Red Star Express Plc records 37% decline in 2020 Q3 pre-tax profits

Red Star Express Plc (REDSTAREX) recorded a decline in its 2020 Q3 pre-tax profits, as total revenues declined.

Red Star Express Plc – a courier and package delivery company, reported pre-tax profits of N98.53 million in 2020 Q3 compared to N156.66 million recorded in the same period in 2019 – a 37.10% decline.

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Key highlights for 2020 Q3

• Revenue declined to N2.6 billion, -0.94% YoY.
• Revenue from courier declined to N1.47 billion, -6.93% YoY.
• Revenue from logistics increased to N362.5 million, +4.12% YoY.
• Revenue from freight services increased to N387.76 million, +23.82% YoY.
• Revenue from support services declined to N374.59 million, -1.01% YoY.
• Other income increased to N28.34 million, +298.48% YoY.
• Cost of sales increased to N2.03 billion, +1.90% YoY.
• Gross profits declined to N565.24 million, -9.97% YoY.
• Total operating expenses increased to N489.22 million, +3.47%YoY.
• Finance costs declined to N9.18 million, -46.97% YoY.
• Pre-tax profits declined to N98.53 million, -37.10% YoY.

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