Red Star Express Plc. Posts N6.7Billion Turnover, Declares Dividend
Lagos, Nigeria, 3 September 2015. Red Star Express Plc, leading logistics Company, today posted N6.7Billion turnover for the financial year ended March 31, 2015 and a profit after tax of N611million representing one percent increase in profit over 603.9 million profit for last year.
Keeping with the Company’s commitment in the creation of wealth for shareholders and in appreciation of their support at all times, the Company has declared dividend of 35Kobo per 50Kobo share, amounting to N206.3Million, a gesture commended by shareholders present that the Company’s 22nd Annual General Meeting (AGM) held in Lagos.
Speaking at the Annual General Meeting, the Chairman, Dr. Mohammed H. Koguna noted that, despite the challenging business environment, depreciation of the Naira, slides in crude oil prices resulting in reduction in government revenue, dearth of infrastructure and other macro dynamics of the economy, the Company was able to not just remain in business but returned some profit.
He attributed the success of the Company largely to trust and loyalty of its customers, partners and stakeholders. He reassured customers that the Company will continue to improve on its Products and services to meet and exceed their expectations.
The Chairman reiterated the Company’s commitment to corporate social responsibility (CSR), pointing out that 11 additional scholarships were awarded to students from different schools in the Western and Eastern Regions of Nigeria under the Red Star Foundation Scheme. Under the poverty alleviation arm of the Foundation, various items were given to missionary hospitals – Saint Catherine Hospital; Ahmadiyya Clinic Apapa and SOS Children Village as well as Nigerian Red Cross Society.
On future outlook, Dr. Koguna said the Company aims to tackle education and poverty challenges head on; and empower all employees to excel. “The Board and Management of our dear Red Star Express Plc, is in the process of restructuring and crafting a new strategy that will see us to the next five years with a mindset of driving significant growth. We are very confident that, our efforts and commitment will result to value additions for all stakeholders,” he added.
Red Star was incorporated in Nigeria under the Companies and Allied Matters Act CAP C20 Laws 2004, as a private limited liability company on 10 July 1992, and commenced business on 12 October 1992. The Company became a public Company on 9 July 2007, and subsequently listed its shares on the Nigerian Stock Exchange (NSE) on 14 November 2007.
Red Star Express has three subsidiaries – Red Star Freight Limited; Red Star Logistics Limited and Red Star Support Services Limited, as well as the licensee of FedEx, world leading air express company with over 650 aircrafts and more than 250 delivery destinations globally. FedEx has consistently been rated among the top 10 most admired companies in the world over the past 10 years.
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