Shareholders okay Red Star Express N253m dividend
Shareholders of Red Star Express Plc have approved a dividend of N253 million, totaling 43 kobo for every 50 kobo per share, due to every investor of the company for the 2018 financial year.
Addressing shareholders at its 26th yearly general meeting, the Chairman, Board of Directors, Suleiman Barau, said the firm recorded impressive figures amid harsh operating environment, with a turnover of N10billion, representing 20 per cent higher than when compared to the corresponding period in 2017.
“I am particularly delighted because this is the first time we will be having another Chairman in the last 25 years, after the former chairman, Dr. Mohammed Koguna, stepped down last year. We thank you for your usual support and pray this will continue now and always.
“The Nigerian business terrain remains one of the most challenging in Africa. In the year 2018, the business environment was characterised by uncertainties in the political climate, especially because of the anticipated elections into various offices in the country.
“Also, the economy witnessed a fairly stable exchange rate, inadequate power supply, poor access/high cost of funding and high transportation cost, arising from deplorable road conditions, especially the ones leading to the ports. But in spite of these challenges, I am happy to inform you that the last financial year was successful as the company reported impressive figures across all our performance indicators.”
Projecting for the future, he said the company looks forward to exploring new opportunities for revenue generation and expansion. “It is the desire of the Board and Management of Red Star Express to continuously explore new opportunities for revenue generation and expansion and to invest wisely inappropriate resources.
“We will continually ensure that a conducive working environment is put in place to encourage the entire staff of the company, express their innate potentials. In all these, our commitment to our shareholders and all stakeholders will be better as we would continually ensure their best interests are given topmost importance always,” Barau said.
The Group Managing Director, Dr. Olusola Peter Obabori, on his part, expressed optimism that the firm would work towards enhancing its operations so as to continue meeting its goals of generating more capital whilst providing more wealth to its stakeholders and shareholders.
“In the course of the year under review, the company had a change in the management structure resulting to the appointment of Mr Suleiman Barau, and Mrs Chioma Sideso, as Non-Executive Directors, following the retirement of former Chairman of the Board, Dr Mohammed Koguna, and two other Non-Executive Directors, Mr Isaac Orolugbagbe, and Prof. Chris Ogbechie.
“With 166 offices within Nigeria, Red Star Express remains the flagship, continuing pick-up and delivery of express documents and parcels, domestic and international, and its relationship with FEDEX as its sole licensee in Nigeria. Red star Express subsidiaries remain Red Star Freight, Red Star Logistics, and Red Star Support Services.”
