Tag: Red Star Express Plc

Red Star Express Plc released its earnings forecasts for the  third quarter of the year ending 31st of December, 2021.

• Turnover is projected at N2.84 billion.
• Cost of sales is projected at N2.07 billion
• Operating expenses projection of N590.7 million.
• Income tax is projected at N56.1 million.
• Profit after tax is projected at N119.23 million.

See link to forecasts.

Red Star Express Plc has announced the appointment of Messrs Peter Aletor and Emeka Ndu into its Board as Directors, effective from 28th of June, 2021.

This follows the retirement of Mr Sule Umar Bichi and Alhaji Aminu Dangana as Directors from the Board, with effect from 29th of April, 2021.

According to a notification signed by the Company’s Secretary, Frances Ndidi Akpomka, the decisions were approved during the recently concluded board meeting of the company, held on the 28th of June, 2021.

Profile of the newly appointed Directors

Mr Peter Surulere Aletor is an accountant and capital market experts with over 25 years’ experience in stock broking, asset management, deal structuring, etc. He is currently the Managing Director/Chief Executive Officer of Apel Asset Limited. In addition, he is a fellow of the Chartered Institute of Stockbrokers and an alumnus of the Executive Programmes of the Lagos Business School.

Mr Chukwuemeka Ndu is a chartered accountant with over 35 years’ experience in accounting, money market and project finance, audit, tax and consulting. He is a fellow of the Institute of Chartered Accountants of Nigeria and an alumnus of the University of Nigeria, among others.

Red Star Express Plc has notified stakeholders and the investing public of its imminent Board of Directors meeting, scheduled on June 28, 2021 by 2:00pm.

This is according to a disclosure signed by the Company’s secretary, Frances Ndidi-Akpomuka and sent to the Nigerian Exchange Limited.

The meeting is scheduled to consider and approve the audited financial statements of the company for the year ended 31st of March 2021, evaluate the proposed dividend for the aforementioned period (if any) and ratify the appointment of eminent individuals into the company board as Non-Executive Directors, amongst other issues.

In line with this, the company will be observing a closed period from 11th of June, 2021 until 24 hours after the unaudited financial statements have been filled with The Exchange. Under the closed period, the Directors and other insiders of Red Star Express Plc are restricted from dealing in the securities of the company.

What you should know:

• Red Star Express Plc is a leading courier and package delivery company in Nigeria. It provides a portfolio of full logistic solutions in Nigeria which includes, but not limited to International and Domestic express delivery, Freight Forwarding, Integrated Logistics Solutions, etc.
• The firm had earlier reported a loss after tax of N2.44 million in 9M 2020. This is 21% lower than a profit of N377.52 million it declared earlier in corresponding period in 2019.

For more information about the notice, click HERE.