Logistics Firm Revenue Hits N23.49bn, PBT Up 16.2%

Red Star Express Plc recorded an 8.5 per cent increase in group revenue to N23.49 billion for the financial year ended March 31, 2026, from N22.66 billion in the previous financial year.

The logistics and courier services company also grew profit before tax by 16.2 per cent to N1.07 billion, up from N924.72 million in 2025. Profit after tax rose 7.1 per cent to N585.26 million, compared with N546.26 million in the preceding year.

The results were disclosed at the company’s 2026 Annual General Meeting held in Lagos, with shareholders participating both physically and virtually.

Chairman of Red Star Express, Suleiman Barau, described the performance as a demonstration of the group’s resilience and ability to sustain growth despite a demanding business environment.

He said the company remained focused on expanding operations while creating long-term value for shareholders.

“The financial performance reflects the group’s ability to sustain growth in a demanding business discipline and long-term value creation,” he said.

“In recognition of the continued support of our shareholders and in line with our commitment to delivering shareholders value, the board is pleased to recommend a dividend of 45 kobo per ordinary share for the financial year ended March 31, 2026, compared with 35 kobo per share in the previous year,” Barau stated.

He identified technology as a key driver of the company’s strategy to improve operational efficiency, integration and service delivery.

According to him, Red Star Express strengthened its digital capabilities during the financial year, including investment in an Enterprise Resource Planning (ERP) system designed to enhance integration of its operations.

Barau noted that the Nigerian business environment would continue to evolve, presenting both opportunities and challenges for operators.

Also speaking, Group managing director, Red Star Express, Auwalu Babura, attributed the improved performance to business expansion, technology adoption, disciplined cost management and sustained business development efforts across the group.

He said the initiatives contributed to improved operational efficiency, stronger customer service and sustainable revenue growth.

Babura said the company expanded and integrated its service offerings in response to changing market needs, with a focus on delivering greater value to corporate and retail customers.

He added that Red Star Express is strengthening partnerships with organisations across the country to expand market reach and improve service delivery.

According to him, the outlook for the logistics industry remains positive, driven by increasing digital adoption, evolving customer expectations and growing demand for integrated logistics solutions.

“We want to improve on our partnership with organisations and presently, we are in several places across the country,” he said.

Shareholders at the meeting commended the board and management for sustaining profitability and increasing dividend despite economic headwinds.