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Business News

Red Star Express Plc increases dividend payout by 7.2% year on year

Red Star Express Plc has proposed to pay its shareholders N253 million worth of dividends for the financial year ended March 31st, 2019. This will translate to 43 kobo per share. 

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Red Star, Red Star drives company’s expansion with Azman Air Services partnership

Red Star Express Plc has proposed to pay its shareholders N253 million worth of dividends for the financial year ended March 31st, 2019. This will translate to 43 kobo per share.

The total declared dividend represents a 7.2% or N17 million increase compared to the dividend of N236 million (at 40 kobo per share) which the company paid in FY 2018.

 

Red Star Express PLC

Alhaji Suleiman Barau, Chairman Red Star Express PLC

This, along with more financial information, is contained in the company’s recently-released audited financial statements which was published on the Nigerian Stock Exchange website today.

If approved, the company will close its register of shareholders by the close of business on July 16th, 2019, preparatory to the payment of dividend on August 15th, 2019.

Key Performance Indicators Improved: The company recorded significant improvement in its major performance metrics in the year under review.

[READ THIS: Jim Ovia projects subdued growth for Nigeria’s economy]

Revenue increased by 19.73% from N8.4 billion in full-year 2018 to N10 billion in full-year 2019. Profit before tax also increased to N743.4 million in 2019, up from N610.5 million in 2018.

Similarly, profit after tax rose from N347.5 million in 2018 to N466.2 million in 2019, indicating 34.15%. The increase in the proposed dividend payment rode on the back of this growth in the bottom line.

Red Star Express PLC

Mr Peter Obabori, Group Managing Director/Chief Executive Officer Red Star Express PLC

Why this matters: Shareholders have a good reason to be excited about the company’s overall performance. The main reason to celebrate lies in the consistency at which the company has been paying dividends in the last three years.

Red Star Express’s dividend history reveals that year on year dividend payout by the company has recorded moderate growth with 40 kobo, 40 kobo, and 43 kobo paid in 2017, 2018 and 2019 respectively.

[READ FURTHER: FY 2018: FBN Holdings Plc declares final dividend of 26 kobo]

For a stock currently selling at N5.50 on the NSE at Earnings Per Share (EPS) of N0.83 and with a Price to Earnings Ratio (P/E Ratio) of 5.97, it is safe to say that stock will be a good investment for potential investors.

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Ronald Adamolekun is a creative writer with proficiency in journalism, financial reporting, financial analysis and imaginative writing. However, his core competency lies in fiction and short story writing as well as feature writing. He is a graduate of English and Literature from Covenant University, Ota, Nigeria.

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Coronavirus

Covid-19: WHO approves China’s Sinopharm vaccine

WHO has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.

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Covid-19: First world nations oppose waiving intellectual rights for vaccine development

The World Health Organization (WHO) has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.  The vaccine is reported to have 79% efficacy against covid.

This was disclosed today in a report by Reuters. The vaccine would also be the second Chinese-made vaccine after Sinovac vaccine and would be the first developed outside Europe and North America to receive WHO accreditation.

“This expands the list of COVID-19 vaccines that COVAX can buy, and gives countries confidence to expedite their own regulatory approval, and to import and administer a vaccine,” WHO Director-General, Tedros Adhanom Ghebreyesus said.

The WHO added that the easy storage requirements make it highly suitable for low-resource settings.

“Its easy storage requirements make it highly suitable for low-resource settings,” a WHO statement said while also disclosing that the vaccine has been approved for people above the age of 18 to receive two shots.

“On the basis of all available evidence, WHO recommends the vaccine for adults 18 years and older, in a two-dose schedule with a spacing of three to four weeks,” the statement added.

The vaccine was created by Beijing Biological Products Institute, a subsidiary of Sinopharm subsidiary China National Biotec Group, with an efficacy of 79% for all age groups.

The WHO however, admitted that few older adults (over 60 years) were enrolled in clinical trials, so efficacy could not be estimated in this age group.

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The quest for vaccine efficiency got a major boost earlier this week as Nairametrics reported that the United States government announced that it supports the waiver of Intellectual Property Protections on Covid-19 vaccine development, in a bid to boost the fight against the pandemic, and says it will participate in the Okonjo-Iweala-led WTO negotiation to make it happen.

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Obituaries

“Mama Taraba”, Former minister and senator, Aisha Al-Hassan is dead

Ex-Women Affairs minister, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead

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A former Minister for Women Affairs and ex-Governorship Candidate in Taraba State, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead.

According to media reports she died in a hospital on Friday in Cairo, Egypt at the age of 61.

Al-Hassan, who was a former senator of the Federal Republic of Nigeria from Taraba North Senatorial District, was the All Progressive Congress (APC) Governorship Candidate for Taraba in the 2015 general elections.

READ: Abba Kyari’s last letter to President Buhari

She later contested for the same seat on the platform of the United Democratic Party in the 2019 general elections after resigning from APC and as a minister in the administration of President Muhammadu Buhari on July 27, 2018.

The former senator was born on the 16th of September, 1959 in Jalingo, Taraba State, to Alhaji Abubakar Ibrahim, Sarkin Ayukan Muri.

READ: Chad’s President Deby dies of injuries suffered on the frontlines, as son takes over

Aisha Jummai Al-Hassan attended Muhammed Nya Primary School, Jalingo and LEA Primary School, Tudun Wada, Kaduna before proceeding to Saint Faith College (now GGSS) Kawo Kaduna where she studied between January 1973 and June 1977.

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Details later…

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