Home Industry News Logistics firm declares profit growth of 87%

Logistics firm declares profit growth of 87%

by Goddy Ofose
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Red Star Express Plc has declared N413.9m as its group profit before tax for the year ended March 31, 2022.

This is an 87 per cent increase from the sum of N220.8m recorded in the same period of 2021. This was disclosed in a statement of the firm’s comprehensive income.

The firm said its group’s revenue earning increased by 34 per cent from N9.4bn in the preceding period of 2021 to N12.6bn in the year 2022. It added that its share capital rose from N463m to N477m.

According to the firm, the value of its capital investments, such as property, plant and equipment, increased from N2.6bn in 2021 to N2.9bn in 2022. It added that its total non-current asset increased by over N300m.

The Group Chief Executive Officer, Auwalu Babura, stated that the company’s positive performance could be attributable to the resilience of its staff and innovative measures by its management.

The Head of Finance for the firm, Valentine Onyibo, said, “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 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.”

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