Red Star Express Records 41.49% Drop In Profit In Q1 2022



Red Star Express Plc has released its audited financial statements and other national disclosures for the year ended 31 March 2022 with 41.49% drop in profit after taxation to N87.806 million from N150.065 million in 22021.

NewsBeatng reports that the profit drop was coming in view of huge tax commitment of N326.053 million from N70.727 million in 2021 while profit before taxation rose by 87.44% to N413.860 million from N220.792 million.

Revenue during the year rose to N12.599 billion from N9.458 billion in 2021.

Meanwhile, the board of the company had recommended a dividend payment of 7.5 koko, down from 15 kobo in 2021.


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