Nigeria’s foremost logistics enterprise, Red Star Express has reported a 250% jump in profit and 43.4% increase in turnover in its end of year results. At its 30th AGM held in Lagos, Red Star declared reported a profit before taxation of N593 million and a group turnover of N13.8 billion.
Mr. Suleiman Barau, the Chairman of the Group, expressed the company’s unwavering commitment to delivering robust and sustainable performance, ensuring maximum returns for shareholders, even in the face of economic challenges.
The Chairman stated that “this growth was primarily driven by increased business activities and successful business expansion initiatives, including our collaboration with new domestic airlines and the expansion of our e-commerce logistics services.
“We are optimistic about the potential of exploring further avenues for growth in the new financial year.”
Addressing the shareholders, Barau affirmed the company’s ongoing commitment to safeguarding the social and welfare interests of its stakeholders. Looking ahead to the new fiscal year, he expressed optimism amidst the stabilization of the Nigerian economy and welcomed market-oriented government policies.
Barau acknowledged the potential challenges posed by the ever-changing socio-economic landscape, both domestically and globally. Nonetheless, he conveyed the board and management’s unwavering optimism, fueled by strategic investments in diverse initiatives to fortify the company’s market position.
Mr. Auwalu Babura, the Group Managing Director/CEO of Red Star Express, also addressed the AGM, affirmed the company’s readiness to leverage opportunities in the logistics and supply chain arena.
He outlined the company’s intent to explore prospects in Warehousing, Logistics, Digital, and Mobile Commerce, while simultaneously reinforcing its brand presence and nurturing relationships with partners in the traditional courier, express, and parcel segment of the industry.
Babura emphasized the company’s unswerving commitment to pursuing efficiency as it engages in its core business activities. Red Star Express will concentrate on four core areas: Service, Delivery, Brand Management, Business Expansion and Development, and Harnessing Technology to ensure continued success, both now and in the future.
Red Star was incorporated in October 1992. It provides a portfolio of logistics solutions which includes domestic and international deliveries, freight forwarding, integrated warehousing and haulage services, information and document management, e-Commerce order fulfillment services.