RED STAR EXPERIENCES BIGGEST REVENUE JUMP IN 10 YEARS
- Jul 5, 2019
- Red Star Express
Following the release of its financial records for the financial year 2018/2019, it has been reported that Red Star Express Plc has experienced biggest revenue results for a decade. In the last financial, the company saw its revenue rise by 34%, making 2018/2019 the most profitable year witnessed by Red Star Express Plc since 2008/2009.
According to financial analysts, courier services offered by Red Star Express were largely responsible for the remarkable rise in the company’s overall revenue; ensuring a jump from about N4.5 billion to over N5.5 billion in the last financial year. Red Star Logistics and Red Star Freight also experienced a rise in revenue, with both subsidiaries having a 9.7% increase in 2019. Red Star Support Services fared a bit better than the aforementioned subsidiaries after recording a 22% increase in its earnings.
While the courier services were the highest-earning offerings in the last financial year, services such as the Warehousing and Mailroom Management services experienced a dip in revenue generation; with a dip of about 2.8% recorded on these services.
In line with this revenue increase, the Board of Directors has proposed 43-kobo dividend pers share to shareholders. As always, payment of the proposed dividend is subject to approval of the shareholders at the Annual General Meeting slated for August 8.