Red Star Express Plc has reported a pretax profit of N371.2 million for the second quarter ended September 2025, compared to N186.7 million recorded in the corresponding period of 2024.
The company’s financial statement also showed a six-month pretax profit of N675 million, up 98% year-on-year, mainly supported by higher revenue and other income.
Turnover for the quarter increased by 14.24% to N5.8 billion, bringing total revenue for the six months to N11.1 billion, up 14.9% from the corresponding period last year.
- The courier segment contributed the largest share with N5.2 billion over the six-month period, followed by freight at N2.4 billion, logistics at N1.9 billion, and support services at N1.4 billion.
Key highlights (Q2 2025 vs Q2 2024)
- Turnover: N5.8 billion, +14.24% YoY
- Cost of sales: N4.7 billion, +8.27% YoY
- Gross profit: N1.15 billion, +47.74% YoY
- Other income: N76.3 million, +281.27% YoY
- Administrative and other operating expenses: N829.7 million, +47.89% YoY
- Operating profit: N336.5 million, +66.68% YoY
- Pretax profit: N371.2 million, +98.83% YoY
- Retained earnings: N3.01 billion, +4.33% YoY
Other items
A cursory look shows that the cost of sales rose by 8.27% to N4.7 billion in Q2; nevertheless, gross profit improved to N1.1 billion, compared to N781 million in the previous year.
- Other income also rose sharply to N76.3 million, up 281.27%, driven mainly by sundry income.
However, operating expenses increased, with administrative and other operating costs rising by 47.89% to N829.7 million.
- Consequently, operating profit stood at N336.5 million, jumping from N201.9 million in the same quarter of 2024.
Finance income was N44.8 million against a finance cost of N10.2 million, leaving pretax profit at N371.2 million.
After tax, net profit came to N252.4 million, up 100.3% from N126 million in the same quarter last year.
The results show higher earnings across business segments alongside increased costs during the period.
Balance sheet
Red Star Express Plc recorded total assets of N10.4 billion in the quarter under review, up 1.55% from the previous period.
- Trade debtors at N3.1 billion and property, plant and equipment valued at N2.9 billion made up the bulk of the assets.
Total equity increased to N5 billion from N4.8 billion in the prior period, driven mainly by retained earnings of N3.01 billion, up 4.3%.
Total liabilities stood at N5.4 billion, slightly higher than N5.3 billion in the previous period, with other creditors and accruals of N2.9 billion accounting for the largest share.
As of the week ended October 24, shares of the company were priced at N11, up 149.43% year-to-date.
