Red Star Express increases profit by 87%

RED Star Express Plc has declared a Group Profit Before Tax of  N413.9 million for the year ended March 31, 2022, which is an impressive increase of about 87 per cent from the sum of N220.8 million recorded in the same period of 2021.

The group also increased its revenue earning to N12.6 billion, an increase of  34 per cent over the figure of N9.4 billion recorded in the corresponding period of 2021, just as Its share capital rose modestly to N477 million from N463 million.

The Group’s investments in property, plant and equipment equally recorded a significant increase from the sum of N2.6 billion in 2021 to N2.9 billion in 2022. Its total non-current asset increased by over 300 million, while the total balance sheet size recorded a marginal increase.

The Group CEO, Mr Auwalu Babura, reiterated that the company’s steady positive performance was attributable to the commendable resilience of the staff as well as the application of prudence and steady innovative measures by management.

Looking ahead, the Company’s Head of Finance, Mr Valentine Onyibo, forecast an easier sail in the years ahead.

“I can authoritatively tell you that with this financial result, we have laid a solid foundation for the years ahead. Of course, we have taken the time to engage in some reviews and have identified areas we need to improve upon. We are very optimistic that the first quarter result which is due in a couple of weeks, shall come out stronger and better,” Onyibo said.

Red Star has demonstrated impressive resilience, as its many industry peers grapple with harsh operational climate realities arising from the untold impact of COVID-19, high rate of inflation and other macroeconomic pressures.