• About
  • Advertise
  • Careers
  • Contact Us
Thursday, June 26, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Home Business Travel

Red Star Grows Profit by 87%, Demonstrates Resilience

by Techeconomy
July 4, 2022
in Travel
0
UBA
Advertisements

Red Star Express Plc., has declared a Group Profit Before Tax of  N413.9 million for the year ended 31 March, 2022, an impressive increase of about 87%, from the sum of N220.8 million recorded in the same period of 2021.

The information was disclosed in a statement of comprehensive Income released Wednesday by the Management of the Group.

Also putting up a strong showing, is the group’s revenue earning of N12.6 billion, an increase of 34% over the figure of N9.4 billion recorded in the corresponding period of 2021.  Its share capital rose modestly to N477 million from N463 million.

The Group’s investments in property, plant and equipment equally recorded a significant increase from the sum of N2.6 billion in 2021 to N2.9 billion in 2022. 

Its total non-current asset increased by over 300m, while the total balance sheet size recorded a marginal increase.

Red Star Express PLC., has demonstrated an impressive resilience, as its many industry peers grapple with harsh operational climate realities arising from the untold impact of  COVID 19, high rate of inflation and other macro-economic pressures.

Mr. Auwalu Babura, the Group CEO, reiterated that the company’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.

Mr. Valentine Onyibo, the Head of Finance, forecast an easier sail in the years ahead.  “I can authoritatively tell you that with this financial result, we have laid a solid foundation for the years ahead. Of course, we have taken time to engage in some reviews and have identified areas we need to improve upon. We are very optimistic that the first quarter result which is due in couple of weeks, shall come out stronger and better.

Mr. Babura explained that for a logistics company that has to contend with high operational costs of diesel and other related expenses (inevitably required to operate its fleet of trucks nationwide), Red Star has had to successfully adopt some high level of application of prudence to navigate challenging murky business waters. 

In spite of the challenges, he explained that the company, being a leading logistics firm with high level activities in the haulage, freight, outsourcing and express delivery business,  has continued to invest  in various assets to satisfy our numerous customers.

Loading

Advertisements
MTN ADS

Author

  • Techeconomy
    Techeconomy

    View all posts
0Shares
Tags: Auwalu BaburaGroup CEORed Star Express plc
Techeconomy

Techeconomy

Next Post

Lenovo Appoints Yugen Naidoo as New Southern Africa General Manager

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Rack Centre 12MW LG2 Data centre ready for launch

Rack Centre: 12MW LGS2 Data Centre Offers Lowest Power Usage Efficiency in Nigeria

3 months ago

[BREAKING] “We Trade Under $META Today,” Mark Zuckerberg Announces 

3 years ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.