Red Star Express Records N8.4bn Turnover

Red Star Express Plc has released its audited reports for the financial year which ended March 31, 2018, showing a rise in turnover to N8.4 billion from the N7.3 billion the previous year.

The revenue growth was attributed to new business initiatives and expansion currently being driven by the company.
It disclosed this in a statement.

The company is principally engaged in the provision of courier services, mail room management services, outsourcing, freight services, logistics, ware-housing and general haulage.

The results released ahead of its Annual General Meeting, showed the directors recommended the payment of N236 million, which translated to 40 kobo per share as dividend.

This was same amount of dividend paid out to its shareholders in the previous financial year.
Asset of Red Star Express Plc increased to N5 billion, from N4.5 billion in the previous financial year; likewise, the shareholders fund increased from N2.4 billion to N2.5 billion.

The company’s authorised share capital is currently N500 million, comprising 1 billion ordinary shares of 50 Kobo each with an issued share capital of N294,748,155 representing 589,496,760 ordinary shares of 50 Kobo each.

Commenting on the results, the Group Managing Director, Mr. Sola Obabori, disclosed that the company was committed to ensuring sustained and steady growth of its operations and return on investments. “In spite of prevalent challenges, the company posted a turnover of N8.4 billion in the year under review.

“Our company has maintained its commitment in the creation of wealth for shareholders. To this end, the board of directors is recommending a gross cash dividend of 40 kobo for every 50 kobo share, translating to N236 million”, he reiterated.

“Regardless of the volatile economy, we will continually invest in our resilient employees, optimise our processes, refine our strategies, engage in cost efficiency, focus on new initiatives and increase our market share across the emerging economic sectors.
“We believe our commitment will give us the thrust we need to achieve maximum benefits for our esteemed shareholders”, he added.