Red Star Express Plc reports 257% increase in profit for year ended March 2023

Red Star Express Plc reports a 257% increase in profits as the company released its audited financial statement for the year ending March 2023. 

This information was disclosed in a report published on Nigeria Exchange Limited which was obtained by Nairametrics. 

The logistics company reported a gross income of N13.87 billion for the year, representing a 10.08% increase compared to the N12.60 billion recorded during the same period of the previous year. 

Despite recording a 10% increase in revenue, Red Star recorded a significant increase in profit after tax by 257%.  

Profit After Tax (P.A.T) for year-end March 2023 grew to N313.90 million from N87.81 million recorded last year. 

The increase in P.A.T was largely due to a 78.27% decrease in impairment on its financial assets. Also, its income tax depreciated by 14.27% for the year to N279.51 million from N326.05 million recorded last year. 

The Group’s assets in property, plant and equipment grew by from N2.8 billion recorded last year to N3.2 billion recorded this financial year. Its total cash assets for the year rose by 28% from last year to N589 million. 

See the summary of the audited financial result for the year ended March 2023 below: 

Gross Income 

• 2023 FY: N13.87 billion 

• 2022 FY: N12.60 billion 

• Change: 10.08%  

Administrative Expenses 

• 2023 Q1: N3.22 billion 

• 2022 Q1: N2.51 billion 

• Change: 28.29%  

Impairment in financial assets 

• 2023 FY: 23.54 million 

• 2022 FY: 108.36 million 

• Change: -78.27% 

Profit before tax 

• 2023 FY: N593.41 million 

• 2022 FY: N413.86 million 

• Change: 43.38% 

Profit after tax 

• 2023 FY: N313.90 million 

• 2022 FY: N87.81 million 

• Change: 257.47%