Red Star grows revenue by 34%

Red Star Express Plc. has declared a Group Profit Before Tax of N413.9 million for the year ended March 31, 2022, which showed an 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 by the management […]

Red Star Express Plc. has declared a Group Profit Before Tax of N413.9 million for the year ended March 31, 2022, which showed an 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 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 N9.4billion 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 assets increased by over 300m, while the total balance sheet size recorded a marginal increase.