It is New Dawn.....As Red Star Express shines to the skies
Yesterday 14th September 2023 was a very historical day for leading logistics brand, Red Star Express as they had their 30th AGM.
World Industry Leaders Magazine international was there, we hereby present the Group Managing Director/CEO Mr.AUWALU BADAMASI BABURA'S position paper...
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•The Chairman of the Board of Directors, Distinguished Shareholders, Fellow Board Members, Representatives of Regulatory Bodies, Social Stakeholders, the Media, Management & Staff of Red Star Express Plc., Ladies and Gentlemen.
I am pleased to welcome you all to the 30th Annual General Meeting of our Company, Red Star Express Plc., to present and review the reports and financial performance for the period ended 31st March 2023.
INDUSTRY REVIEW
In 2022, the Nigerian economy displayed mixed trends, with GDP growth showing resilience in the fourth quarter at 3.5% year-on-year but overall slowing for the year, averaging 3.1%. However, inflation surged, reaching 21.34% in December 2022, a notable increase of 5.72% points compared to the previous year.
Additionally, Nigeria's foreign exchange rate hit an all- time high of over N745 to $1.00USD, posing challenges for SMEs involved in importation and trading. These economic indicators call for careful management and strategic measures to address the complexities in the year ahead.
RED STAR EXPRESS PLC 2023 ANNUAL REPORT AND ACCOUNTS
The Group's financial results during the last year shows a strong commitment to returning to pre covid-19 performance levels. The group revenue grew by N1.2 billion in the year under review bringing the total revenue to N13.8 billion. This represents an increase of 10% when compared to N12.6 billion naira recorded in the preceding year.
During the period under review, the Profit Before Tax (PBT) increased to 593 million naira. This represents a growth of 43.4% when compared to 413 million naira recorded in the preceding year. Also, Profit After Taxation (PAT) stood at 313 million naira, a growth of over 250% when compared to 87 million naira recorded in 2022. Finally, the company's earnings per share for the period under review was 33 kobo compared to 9 kobo for preceding financial year. In view of the company's performance for financial year 2022/2023, the company is proposing a dividend of 20 kobo, up from 7.5 kobo that was declared in 2022.
OUR STRATEGIC FOCUS
The continuous and relentless pursuit of efficiency whilst engaging in our core business activities remains our strategic focus at this time and beyond. Red Star Express will focus on four important areas namely; Service Delivery, Brand Management, Business Expansion and Development and Leveraging on Technology.
The company has implemented a strategic approach to cost optimization, particularly in response to the volatile increase in foreign exchange rates impacting our international transactions with FedEx. We have now shifted to remitting funds in the local currency, naira. This proactive measure aims to mitigate the effects of exchange rate fluctuations, providing us with greater stability and relief from currency-related pressures. This strategic decision reflects our commitment to prudent financial management and reinforces our ability to navigate challenging economic conditions with resilience and confidence.
The company remains a customer led organization. We will continue to optimize our operations and cost management with the goal of improving our customers and consumers experience from the first
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