Red Star Express makes 20% increase in turnover

Following a successful financial year, Red Star Express Plc, a leading courier and logistics company, has announced a 20 per cent increase in its turnover even as Profit Before Tax also grew by 56 per cent from N411.3million to N640million.Dr Mohammed Koguna, Chairman, Red Star Express Plc, while addressing the shareholders at the company's AGM said, 'I am happy to inform you that, in spite of all the challenges in the operating environment, your company still recorded an improved performance in the 2011/2012 financial year under review. Your company recorded a group turnover of N5.03billion, representing an increase of 20 per cent over the preceding year's turnover.' A cash dividend of 30kobo per share totaling N177million was declared at the AGM.The chairman further stated that 'in the course of the new financial year, we shall continue to diversify and strengthen our service portfolio in line with emerging opportunities in key growth sectors of oil and gas, trade and services, entertainment, manufacturing, as well as construction and aviation.' He also informed the shareholders that the company successfully launched three major services in the areas of E-Commerce, Sea Freight and Chauffeur Services.In the area of Corporate Social Responsibility, 'Red Star Foundation gave out scholarships to 20 additional scholars from different schools in western and northern regions. We have also commenced the 'I Care Project' which is targeted at poverty alleviation, skill development and environment responsiveness,' Koguna added.Red Star Express was established 20 years ago.
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