Logistics Company Reports 87% Profit Growth
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By Funmilayo Fabunmi
July 6, 2022
Red Star Express Plc reported N413.9 million as group pre-tax profit for the year ended March 31, 2022.
This is an increase of 87% from the sum of N220.8 million recorded in the same period of 2021. This was disclosed in a statement of comprehensive income for the company .
The company said its group revenue increased by 34% from N9.4 billion in the previous period of 2021 to N12.6 billion in 2022. It added that its Registered capital increased from 463 million naira to 477 million naira.
According to the company, the value of its capital investments, such as fixed assets, increased from 2.6 billion naira in 2021 to 2.9 billion naira in 2022. It added that its assets not total current had increased by more than 300 million naira. .
Group Managing Director Auwalu Babura said the company's positive performance could be attributed to the resilience of its staff and innovative measures by its management.
The company's Chief Financial Officer, Valentine Onyibo, said: "I can tell you with authority that with this financial result, we have laid a solid foundation for the years to come.
"Of course, we have taken the time to make some reviews and have identified areas where we need to improve. We are very optimistic that the first quarter result, which is expected in a few weeks, will come out stronger and better. ."
Please share this story:
By Funmilayo Fabunmi
July 6, 2022
Red Star Express Plc reported N413.9 million as group pre-tax profit for the year ended March 31, 2022.
This is an increase of 87% from the sum of N220.8 million recorded in the same period of 2021. This was disclosed in a statement of comprehensive income for the company .
The company said its group revenue increased by 34% from N9.4 billion in the previous period of 2021 to N12.6 billion in 2022. It added that its Registered capital increased from 463 million naira to 477 million naira.
According to the company, the value of its capital investments, such as fixed assets, increased from 2.6 billion naira in 2021 to 2.9 billion naira in 2022. It added that its assets not total current had increased by more than 300 million naira. .
Group Managing Director Auwalu Babura said the company's positive performance could be attributed to the resilience of its staff and innovative measures by its management.
The company's Chief Financial Officer, Valentine Onyibo, said: "I can tell you with authority that with this financial result, we have laid a solid foundation for the years to come.
"Of course, we have taken the time to make some reviews and have identified areas where we need to improve. We are very optimistic that the first quarter result, which is expected in a few weeks, will come out stronger and better. ."
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