At the 30th Annual General Meeting (AGM), Mr. Suleiman Barau, Chairman of Red Star Express Plc, reaffirmed the company’s commitment to delivering robust and sustainable performance to maximize shareholder returns.
Barau highlighted the company’s repositioning to capitalize on key opportunities and its steadfast execution of growth plans. He noted the significant increase in profit before tax and profit after tax for the financial year ended March 31, 2023, reflecting strong financial performance.
The company had declared a profit before tax of N593million in the financial year ended March 31, 2023, an increase of 43.4 per cent over the preceding year, while profit after tax for the year stood at N313.9milliion, surpassing the previous year’s results by over 250 per cent.
Shareholders approved a dividend of 20 kobo per share for the same financial year, underscoring the company’s commitment to rewarding value investors and creating shareholder wealth.
Looking ahead, Barau expressed optimism amidst the stabilization of the Nigerian economy and welcomed market principles adopted by the new government. He emphasized strategic investments and initiatives to strengthen the company’s market position despite potential challenges.
Mr. Auwalu Babura, the Group Managing Director/CEO, outlined the company’s focus on seizing opportunities in the logistics and supply chain market, emphasizing the pursuit of efficiency and leveraging technology for business expansion and development.
Red Star Express remains dedicated to service excellence, brand management, and fostering partnerships while embracing digital and mobile commerce to enhance customer experience and drive growth.