Red Star Express has reported strong revenue and earnings for the unaudited last quarter financial report of its business year, as the company continues to invest in the future.
The group reported a profit before tax of N393 million for the year ended March 31, 2022, on revenue of N12.6 billion and Net cash provided by operating activities of N740 million against N726 million in the prior year.
Resilient financial performance with turnover revenue of N12.6 billion, Net cash provided by operating activities of N740 million, and profit before tax of N393 million, higher by 34per cent, 16per cent and two per cent, respectively, compared to the prior year.
The results come as the industry continues to grapple with supply chain headwinds and inflationary pressures.
The Chief Executive Officer, Red Star Express, Auwalu Babura in a statement said, “I’m extremely proud of our team members for delivering a resilient turnover revenue and earnings growth despite the obvious challenges. Given our momentum, we are optimistic about our business, particularly in light of our operational improvements and the business process reengineering.”
He added that “while we acknowledge the challenges of the persistent inflationary cost pressures, with rising energy prices, we believe we are well-positioned to deliver on growth investments with good returns to shareholders.
“Despite the rising cost due to inflation and other negative business indices, we have maintained improved margins and further enhanced our financial position”.
Head, Finance, Red Star Express, Valentine Onyibo in a statement said, “The group turned in a strong start to FY 2022/23 with revenue, cash flow and earnings up significantly over the same period last year.
“The portfolio continued to perform well and we recorded several positive earnings across the company and its subsidiaries.”