*Suffers N224.96b loss in Q1 20/21
WorldStage Newsonline– Red Star Express Plc, a quoted firm on the Nigerian Stock Exchange (NSE) that is into provision of courier, freight forwarding and logistics services, mailroom management services, warehousing, e-commerce has released its consolidated and separate audited financial statements and other national disclosures for the year ended 31 March 2020 with 4.79% growth in revenue at N10.549 billion from N10.067 billion in 2019 while profit after taxation witnessed slower growth at 0.59% to N468.989 million from N466.248 million.
The company in its report http://www.nse.com.ng/Financial_NewsDocs/31321_RED_STAR_EXPRESS_PLC-_QUARTER_5_-_FINANCIAL_STATEMENT_.pdf submitted to the Nigerian Stock Exchange (NSE) has confirmed that it had diversified into other businesses with include General Sales Agent (GSA), movement of agricultural products as well as printing and packaging during the financial year.
Meanwhile, the company has recommended a dividend of N324 million which represents a dividend of 35kobo per ordinary share to be payable on the 15th of October 2020 to all shareholders whose names appear on the Company’s Register at the close of business on the 18th of September, 2020.
According to the company, its register will close from 21st to 25th September while dividend to be paid electronically on 15ht October 2020 and the Annual General Meeting (AGM) http://www.nse.com.ng/Financial_NewsDocs/31322_RED_STAR_EXPRESS_PLC-CORPORATE_DISCLOSURE_CORPORATE_AC.pdf to hold at the Radisson Blu Hotel, Isaac John, GRA, Ikeja, Lagos on 8th October, 2020 at 11.00am.
RETURN TO LOSS
Meanwhile in a separate unaudited financial highlights for the first quarter period ended 30th June, 2020 released on the NSE http://www.nse.com.ng/Financial_NewsDocs/31324_RED_STAR_EXPRESS_PLC-_QUARTER_1_-_FINANCIAL_STATEMENT_.pdf, the company experienced sharp drop in turnover by 43.8% to N1.420 billion from N2.53 billion in corresponding quarter while it recorded loss after tax of N224.960 million from a profit of N134.802 in the corresponding quarter.
The period was when the country mostly experienced lockdown due to the COVID- 19 pandemic across the world.
Red Star Express Plc was incorporated as a Private Limited Company on 10th of July 1992 under the name, Red Star Express Nigeria Limited and commenced business operations on 12th of October 1992.
The Company was subsequently converted to a Public Company in July 2007 and had its shares listed on the Nigerian Stock Exchange on November 14, 2007.
The Company has three subsidiaries; Red Star Logistics Limited, Red Star Freight Limited and Red Star Support Services Limited.
