Red Star explores new opportunities for higher revenue
Logistics company, Red Star Express Plc, says it is exploring new opportunities for revenue generation and expansion.
The Chairman, Board of Directors at the Red Star Express, Mr Suleiman Barau, said the firm recorded impressive figures amidst challenges in the Nigerian economy, hence the need to explore new opportunities.
“It is the desire of the board and management of Red Star Express to continuously explore new opportunities for revenue generation and expansion and invest wisely in appropriate resources. We will continually ensure that conducive working environment is put in place to encourage the entire staff of the company express their innate potential,” he said.
The firm, during its 26th Annual General Meeting recently, said it had consistently posted profits in its annual turnover and that for the year ended in March 2019, it recorded N10bn.
The company said the turnover was 20 per cent higher than the preceding year.
In a statement, the company recalled that in the preceding year (2018), it recorded a group turnover of N8.4bn.
It said that it also recorded a profit of N7.3bn in 2017, and in the year 2016, the turnover was N6.6bn.
“With the turnover of N10bn achieved, the Board of Directors has recommended to shareholders the payment of N253m at 43 kobo for every 50 kobo per share, subject to withholding tax,” the firm said.
Barau said he was delighted as it was the first time the firm would be having another chairman in the last 25 years, after the former Chairman, Dr Mohammed Koguna, stepped down last year.
He said, “The Nigerian business terrain remains one of the most challenging in Africa. In the year 2018, the business environment was characterised by uncertainties in the political climate, especially because of the anticipated elections into various offices in the country.
“Also, the economy witnessed a fairly stable exchange rate, inadequate power supply, poor access/high cost of funding and high transportation cost, arising from deplorable road conditions, especially the ones leading to the ports. In spite of these challenges, I am happy to inform you that the last financial year was successful as the company reported impressive figures across all its performance indicators.”
The Group Managing Director, Dr Olusola Obabori, was also quoted to have said the company would ensure that despite the social economic and infrastructural challenges, it would work towards enhancing its operations so as to continue meeting its goals of generating more capital and providing more wealth.