Redstar Express Records N10.5bn Turnover

By InstinctBusiness Oct 13, 2020 0

Redstar Express Plc has posted a turnover of N10.5 billion for the year ended March 31, 2020.

This, according to the firm represents a five percent increase over the preceding year figure of N10.067 billion that was recorded in 2019, prompting the board of directors to recommend the payment of 35 kobo per share as dividend.

The announcement was disclosed at the 27th Annual General Meeting(AGM) of the company held recently in Lagos, as the Chairman, Board of Directors, Redstar Express, Mr. Suleiman Barau, expressing delight about the performance.

“I am particularly delighted because the lockdown necessitated by the COVID-19 didn’t affect the financial year and its reports so much. We thank all stakeholders for their usual support and pray this will continue now and always.

“I am glad to inform you that the last financial year was successful as the company reported impressive figures across all our performance indicators,” he said.

The financial statement for the year ended March 31, 2020, also showed that Cost of sale stood at N7.864 billion compared with N7.290 billion in 2019. Administrative expenses increased from N2.131 billion to N2.164 billion.

Other income got a boost rising from N119 million to N272 million, making the company to end the year with an operating profit of N792.791 million, up from N764.581 million. Finance cost jumped by 60 per cent to N60.496 million as against N33.906 million in 2019.

As a result, profit after tax recorded a marginal growth from N743.469 million to N750.080 million, while profit after tax (PAT) printed at N468.989 million, up from N466.248 million.

Redstar Express Plc grew its balance sheet size by N1.8 billion with total assets and shareholders’ funds closing at N7.3 billion from N5.5 billion.

At the meeting, the board passed a resolution to raise additional capital through rights issue, by creating additional 336,855,291 ordinary shares of 50 kobo each, issued at N4 per share. The share premium increased from N296.4 million to N1.43 billion for the year ended 31 March 2020.