Tuesday, 19th October 2021
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Redstar declares N9.5 billion revenue

By Bankole Orimisan
20 September 2021   |   1:04 am
Despite a challenging economic environment, Redstar Express Plc said it recorded N9.5 billion revenue last year. This, according to the firm, represents a decline of 10.3 per cent compared with the preceding year. The profit before tax stood at N221 million, representing a decline of 70.6 per cent in comparison with 2019 while profit after…

Despite a challenging economic environment, Redstar Express Plc said it recorded N9.5 billion revenue last year. This, according to the firm, represents a decline of 10.3 per cent compared with the preceding year. The profit before tax stood at N221 million, representing a decline of 70.6 per cent in comparison with 2019 while profit after tax was at N150 million.

The Group Managing Director/Chief Executive Officer, Sola Obabori, said the firm grew its balance sheet size by N211 million with total assets and shareholders’ funds closing at N7.5 billion from N7.3 billion posted the previous year.

The company proposed a dividend of 15 kobo per share (5 kobo cash payment and 10kobo bonus in a proportion of one new share for every 33 shares previously held at the close of business on September 3, 2021.