Red Star Express is reshaping its future. At its 32nd Annual General Meeting, shareholders approved the merger of Red Star Logistics into the parent company.
The move means Red Star Logistics will no longer exist as a separate entity. It will now operate as a division within Red Star Express.
The company said its directors have been authorised to hire advisers and take all necessary steps to ensure a smooth transition.
Dividend, Governance and Financials
Shareholders also approved a dividend of 35 kobo per share. Non-Executive Directors will earn ₦8 million for the year ending March 31, 2026.
The meeting saw the re-election of directors and appointment of shareholder representatives to the statutory audit committee.
Audited financial statements for the year ended March 31, 2025, were presented and approved. Revenue rose to ₦21.6 billion from ₦16.1 billion in 2024.
Courier services brought in ₦10.6 billion. Freight earned ₦4.2 billion. Logistics generated ₦3.6 billion, while Support Services added ₦3.08 billion.
Cost of sales climbed to ₦15.7 billion. Despite this, gross profit hit ₦5.9 billion, showing a 33.59% growth.
Operating expenses, mainly administrative, rose to ₦5.1 billion. Still, operating profit reached ₦944.1 million, up from ₦578.2 million.
Profit before tax jumped to ₦924.7 million, a 70.57% increase. The April–June quarter also delivered ₦303.8 million in pretax profit.
Stock Market Momentum
Red Star Express is riding a bullish wave on the Nigerian Exchange. Year-to-date gain stands at 149.43%.
The stock opened 2025 at ₦4.41. It climbed to ₦6.60 in February, dipped to ₦4.82 in March, then surged again.
By May, after releasing unaudited results, the stock hit ₦8.30. Mid-year performance stood at 72.56%.
July was the best month, delivering a 63.21% return and pushing the price to ₦12.40.
Though August and September saw slight dips, the stock remains strong, trading at ₦11.20.
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