Redstar Express posts 16% rise in profit in nine months

Redstar Express

Redstar Express plc is reporting 16% rise in profit to NGN220.7 million in its financial reports for the nine months ended in 2017 compared to NGN188.9 million reported same period in the year 2016.

The logistics company ended the period with NGN4.1 billion turn-over in contrast to NGN3.2 billion posted in the previous year while gross profit was NGN1.1 billion against NGN979.4 million in the year before.

The company’s depreciation and amortization were NGN9.0 million against NGN10.3 million in the fiscal year 2016 while operating expenses was NGN786.2 million against NGN711.9 million in the year before.

Redstar express said its total asset base was NGN4.7 billion compared to NGN3.4 billion acquired in the comparing year while total liabilities was NGN2.3 billion versus NGN1.8 billion in the year 2016.