Redstar Express posts NGN1.4 billion profit for Q3 2016

Redstar Express

Redstar Express reported gross profit of NGN1.4 billion for third quarter 2016 in contrast to NGN1.3 billion it recorded same period in financial year 2015.

The company acquired Total Assets of NGN4.1 billion in 2016 compared to NGN3.7 billion recorded same period 2015. Its Total Liabilities for the financial 2016 is NGN1.8 billion compared to NGN1.5 billion recorded in fiscal year 2015.

The company spent NGN1.1 billion in the third quarter 2016 as its Total operating expenses compared to NGN971.1 million spent for operation the same period 2015.

Company Profile

Red Star Express remains the flagship, continuing the 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 Logistics Limited is a subsidiary of Red Star Express Plc. Established March 2008 specializes in convenient, economic ground haulage delivery service, using trucks and vans. It consists of haulage of domestic heavyweights, trucking cargo consolidation, ancillary services, and warehousing services. This subsidiary also offers manufacturers better logistics integration and speed to market. Benchmarking Red Star Logistics against warehousing companies, revealed potentials for growth in that area and challenges employees to do their best. The warehouse would provide security and safety for goods, prompt service and accurate records, and integrated warehousing ensures available services.

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