Red Star Express Plc has reported a commendable 15.8% revenue growth for the financial year ending March 31, 2024, despite a challenging economic environment. The company’s revenue rose to ₦16.1 billion from ₦13.9 billion in the previous year, driven by increased business activities in fleet management, haulage, and domestic logistics services. Speaking at the 31st Annual General Meeting, Chairman Board of Directors, Suleiman Barau highlighted the impact of inflation, rising fuel costs, and global economic instability on operations but reaffirmed the company’s resilience and adaptability in navigating these challenges.
In terms of profitability, Red Star Express recorded a Profit After Tax (PAT) of ₦343 million, reflecting a 9.6% improvement from the prior year, with Earnings Per Share (EPS) increasing to 36 kobo per share. The Board has recommended a dividend payout of 27 kobo per share, up from 20 kobo in the previous year, reinforcing its commitment to shareholder value. Additionally, the company maintained its strong corporate social responsibility focus, particularly through the Red Star Foundation’s education initiatives, which provided scholarships to secondary school students in Lagos.
Looking ahead, Red Star Express is set to implement strategic initiatives aimed at sustaining growth and enhancing service delivery. These include the adoption of advanced e-logistics technology to streamline operations and expansion into high-growth logistics segments. The company also plans to invest in workforce development to ensure operational excellence. Despite ongoing economic uncertainties, the leadership remains optimistic about leveraging emerging opportunities to strengthen the company’s market position.