Company Analysis

Red Star Express Nets N426.75m 2017 Profit, Offers N236m Dividend

Directors of Red Star Express Plc presented its audited result for the full-year year ended March 31, 2017, with net profit rising slightly faster than turnover growth, following which N236m was proposed for distribution to shareholders, translating to 40 kobo.
Turnover of N7.298bn, representing N665.632m or 10.03% growth from N6.632bn, a breakdown of which showed that courier services rose to N4.049bn from N3.815bn; followed by N1.51bn from support services, up from N1.465bn in 2016; while logistics recorded N1.213bn as against N1.05bn. Cost of sales rose to N5.111bn, from prior year’s N4.674bn, following which gross profit rose from N1.958bn to N2.187bn. Administrative expenses stood at N1.581bn; while other operating income rose from N50.464m to N16.204m.
Total operating profit rose by N81.146m or 14.1% from N575.48m to N656.626m. Finance income jumped to N17.684m from N7.415m; while finance cost increased to N21.11m from N10.788m; with profit after tax of N653.2m from N572.107m, representing an increase of about N81.093m or 14.17%. The tax dropped to N226.444m from N237.68m; while profit after tax stood at N426.756m, representing an increase of N92.329m or 27.6% from previous year’s N334.427m, translating to 72 kobo earnings per share, as against 57 kobo in 2016.

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