The chairman, Red Star Express Plc, Mr. Suleiman Barau, yesterday said the company is resolute in continuously delivering strong and sustainable performance to maximize returns for shareholders.
Speaking at the company’s 30th Annual General Meeting (AGM), in Lagos, he said Red Star Express businesses have been repositioned to capitalize on key opportunities and remain firmly committed to staying the course in executing its growth plan.
The company had declared a profit before tax of N593million in the financial year ended March 31, 2023, an increase of 43.4 per cent over the preceding year, while profit after tax for the year stood at N313.9milliion, surpassing the previous year’s results by over 250 per cent.
The shareholders of the company at the AGM approved the dividend of 20kobo per share for financial year ended March 31, 2023 from 7.5kobo per share dividend paid in 2022.
Barau speaking to shareholders said the company has always prioritized the creation of shareholders’ wealth and has maintained a steadfast commitment to rewarding value investors.
According to him, “As we look ahead to the new financial year, we hold a positive outlook for our company amidst the stabilization of the Nigerian economy. We welcome the market principles being adopted by the new government.
“With the removal of subsidies from petroleum products, improved foreign exchange dynamics, and efforts to control inflation, we anticipate a more stable and predictable business environment that will facilitate better performance and growth opportunities.
“Nevertheless, we are not oblivious to the challenges that may arise due to the opportunities presented by the ever-changing socio-economic dynamics, both domestically and globally.
“However, the board and management of our company remain optimistic having strategically invested in various initiatives to strengthen our position in the market.”
The Group Managing Director/CEO, Red Star Express, Mr. Auwalu Babura also speaking at the AGM said the company is poised to take advantage of the opportunities in the logistics and supply chain market going forward.
He said, “ The company will continually pursue opportunities in the Warehousing, Logistics, Digital, and Mobile Commerce while deepening its brand presence and relationship with partners in the traditional courier, express and parcel segment of the industry.”
He added that “the continuous and relentless pursuit of efficiency whilst engaging in our core business activities remain our strategic focus at this time and beyond. Red Star Express will focus on four important areas namely; Service, Delivery, Brand Management, Business Expansion and Development, and Leveraging on technology.”
