Red Star Express Turnover Hits N8.4bn

• Red Star Express Turnover Hits N8.4bn

Red Star Express Plc, a logistics company, said its turnover for the financial year ended March 31, 2018 rose to N8.4bn from N7.3bn the previous year.

The firm said in a statement that the revenue growth was as a result of new business initiatives and expansion currently being driven by the board and management.

The assets of Red Star Express increased to N5bn from N4.5bn in the previous financial year, while the shareholders fund increased from N2.4bn to N2.5bn.

The Group Managing Director, Red Star Express, Mr Sola Obabori, said the firm was committed to ensuring sustained and steady growth of its operations and return on investments.

He stated, “In spite of prevalent challenges, the company posted a turnover of N8.4bn 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 40 kobo for every 50 kobo share, translating to N236m.

“Regardless of the volatile economy, we will continually invest in our resilient employees, optimise 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.”