Red Star Express’ Revenue Hits N6.4Bn

Red Star Express Plc, is expected to hold its yearly general meeting where the directors will recommend N206 million dividend payment to the shareholders for approval, for the year ended March 31st, 2014.

In an earlier dispatch to the shareholders, it was reported that the company’s revenue grew from N5.293 billion in 2013 to N6.416 billion in the year under review.

The dividend, which is 35 kobo per 50 kobo share, if approved, will be posted on August 25th, 2014, to all shareholders, whose names appear on the company’s register by close of business on July 25th.

Red Star Express will utilise the platform to interface with the shareholders, and present its annual report on the affairs of the company and its subsidiaries, as well as the consolidated audited financial statements for the year ended 31 March 2014.

Sule Umar Bichi, managing director, Red Star Express, stated that the company has been consistent in paying dividends to shareholders in the last six years when its shares were listed on the Nigerian Stock Exchange.

Also expected at its shareholders’ meeting, Red Star Express non-executive directors, Mazi Sonny Allison and Olayemi Peters will retire and offer themselves for reelection, while the appointment of two new non-executive directors -.Koguna Sulaiman Lawan and Sir Ogbechie Chris Ike on June 26, 2014, will be presented to the shareholders for approval.

Red Star is a licensee of FedEx, the world leading air express company with over 650 aircraft and more than 250 delivery destinations worldwide.