Red Star Express Records 5% Rise In Turnover

Following a successful financial year, Red Star Express Plc, a leading courier and logistics company, has recorded a 5% growth in its turnover as it told the shareholders at its 20th annual general meeting which took place in Lagos recently.

The company announced a 5%growth in revenue despite obvious challenges not only in the Nigeria business ecosystem but also in the global economic environment.

Dr. Mohammed Koguna, chairman, Red Star Express Plc, at the Annual General Meeting, noted that, business environment in 2012 was quite challenging and harsh for most businesses, however, Red Star Express was able to withstand this and steer the company on the path of profitability.

The company recorded a 5% growth in revenue moving from N 5.03billion in 2011/2012 to N 5.29billion in 2012/2013.

“Based on the financial performance of the Red Star Express Plc, the Board of Directors recommended a gross cash dividend of 32kobo each for every 50kobo share issued making a total dividend for the year amounting to N189 million, representing an increase of 6.66% compared to last year.” Dr. Mohammed added

The chairman also pointed out that, “In the new financial year, the company will be focused on expanding the activities of our subsidiaries. Through Red Star Logistics Limited, we will venture into haulage business for some major manufacturers.

The company has acquired land along Lagos/Ibadan with the aim of constructing a warehouse to expand and strengthen our supply chain solution capabilities. We will take advantage and increase strategic synergies among the subsidiaries to improve economies of scale while improving shared service capabilities.

In continuation of its avowed commitment to good Corporate Social Responsibility and to encourage and reward academic excellence in public secondary schools in Nigeria, the Red Star Foundation has continued to give scholarships to students from public secondary schools in different parts of Nigeria.

Red Star Express Plc. is a one-stop logistics company of choice in Nigeria. A licensee of Federal Express Corporation (FedEx), the world’s largest express transportation company that is providing fast and reliable delivery to more than 220 countries and territories around the world.

The company has over 1400 highly trained personnel and over 500 vehicle fleet. They recently acquired airside facility at International airport to meet up with commitments and promises made to customers. It enjoys a domestic strength of 169 offices, and delivers to over 1,500 communities in Nigeria.