The Red Star Express Cooperative Society has stated that it expressed a 17% increase in its financial position between 2017 and 2018. This was made know at its recent Annual General Meeting held yesterday at the Red Star Express Plc head office in Lagos.
In his address to members of the Cooperative Society, the President of the Society, Olatunji Ojedokun, announced that the Society experienced a 17% increase in it income between 2017 and 2018. “With respect to our Audited Accounts, for the year 2018, the Society recorded an increase of 16.88% in its income for the year 2018 while surplus increased by 29.25% from the year 2017.” He added.
He also stated that the membership of the Society also increased by 2.3% between 2017 and 2018. In his address, it was stated that the number of members increased from 725 to 742 within 12 months. “Also, net surplus as a percentage of net assets increased to 5.46% from 4.94% of 2017 financial year.” He added.
Cooperative members were also made aware of the slight increase in the gross dividend to be paid this year. A gross dividend of N2.90 has been approved for the 2018 financial year as against the N2.86 declared in 2017. Kudos to the Executive Members of the Society who have made this possible.