Red Star Express PLC Declares 87% Profit For 2022

 

 

…Increases Revenue By 34%

 

Red Star Express Plc has declared a Group Profit Before Tax (PBT)of N413.9 million for the year ended March 31, 2022.

The profit represents an impressive increase of about 87 per cent from the sum of N220.8 million recorded in the same period of 2021.

This was disclosed in a statement of comprehensive income released recently by the management of the Group.

Also putting up a strong showing according to the statement is the group’s revenue earning of N12.6 billion, which represent an increase of 34 per cent over the figure of N9.4 billion recorded in the corresponding period of 2021.  Its share capital also rose modestly to N477 million from N463 million.

The Group’s investments in property, plant and equipment equally recorded a significant increase from the sum of N2.6 billion in 2021 to N2.9 billion in 2022.

Its total non-current asset increased by over 300 million, while the total balance sheet size recorded a marginal increase.

According to the Group, Red Star has demonstrated an impressive resilience, as its many industry peers grapple with harsh operational climate realities arising from the untold impact of COVID-19, high rate of inflation and other macro-economic pressures.

The Group Chief Executive Officer,Mr. Auwalu Babura, reiterated that the company’s steady positive performance was attributable to the commendable resilience of the staff as well as the application of prudence and steady innovative measures by management.

Babura explained that for a logistics company that has to contend with high operational costs of diesel and other related expenses (inevitably required to operate its fleet of trucks nationwide), Red Star has had to successfully adopt some high level of application of prudence to navigate challenging murky business waters.

He explained that despite the challenges, the company, being a leading logistics firm with high level activities in the haulage, freight, outsourcing and express delivery business, has continued to invest in various assets to satisfy our numerous customers.

The Head of Finance, Mr. Valentine Onyibo forecast an easier sail in the years ahead.

“I can authoritatively tell you that with this financial result, we have laid a solid foundation for the years ahead. Of course, we have taken time to engage in some reviews and have identified areas we need to improve upon. We are very optimistic that the first quarter result which is due in couple of weeks, shall come out stronger and better,” Onyibo assured.

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