By Chukwuma Umeorah
Red Star Express Plc shareholders have commended the company’s management for paying a N0.27 kobo dividend from its 2024 financial year (FY) performance, despite facing significant macroeconomic challenges both locally and globally.
The logistics company reported N16.13 billion in revenue for FY 2024, reflecting a 16.24 percent increase from the N13.87 billion reported in 2023. Its profit after tax rose to N343 million, a 9.6 percent increase compared to N313.9 million in 2023, while profit before tax dropped slightly to N542 million, down from N593 million in the previous year. The company’s Earnings Per Share (EPS) stood at 36 kobo per 50 kobo share, an improvement from 33 kobo per 50 kobo share in 2023.
At the company’s 31st Annual General Meeting (AGM) held in Lagos, the board approved a dividend payout of N0.27 kobo per share, totaling N257.69 million, up from N0.20 kobo per share or N190.88 million in 2023.
The Chairman of Red Star Express, Suleiman Barau, praised the company’s performance amid the tough business environment. “The company’s FY 2024 performance underscores its resilience and ability to adapt to challenges in the operating environment,” Barau said.
Looking ahead, Barau outlined strategic initiatives aimed at sustaining growth. “One of our major initiatives includes the adoption of cutting-edge e-logistics technology to streamline our operations and improve efficiency.”