alongside a 21 per cent growth in Profit After Tax to N10.5 billion, compared with N8.7 billion in the corresponding period last year.
“These strong financial results reinforce the resilience of our business, provide a solid platform for sustainable growth, and position us to continue investing strategically while delivering long-term value for our shareholders.”
Beyond the numbers, Transcorp Hotels continues to strengthen its portfolio of iconic assets. Transcorp Hilton Abuja remains one of the company’s flagship properties, while Transcorp Centre, one of West Africa’s largest purpose-built event and conference venues, is fast becoming a landmark for business, tourism, and world-class events in Nigeria.
Since its launch, the venue has hosted several landmark gatherings, further cementing its position as a premier venue for high-profile corporate and social gatherings.
By Adedapo Adesanya
The Federal Airports Authority of Nigeria (FAAN) has announced plans to introduce V-Pass, a biometric facial recognition system designed to make passenger processing faster, safer and more seamless across its domestic airports.
According to FAAN, the new technology will allow passengers to verify their identities through facial recognition after a one-time enrolment, reducing reliance on physical identification documents and shortening queues through automated electronic gates.
The authority said the system is expected to enhance airport security while improving the overall travel experience for domestic passengers.
FAAN added that V-Pass has been developed with data privacy at its core and is compliant with the Nigeria Data Protection Regulation (NDPR).
The agency described the initiative as part of its commitment to delivering smarter, technology-driven airport services and said nationwide sensitisation and rollout updates would be announced in due course.
Airports in countries including the United States, the United Kingdom, Singapore and the United Arab Emirates already deploy facial recognition technology for processes such as check-in, security screening, immigration and boarding, so the move also aligns Nigeria’s aviation sector with a growing global trend towards contactless travel.
These systems have been adopted to improve operational efficiency, strengthen security and enhance the overall passenger experience.
For FAAN, the deployment of V-Pass forms part of its broader digital transformation agenda aimed at modernising airport operations and accommodating rising passenger traffic.
Experts say that beyond improving convenience, the authority expects the biometric platform to strengthen identity verification, reduce the risk of impersonation and support more efficient airport security, while maintaining compliance with data protection.
By Aduragbemi Omiyale
About 14.12 per cent stake in Ikeja Hotel Plc has been acquired by Honeywell Group Limited, a notice on the Nigerian Exchange (NGX) Limited has revealed.
Honeywell Group took up the part of the hospitality firm through one of its affiliates known as HGL Real Estate Limited.
Ikeja Hotel, in the disclosure filed with the NGX on July 2, 2026, said the stake comprised 305,323,525 units of its equities.
“Ikeja Hotel hereby notifies the Nigerian Exchange Limited and the general public that it has received notification from HGL Real Estate Limited, an affiliate of Honeywell Group Limited, that it has acquired 305,323,525 units of Ikeja Hotel Plc’s shares, representing 14.12 per cent shareholding in the company,” the notice stated.
Ikeja Hotel is one of Nigeria’s leading hospitality investment and hotel management companies with premium hospitality assets.
It operates two leading hospitality organisations in Lagos, the Sheraton Lagos Hotel and Balmoral Convention Centre.
