BrandArena: Red Star Express Reports N10.5billion Turnover

Monday, 12 October 2020

Red Star Express Reports N10.5billion Turnover

One of Nigeria’s foremost logistics solutions providers, Red Star Express Plc, has again posted profits in its annual turnover. For the year ended in March 2020, the company recorded an impressive turnover of N10.5billion in the year under review which is a 5percent increase over the preceding year. This was announced at the 27th Annual General Meeting of the company held recently in Lagos.

The company revealed its financial statement for the year ended 31 March 2020 which shows an increase in the profit before tax from N743, 469 in 2019 to an impressive N750, 080 in 2020, and profit after tax increase from N466, 248 in 2019 to N 468,989 in 2020.

With the increase in turnover recorded, the Board of Directors have recommended the payment of the sum of N324million Naira which represents a dividend of 35kobo per ordinary share, as approved at the Annual General Meeting, which is now subject to deduction of withholding tax at 10% and dividend would become  payable  on  the 15th of  October  2020  to  all  shareholders  whose  names  appear  on  the Company’s Register at the close of business on the 18th of September, 2020.

At the Board of Directors’ meeting held on 21 January 2020, the Board passed a resolution to raise additional capital through right issue through creation of additional 336,855,291 ordinary shares of 50 kobo each issued at N4 per share. The share premium increased from N296.4 million to N1.43billion for the year ended 31 March 2020.

The Company’s initial authorized share capital was N7Million comprising of 7 million ordinary shares of N1.00 each and subsequently increased at various stages. The shares were sub-divided into ordinary shares of 50 kobo each in 2006. In January2020, the Company raised capital by the allotment of 336,855,291 shares. Presently, the Company’s total allotted shares stand at 926,352,051 ordinary shares of 50kobo each.

In the period under review no new Directors were appointed and none resigned. The Board of Directors at present is made up of five (5) Non-Executive Directors (which includes the Chairman and an Independent Non-Executive Director) and three (3) Executive Directors. The directors to retire by rotation at the forthcoming Annual General Meeting in conformity with the Articles of Association, and who, being eligible, have offered themselves for re-election at the meeting are:  Sule Umar Bichi and Suleiman Koguna

The COVID 19 Pandemic was an unforgettable event that occurred after the reporting date and had an effect on the Consolidated and Separate financial statements of the Group and the Company as at 31 March 2020 and the profit for the year ended 31 March 2020 on that date.

According to the Chairman, Board of Directors, Mr Suleiman Barau (OON), "Red star Express recorded impressive figures as usual.  I am particularly delighted because the lockdown necessitated by the COVID-19 didn’t affect the financial year and its reports so much. We thank all stakeholders for their usual support and pray this will continue now and always. I am glad to inform you that the last financial year was successful as the company reported impressive figures across all our performance indicators.”

Red Star has consistently posted profits in its annual turnover in the last five years which is based on good leadership, right investments and proper accounting methods. The  Company  maintains  a  cordial  relationship  with  shareholders  and  all  shareholders  are treated  equally regardless  of  number  of  shares  or  social  position.  Financial, and other mandatory information are promptly communicated   to   shareholders   through   appropriate   media, including quarterly   publication   of   the   Group performance in the newspapers and requisite filings with the regulatory bodies.

With 166 offices within Nigeria, Red Star Express remains the flagship, continuing pick-up and delivery of express documents and parcels, domestic and international, and its relationship with FEDEX as its sole licensee in Nigeria.  Red star Express subsidiaries remain Red Star Freight, Red Star Logistics, and Red Star Support Services.


  1. I was Already 3 weeks pregnant when the doctor diagnosed me of herpes 2, I was the most confused being on earth because I don't want to make my child have it and I don't want to give birth through a CS but thanks to God he prevailed and turned my sadness to rejoicing through a herbal doctor called Dr Razor. i was referred to Dr Razor by some many people after i saw series of reviews him and the work he is doing with his herbal Exploits.i Reached out to this Wonderful Doctor Razor and he Gave me Listening Ears and told me he was going to help me out,when i got his medication i started it right away as the Herbal Doctor Had Instructed, 18 days Into the medication i started feeling some positive changes in my health, At first the outbreaks stopped coming, likewise the Burning sensation it comes with. So I shared it with the Same herbal Doctor Razor who told me to go for a medical lab test. After the doctor had done the test, he came out with the results and handed it over to me, i was so happy to be Negative. I send my greetings to Everyone out there whom this Herbalist has helped who are testifying about his works. seeing yours Gave me the courage to share my own experience. Do you have a similar Problem Reach out to Doctor Razor on his email : WhatsApp +2349065420442. Doctor Razor's Website :

    1. Hello everyone i am Mudaf Kyle from MALARIA , i am here to give my testimony about a great Best Herbal Penis Enlargement Medicine    called Dr OLU, I was heartbroken and disappointed because i had very small penis, not big enough to satisfy or pregnant a woman, i have been in so many relationship, but cut off because of my small penis situation, i have used so many product,drugs,vaccines,herbs which doctors prescribe for me, but none could offer me the help i searched for. one faithful day i saw some few comments on the internet about how this great specialist called Dr OLU has been helping men enlarge their penis size ,pregnant woman and last longer in bed and i decided to email him on his email i saw on the internet,( or you can also WhatasApp him  number +2348140654426so I decided to give his herbal product a try. i emailed him and he got back to me, he gave me some comforting words and steps to follow which i did with his herbal pills for Penis Enlargement, Within 1 week of it, i began to feel the enlargement of my penis, " and now it just 1 weeks of using his products my penis is about 10.5 inches longer in erection , and i had to settle out with my Ex girlfriend Stephanie, i was surprised when she opened her mouth and said that i almost killed her and she is satisfied with my sex and i have got a very Big penis now.Am so happy, thanks to Dr OLU I also learn that Dr OLU also help with
      penis enlargement
      weak erection
      erectile dysfunction
      breast pills and enlargement bums,
      so if you have any of this problem or other do not hesitate to contact Dr.OLU now for help on his email via (  or you WhatasApp   him on his mobile number +2348140654426 ........Dr Olu THANKS