Red Star increases revenue by 34%

Red Star Express Plc. reported group pre-tax profit of N413.9 million for the year ended March 31, 2022, representing an increase of approximately 87% from the N220.8 million recorded during of the same period of 2021.

The information was disclosed in a statement of comprehensive income published by group management.

The group’s revenue also stands at N12.6 billion, an increase of 34% from the N9.4 billion figure recorded in the corresponding period of 2021. Its registered capital increased slightly, from 463 million naira to 477 million naira.

The group’s investment in property, plant and equipment has also seen a significant increase from a sum of 2.6 billion naira in 2021 to 2.9 billion naira in 2022. Its total non-current assets increased by more than of 300 million, while the total size of the balance sheet recorded a marginal increase.

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Sallie R. Loera