RedStar Express announces N10bn turnover

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Red Star Express Plc has consistently posted profit in its annual turnover. For the year ended in March 2019, the company recorded an impressive turnover of N10billion in the year under review which is 20per cent higher than the preceding year. This was announced at the 26th Annual General Meeting of the company held recently in Lagos.

In the preceding year (2018), the company had recorded a group turnover of N8.4billion. Similarly it recorded a profit of N7.3billion the year before the last, that is, the year 2017, and in the year 2016, the turnover was N6.6billion. This progression reveals a healthy operation in the company.

With the turnover of N10billion achieved, the Board of Directors has recommended to shareholders the payment of N253 million at 43 kobo for every 50 kobo per share, subject to withholding tax.

According to the Chairman, Board of Directors, Mr. Suleiman Barau, Red star Express recorded impressive figures amidst challenges in the Nigerian economy.

“I am particularly delighted because this is the first time we will be having another Chairman in the last 25 years, after the former chairman, Dr Mohammed Koguna stepped down last year. We thank you for your usual support and pray this will continue now and always. The Nigerian business terrain remains one of the most challenging in Africa. But in spite of these challenges, I am happy to inform you that the last financial year was successful as the company reported impressive figures across all our performance indicators.”

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