Red Star Express revealed that shareholders of the company approved the integration of its wholly owned subsidiary, Red Star Logistics Limited, into the parent company.
The decision was one of the key resolutions at the company’s 32nd Annual General Meeting, held virtually on Thursday, September 18, 2025.
In a notice filed with the Nigerian Exchange, the company explained that while Red Star Logistics will no longer exist as a separate legal entity, its operations will continue as a division within Red Star Express.
The company said its directors have been authorized to hire advisers and take all necessary steps to ensure a smooth transition.
Shareholders also approved a dividend of 35 kobo per share and set the remuneration of Non-Executive Directors for the year ending March 31, 2026, at N8 million.
The meeting further saw the re-election of directors and the appointment of shareholder representatives to the statutory audit committee.
In addition, the company’s audited financial statements for the year ended March 31, 2025, along with the reports of the Directors and Audit Committee, were presented and approved.
Year ended 31st March 2025
For the financial year ended March 31, 2025, revenue stood at N21.6 billion, up from N16.1 billion in the previous year.
- The bulk of this came from the Courier business, which generated N10.6 billion, while Freight contributed N4.2 billion.
- Logistics revenue stood at N3.6 billion, and Support Services brought in N3.08 billion.
Cost of sales rose to N15.7 billion from N11.6 billion in 2024. Despite this, the group posted a gross profit of N5.9 billion, representing a growth of 33.59%.
Operating expenses, driven mainly by administrative costs of N5.1 billion, up 34.15%, weighed on performance.
- Still, Red Star Express reported an operating profit of N944.1 million, an improvement on the N578.2 million in the previous year.
Profit before tax climbed to N924.7 million, up from N542.1 million, representing a 70.57% year-on-year increase.
Profitability was also maintained in the quarter spanning April to June 2025, with pretax profit rising to N303.8 million from N154.2 million.
Red Star Express is also very positive on the Nigerian stock market.
Market trend
Red Star Express has enjoyed a strong bullish run on the Nigerian stock market so far, with a year-to-date gain of 149.43% in 2025.
The stock opened the year at N4.41 and climbed to N6.60 by the end of February.
Although it dipped to N4.82 in March, price action quickly recovered in April and gained momentum in May following the release of the unaudited financial statements for the year ended March 2025.
- This pushed the stock to N8.30, and by mid-year, despite minor pullbacks, it recorded a half-year performance of 72.56%.
The momentum carried into the second half of the year, with July alone delivering a strong 63.21% return, making it the stock’s best month so far as it touched N12.40.
Although August and September have seen slight declines, the stock remains firmly bullish, currently trading at N11.20 compared to its opening price of N4.41.
