Red Star Express Plc, one of the leading logistics company has posted a turnover of N6.7 billion for the financial year ended March 31, 2015. Also, the company recorded a profit after tax of N611million representing up from N603.9 million recorded the previous year.
Chairman of Red Star Express, Alhaji Mohammed Koguna, disclosed these figures during annual general meeting (AGM)of the company in Lagos last week.
According to him,in keeping with the company's commitment in the creation of wealth for shareholders and in appreciation of their support at all times, the board recommended a dividend of 35 kobo per 50 kobo share, amounting to N206.3 million. The dividend was commended and approved by the shareholders at the AGM.
Koguna noted that despite the challenging business environment, depreciation of the Naira, slides in crude oil prices resulting in reduction in government revenue, dearth of infrastructure and other macro dynamics of the economy, the company was able to remain in business returned some profit.
He attributed the success of the company largely to trust and loyalty of its customers, partners and stakeholders. He reassured customers that the company would continue to improve on its products and services to meet and exceed their expectations.
The Chairman reiterated the Company’s commitment to corporate social responsibility (CSR), pointing out that 11 additional scholarships were awarded to students from different schools in the Western and Eastern Regions of Nigeria under the Red Star Foundation Scheme.
"Under the poverty alleviation arm of the Foundation, various items were given to missionary hospitals – Saint Catherine Hospital; Ahmadiyya Clinic Apapa and SOS Children Village as well as Nigerian Red Cross Society," Koguna said.
"Under the poverty alleviation arm of the Foundation, various items were given to missionary hospitals – Saint Catherine Hospital; Ahmadiyya Clinic Apapa and SOS Children Village as well as Nigerian Red Cross Society," Koguna said.
Speaking on the future outlook, the chairman said the company aimed at tackling education and poverty challenges head on; and empower all employees to excel.
“The board and management and of our dear Red Star Express Plc is in the process of restructuring and crafting a new strategy that will see us to the next five years with a mindset of driving significant growth. We are very confident that, our efforts and commitment will result to value additions for all stakeholders,” he added.
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