Red Star Express Delights Stakeholders, Grows Profit By 87 Percent

<h4>Red Star Express Delights Stakeholders&comma; Grows Profit By 87 Percent<&sol;h4>&NewLine;<p>OpenLife Nigeria reports that Red Star Express Plc has declared a Group Profit Before Tax of N413&period;9 million for the year ended 31 March&comma; 2022&comma; an impressive increase of about 87&percnt;&comma; from the sum of N220&period;8 million recorded in the same period of 2021&period; The information was disclosed in a statement of comprehensive Income released Wednesday by the Management of the Group&period;<&sol;p>&NewLine;<p>Also putting up a strong showing&comma; is the group&&num;8217&semi;s revenue earning of N12&period;6 billion&comma; an increase of 34&percnt; over the figure of N9&period;4 billion recorded in the corresponding period of 2021&period; Its share capital rose modestly to N477 million from N463 million&period;<&sol;p>&NewLine;<p>The Group&&num;8217&semi;s investments in property&comma; plant and equipment equally recorded a significant increase from the sum of N2&period;6 billion in 2021 to N2&period;9 billion in 2022&period; Its total non-current asset increased by over 300m&comma; while the total balance sheet size recorded a marginal increase&period;<&sol;p>&NewLine;<p>Red Star has demonstrated an impressive resilience&comma; as its many industry peers grapple with harsh operational climate realities arising from the untold impact of COVID 19&comma; high rate of inflation and other macro economic pressures&period;<&sol;p>&NewLine;<p>The Group CEO&comma; Mr&period; Auwalu Babura&comma; reiterated that the company&&num;8217&semi;s steady positive performance was attributable to the commendable resilience of the staff as well as the application of prudence and steady innovative measures by management&period;<&sol;p>&NewLine;<p>It&&num;8217&semi;s Head of Finance&comma; Mr&period; Valentine Onyibo forecast an easier sail in the years ahead&period; &&num;8220&semi;I can authoritatively tell you that with this financial result&comma; we have laid a solid foundation for the years ahead&period; Of course&comma; we have taken time to engage in some reviews and have identified areas we need to improve upon&period; We are very optimistic that the first quarter result which is due in couple of weeks&comma; shall come out stronger and better&period;<&sol;p>&NewLine;<p>Mr&period; Babura explained that for a logistics company that has to contend with high operational costs of diesel and other related expenses &lpar;inevitably required to operate its fleet of trucks nationwide&rpar;&comma; Red Star has had to successfully adopt some high level of application of prudence to navigate challenging murky business waters&period; In spite of the challenges&comma; he explained that the company&comma; being a leading logistics firm with high level activities in the haulage&comma; freight&comma; outsourcing and express delivery business&comma; has continued to invest in various assets to satisfy our numerous customers&period;<&sol;p>&NewLine;