Red Star Express reiterates commitment to value creation

 

The management of Red Star Express Plc has expressed its commitment to creating wealth for shareholders.

Its board of directors recently announced payment of N236 million to shareholders of the company as cash dividend for the immediate past year. Shareholders will receive a dividend per share of 40 kobo.

Key extracts of the audited report and accounts of Red Star Express for the year ended March 31, 2018 showed decline in the bottom-line. Group turnover rose from N7.3 billion in 2017 to N8.41 billion in 2018. Profit before tax however, declined from N653.2 million in 2017 to N610.59 million in 2018. After taxes, net profit dropped from N426.76 million to N347.56 million.

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

According to him, regardless of the volatile economy, the company will continually invest in its resilient employees, optimise its processes, refine its strategies, engage in cost efficiency, focus on new initiatives and increase its market share across the emerging economic sectors.

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