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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 revenue declined.

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Red Star Express PLc

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.

READ: Why you should consider investing in Amazon

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.

READ: Red Star Express in need of cash months after NSE downgrade

Adeyemi holds a PhD in Accounting Sciences. He has worked in the Educational Sector and as an Independent Consultant.

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Company Results

Rak Unity Petroleum Company Plc Posts N63 million loss in 2020 FY results

Rak Unity Petroleum Company Plc reported revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

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Rak Unity Petroleum Company Plc released its 2021 FY results reporting total revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

  • Operating expenses during the year was N149.65 million in 2020 compared to N221.89 million in 2019. –32.56% YoY
  • The company reported a loss after tax of N63.02 million in 2020 compared to N14.52 million loss after tax in 2019.
  • It reported a loss per share of N1.11  in 2020 compared to N0.26 loss per share reported in 2019.
  • No dividend announcement was made in their press release.
  • The company share price of N0.30 unchanged YTD.

See link to results here

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Company Results

Conoil posts 23% post-tax profit decline in 2020 FY results

Conoil Plc reported a revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.

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Conoil Plc released its 2021 FY results reporting revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.  

  • Operating expenses during the year was N7.64 billion in 2020 compared to N9.68 billion in 2019. 20.9% YoY 
  • The company reported a profit after tax of N1.52 billion in 2020 compared to N1.97 billion in 2019. –22.97% cut YoY.  
  • It reported an earnings per share of 219 kobo in 2020 compared to 284 kobo earnings per share reported in 2019. 22.89% YoY. 
  •  No dividend announcement was made in their press release. 
  • The company share price of N20.85, up +0.72% YTD. 

See link to results here

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