One of Nigeria’s leading logistics company, Red Star Express Plc, said it posted profits in its annual turnover. For the year ended in March 2019, the company recorded a turnover of N10billion in the year under review representing a 20per cent increase over the preceding year’s record. This was announced at the 26th Annual General Meeting of the company held recently in Lagos.
In the preceding year (2018), the company had recorded a group turnover of N8.4billion and a profit of N7.3billion the year before. In 2016, the company’s turnover was N6.6billion with observers describing the progression as a sign of healthy operation in the company.
With the turnover of N10billion achieved, the Board of Directors has recommended the payment of N253 million dividend at the rate of 43 kobo for every 50 kobo per share, subject to withholding tax.
According to the Chairman, Board of Directors, Mr Suleiman Barau, Red Star Express recorded impressive figures amidst challenges in the Nigerian economy. “I am particularly delighted because this is the first time we will be having another Chairman in the last 25 years, after the former chairman, Dr Mohammed Koguna stepped down last year.