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 additional revenue growth was as a result of new business initiatives and expansion currently being driven by the present board and management. 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 financial result released by the Company ahead of the Annual General Meeting on August 30th 2018 shows a stellar performance as the directors recommend to the shareholders the payment of N236 million, that is 40 kobo per share, 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 N2.4b to N2.5b.
The company’s authorized 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.
Mr. Sola Obabori, the Group Managing Director, disclosed that the Company is 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 40kobo for every 50 kobo share, translating to N236million”, he reiterated.
“Regardless of the volatile economy, we will continually invest in our resilient employees, optimize 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.