RED STAR EXPRESS PLC |
1ST QUARTER UNAUDITED |
30TH JUNE 2025 |
RED STAR EXPRESS PLC
UNAUDITED FINANCIAL HIGHLIGHTS |
FOR THE PERIOD ENDED 30TH JUNE, 2025 |
Current Period |
Year to Date |
Apr'25-Jun'25 |
N'000 |
5,291,488 |
303,824 |
206,585 |
Comparative Period |
Year to Date |
Apr'24-Jun'24 |
N'000 |
4,575,545 |
154,239 |
104,108 |
MAJOR STATEMENT OF COMPREHENSIVE INCOME ITEMS THE GROUP
TURNOVER |
PROFIT/LOSS BEFORE TAX |
PROFIT/LOSS AFTER TAX |
Current Period |
Year to Date |
Apr'25-Jun'25 |
N'000 |
2,558,608 |
128,513 |
87,383 |
Comparative Period |
Year to Date |
Apr'24-Jun'24 |
N'000 |
2,237,438 |
49,005 |
33,077 |
TURNOVER |
PROFIT/LOSS BEFORE TAX |
PROFIT/LOSS AFTER TAX |
THE COMPANY
MAJOR STATEMENT OF FINANCIAL POSITION ITEMS
TOTAL ASSETS |
SHAREHOLDERS FUND |
SHARE CAPITAL |
SHARE PREMIUM |
REVENUE RESERVE |
THE GROUP | |
Jun-25 | Mar-25 |
N' 000 | N' 000 |
9,864,329 | 10,278,934 |
5,089,153 | 4,882,567 |
477,211 | 477,211 |
1,515,600 | 1,515,600 |
3,093,519 | 2,886,934 |
THE COMPANY | |
Jun-25 | Mar-25 |
N' 000 | N' 000 |
7,469,174 | 7,247,044 |
3,677,136 | 3,589,753 |
477,211 | 477,211 |
1,515,600 | 1,515,600 |
1,681,503 | 1,594,120 |
INFORMATION PER 50 KOBO ORDINARY SHARE
NO OF ORDINARY SHARES |
NET ASSET (N) |
EARNINGS PER SHARE (KOBO) |
NET ASSET PER SHARE(KOBO) |
THE GROUP | |
Jun-25 | Jun-24 |
954,423 | 954,423 |
5,089,153 | 4,313,397 |
22 | 11 |
533 | 452 |
THE COMPANY | |
Jun-25 | Jun-24 |
954,423 | 954,423 |
3,677,138 | 3,554,695 |
9 | 3 |
385 | 372 |
The Group | The Company | ||
Current Period | Comparative Period | Current Period | Comparative Period |
Year to Date | Year to Date | Year to Date | Year to Date |
Apr'25-Jun'25 | Apr'24-Jun'24 | Apr'25-Jun'25 | Apr'24-Jun'24 |
N'000 | N'000 | N'000 | N'000 |
5,291,488 | 4,575,545 | 2,558,608 | 2,237,438 |
(4,006,911) | (3,515,628) | (1,694,298) | (1,582,683) |
1,284,576 | 1,059,917 | 864,310 | 654,755 |
4,879 | - | 1,604 | 0 |
1,289,455 | 1,059,917 | 865,914 | 654,755 |
(917,538) | (835,716) | (673,417) | (559,925) |
- | - | - | - |
(63,976) | (43,221) | (59,866) | (28,673) |
- | - | - | - |
- | - | - | - |
(981,514) | (878,936) | (733,283) | (588,597) |
11 | 1 | 11 | 1 |
(4,128) | (26,742) | (4,128) | (17,154) |
303,824 | 154,239 | 128,513 | 49,005 |
- | - | - | - |
303,824 | 154,239 | 128,513 | 49,005 |
(97,239) | (50,132) | (41,131) | (15,928) |
206,585 | 104,108 | 87,383 | 33,077 |
206,585 | 104,108 | 87,383 | 33,077 |
- | - | - | - |
206,585 | 104,108 | 87,383 | 33,077 |
22 | 11 | 9 | 3 |
954,423 | 954,423 | 954,423 | 954,423 |
UNAUDITED CONSOLIDATED & SEPARATE STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30TH JUNE, 2025
Note
Turnover | 1 |
Cost of sales | 3 |
Gross profit | |
Other income | 2 |
Administrative and Other Operating Expenses | 4 |
Staff Gratuity | 5 |
Depreciation & Amortisation Impairment (Loss)/reversal on financial assets | 6 |
Effect of change in estimate useful life of PPE | |
Total operating Expences | |
Finance Income | 7 |
Finance Costs | 7 |
Profit/Loss Before interest and Tax | |
Interest and similar charges | |
Provision for diminution in investments | |
Profit/(Loss) Before Income Tax | |
Income Tax | 8.1 |
Profit/(Loss) from continuing operation Profit attributable to:
Owners of the company Non controlling Interests Profit for the period
Earnings per share
Basic earnings per share (kobo) 29
Diluted earnings per share (kobo)
Number of ordinary shares in
issue 29
RED STAR EXPRESS PLC
UNAUDITED CONSOLIDATED & SEPARATE STATEMENT
OF FINANCIAL POSITION
AS AT 30TH JUNE, 2025
The Group
The Company
Jun-25 | Mar-25 | ||
Note | N'000 | N'000 | |
ASSETS | |||
Non Current Assets | |||
Property Plant and |Equipments | 9 | 2,841,860 | 2,811,341 |
Intangible Assets | 10 | 148,365 | 154,627 |
Right Of Use of Assets | 11 | 137,756 | 145,317 |
Long Term Prepayments | 15 | 10,000 | 55,518 |
Equity instrument at fair value through OCI | 11.1 | 3,357 | 3,357 |
Investment in subsidiary | 11.2 | - | - |
Employee Benefit asset | 122,384 | 155,076 | |
Total Non Current Assets | 3,263,722 | 3,325,236 | |
Current Assets | |||
Inventories | 12 | 83,716 | 73,141 |
Trade debtors | 13 | 3,190,802 | 3,273,986 |
Other receivables | 14 | 2,349,987 | 1,915,624 |
Current prepayments | 15 | 376,984 | 322,959 |
Due from related company | 28 | ||
Cash and cash equivalents | 16 | 1,395,786 | 1,367,989 |
Total Current Assets | 7,397,275 | 6,953,699 | |
TOTAL ASSETS | 10,660,997 | 10,278,934 | |
EQUITY AND LIABILITIES | |||
LIABILITIES | |||
Non-current liabilities | |||
Deferred taxation | 18 | 216,632 | 216,632 |
Provision for liabilities and charges | |||
Finance Lease Obligation | 11,827 | 13,640 | |
Interest bearing loans and borrowings | - | - | |
Present value of long service awards | 1,512 | 1,512 | |
Total Non Current Liabilities | 229,971 | 231,784 | |
Current liabilities | |||
Trade creditors | 1,652,558 | 1,742,769 | |
Other creditors and accruals | 17 | 3,203,523 | 2,979,163 |
Due to related companies | 28 | - | |
Finance Lease Obligation | 47,311 | 45,497 | |
Income tax liabilities | 8.2 | 381,079 | 283,848 |
Interest bearing loans and borrowings | 57,402 | 113,306 | |
Total Current Liabilities | 5,341,873 | 5,164,583 | |
TOTAL LIABILITIES | 5,571,844 | 5,396,367 | |
Equity | |||
Share capital | 19 | 477,211 | 477,211 |
Share premium | 1,515,600 | 1,515,600 | |
Retained Earnings | 3,093,519 | 2,886,934 | |
Fair value of equity instrument designated at FVOCI | 2,822 | 2,822 | |
Total Equity | 5,089,153 | 4,882,567 | |
TOTAL EQUITY AND LIABILITIES | 10,660,997 | 10,278,934 | |
Jun-25 | Mar-25 |
N'000 | N'000 |
1,736,058 | 1,737,884 |
148,365 | 154,627 |
126,256 | 133,817 |
8,496 | 7,870 |
3,357 | 3,357 |
1,153,065 | 1,153,065 |
112,706 | 155,076 |
3,288,303 | 3,345,695 |
72,233 | 61,796 |
1,890,301 | 1,846,934 |
529,848 | 452,308 |
162,616 | 113,498 |
530,202 | 548,757 |
995,670 | 878,056 |
4,180,871 | 3,901,349 |
7,469,174 | 7,247,044 |
122,399 | 122,399 |
11,827 | 13,640 |
- | - |
1,512 | 1,512 |
135,738 | 137,551 |
1,436,136 | 1,464,540 |
1,942,760 | 1,743,386 |
21,945 | 44,036 |
47,311 | 45,497 |
150,744 | 108,974 |
57,402 | 113,306 |
3,656,298 | 3,519,739 |
3,792,036 | 3,657,290 |
477,211 | 477,211 |
1,515,600 | 1,515,600 |
1,681,503 | 1,594,120 |
2,822 | 2,822 |
3,677,136 | 3,589,753 |
7,469,173 | 7,247,043 |
The consolidated and separate financial statements were approved by the Board on the 28 of July, 2025 and signed on its behalf by:
Babura Auwalu Badamasi Onyibo Valentine
Group Managing Director/CEO Chief Financial Officer
FRC/2016/ICAN/00000014402 FRC/2013/ICAN/00000003908
Notes to the Accounts (Statement Of Comprehensive Income) | ||||||||
FOR THE PERIOD ENDED 30TH JUNE, 2025 | ||||||||
The Group | The Company | |||||||
1 | TURNOVER | Current Period | Comparative Period | Current Period | Comparative Period | |||
Year to Date | Year to Date | Year to Date | Year to Date | |||||
Apr'25-Jun'25 | Apr'24-Jun'24 | Apr'25-Jun'25 | Apr'24-Jun'24 | |||||
N'000 | N'000 | N'000 | N'000 | |||||
Courier | 2,558,608 | 2,237,438 | 2,558,608 | 2,237,438 | ||||
Logistics | 941,122 | 740,167 | ||||||
Freight | 1,077,236 | 889,964 | ||||||
Support Service | 714,522 | 707,976 | ||||||
5,291,488 | 4,575,545 | 2,558,608 | 2,237,438 | |||||
2 | OTHER OPERATING INCOME | |||||||
a. | Other Income | |||||||
Profit on Disposals of property, plant & | - | - | - | |||||
Other Sundry income | 4,879 | 1,604 | ||||||
OTHER OPERATING INCOME | 4,879 | 0 | 1,604 | 0 | ||||
3 | COST OF SALES | |||||||
Staff cost | 643,720 | 472,682 | 338,268 | 243,849 | ||||
Pension | 25,669 | 33,968 | 14,915 | 16,865 | ||||
insurance | 43,620 | 58,736 | 6,802 | 3,654 | ||||
Medical | 69,832 | 60,201 | 35,319 | 38,163 | ||||
Training | 48,186 | 7,054 | 23,593 | 3,779 | ||||
NNP delivery charges | 823,841 | 920,251 | 309,482 | 625,547 | ||||
Domestic freight & Local deliveries | 505,388 | 405,242 | 309,482 | 255,242 | ||||
Vehicle running costs | 978,660 | 869,101 | 262,701 | 188,171 | ||||
Agent costs | 110,584 | 47,598 | 109,751 | 46,338 | ||||
Local transport & shuttle | 246,855 | 180,748 | 135,459 | 49,486 | ||||
Clearing and documentation charges | 147,823 | 152,226 | 2,629 | 32,226 | ||||
Projects and Consolidation expenses | 46,617 | 64,440 | - | - | ||||
Rents ant rates of outlets | 62,330 | 35,446 | 23,248 | 16,758 | ||||
Depreciation | 108,419 | 41,792 | 32,759 | 3,794 | ||||
Direct Operational Costs | 137,805 | 117,259 | 82,330 | 47,195 | ||||
Depreciation ROU | 7,561 | 48,883 | 7,561 | 11,617 | ||||
4,006,911 | 3,515,628 | 1,694,299 | 1,582,683 | |||||
4 | Administrative & Other Operating Expenses | |||||||
Annual general meeting expenses | 26,570 | 16,000 | 22,500 | 11,500 | ||||
Audit fee | 12,877 | 16,284 | 8,002 | 11,409 | ||||
Bank Charges | 15,689 | 10,824 | 10,746 | 8,115 | ||||
Communication and telephone | 48,128 | 42,862 | 38,122 | 35,481 | ||||
Hotel accommodation and entertainme | 31,402 | 34,377 | 22,739 | 26,617 | ||||
Insurance | 10,905 | 24,602 | 6,700 | 11,300 | ||||
Legal and professional charges | 52,307 | 32,900 | 41,314 | 30,500 | ||||
Medical | 17,458 | 19,823 | 13,830 | 19,823 | ||||
Newspaper and periodicals | 1,778 | 576 | 183 | 379 | ||||
Credit loss expense of financial assets | 89,583 | 44,886 | 56,267 | 27,339 | ||||
Power and water | 93,575 | 85,801 | 75,119 | 72,401 | ||||
Printing and stationery | 60,500 | 53,091 | 51,454 | 46,411 | ||||
Publicity and promotion | 22,548 | 32,493 | 13,955 | 18,904 | ||||
Repairs and maintenance | 133,015 | 116,792 | 114,190 | 71,669 | ||||
Employee benefits | 246,931 | 254,521 | 161,047 | 135,899 | ||||
Training | 12,047 | 2,346 | 5,898 | 1,511 | ||||
Transportation, Selling and travelling c | 42,225 | 36,885 | 31,350 | 23,124 | ||||
917,538 | 835,716 | 673,417 | 559,925 | |||||
6 | Depreciation & Amortisation | |||||||
Amortisation of Intangible Assets | 14,987 | 2,764 | 14,987 | 2,764 | ||||
Depreciation charge | 48,989 | 40,456 | 44,879 | 25,908 | ||||
63,976 | 43,221 | 59,866 | 28,673 | |||||
7 | Finance Income/ Finance Costs | |||||||
Interest Received | 11 | 1 | 11 | 1 | ||||
Finance Cost - Interest payment on lea | 4,128 | 26,742 | 4,128 | 17,154 | ||||
UNAUDITED CONSOLIDATED & SEPARATE STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30TH JUNE, 2025
RED STAR EXPRESS PLC
Issued Capital |
N'000 |
477,211 |
Share Premium |
N'000 |
1,515,600 |
Retained Earnings |
N'000 |
2,886,934 |
Fair Value of Equity Instrument designated at FVOCI | Total |
N'000 | N'000 |
2,822 | 4,882,567 |
Issued Capital |
N'000 |
477,211 |
Share Premium |
N'000 |
1,515,600 |
Retained Earnings | Fair Value of Equity Instrument designated at FVOCI | Total |
N'000 | N'000 | N'000 |
1,594,120 | 2,822 | 3,589,754 |
Profit for the year |
Other comprehensive income: |
Re-measurement gain/(loss) on defined benefit plan |
Dividend |
Addition in the year |
As at 31st June 2025 |
206,585 |
- |
- |
- |
- |
5,089,152 |
87,383 |
- |
- |
- |
- |
3,677,136 |
- |
477,211 |
- |
1,515,600 |
- |
477,211 |
- |
1,515,600 |
Consolidated Statement of Changes in Equity |
For the year ended 31 March 2025 |
Issued Capital |
N'000 |
477,212 |
Share Premium |
N'000 |
1,515,600 |
Retained Earnings |
N'000 |
2,679,378 |
546,521 |
Fair Value of Equity Instrument designated at FVOCI | Total |
N'000 | N'000 |
1,639 | 4,673,828 |
546,521 | |
- | |
1,183 | (80,088) |
- | |
- | |
- | |
(257,694) |
Share Premium |
N'000 |
1,515,600 |
As at 1 April 2024 |
Profit for the year |
Other comprehensive income: |
Other comprehensive income |
Re-measurement gain/(loss) on defined benefit plan |
Bonus Issue |
Fair Value of Equity Instrument designated at FVOCI |
Dividend |
The Group The Company
As at 1 April 2025 | 206,585 | As at 1 April 2025 Profit for the year | 87,383 | |||||||||
Other comprehensive income: | ||||||||||||
gain/(loss) on defined | ||||||||||||
benefit plan | ||||||||||||
- | Dividend | - | ||||||||||
Addition in the year | ||||||||||||
3,093,519 | 2,822 | As at 31st June 2025 | 1,681,503 | 2,822 | ||||||||
Consolidated Statement of Changes in Equity | ||||||||||||
For the year ended 31 March 2025 | ||||||||||||
Issued | Retained | Fair Value of Equity Instrument designated at | ||||||||||
Capital | Earnings | FVOCI | Total | |||||||||
N'000 | N'000 | N'000 | N'000 | |||||||||
As at 1 April 2024 477,212 | 1,645,205 | 1,639 | 3,639,655 | |||||||||
Profit for the year | 287,880 | 287,880 | ||||||||||
Other comprehensive income: | - | |||||||||||
(81,271) | Other comprehensive income | (81,271) | 1,183 | (80,088) | ||||||||
gain/(loss) on defined | ||||||||||||
benefit plan | - | |||||||||||
Bonus Issue | ||||||||||||
Instrument designated at | ||||||||||||
FVOCI | - | |||||||||||
(257,694) | Dividend | (257,694) | (257,694) | |||||||||
As at 31 March 2025 | 477,212 | 1,515,600 | 2,886,934 | 2,822 | 4,882,567 | As at 31 March 2025 477,212 | 1,515,600 | 1,594,120 | 2,822 | 3,589,753 | ||
RED STAR EXPRESS PLC
UNAUDITED CONSOLIDATED AND SEPARATE STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30TH JUNE, 2025
Cash flows from operating activities: Cash receipts from customers Payment to suppliers and employees
NOTE
GROUP THE COMPANY
Net cash provided by operating activities 21
Cash flows from investing activities:
Acquisition of Property Plant & Equipment 9
Purchase of Intangible assets 10
Additions to right of use assets
Interest received 7
Jun-25 | Jun-24 | Jun-25 | Jun-24 |
N'000 | N'000 | N'000 | N'000 |
3,939,404 | 3,575,814 | 2,302,747 | 2,199,654 |
(3,606,220) | (3,470,482) | (2,053,795) | (1,962,063) |
333,184 | 105,332 | 248,953 | 237,591 |
(135,447) | (221,894) | (50,952) | (185,214) |
(11,040) | - | (11,040) | - |
- | (12,888) | - | (12,888) |
11 | 1 | 11 | 1 |
(146,476) | (234,781) | (61,982) | (198,101) |
(154,782) (4,128) | (139,715) (26,742) | (65,228) (4,128) | (64,056) (17,154) |
(158,910) | (166,457) | (69,356) | (81,210) |
` | |||
27,797 | (295,906) | 117,615 | (41,720) |
1,367,989 | 1,119,291 | 878,056 | 571,191 |
- | - | ||
1,395,786 | 823,385 | 995,671 | 529,470 |
Net cash provided by investing activities Cash flows from financing activities:
Term Loan/Lease repayment
Interest Paid
Net cash provided by financing activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Effects of movement in exchange rates on cash held
Cash and cash equivalents at the
end of the year 22
RED STAR EXPRESS PLC
Notes to the Accounts
The Group | The Company | ||||
Current Period | Comparative Period | Current Period | Comparative Period | ||
Year to Date | Year to Date | Year to Date | Year to Date | ||
Apr'25-Jun'25 | Apr'24-Jun'24 | Apr'25-Jun'25 | Apr'24-Jun'24 | ||
N'000 | N'000 | N'000 | N'000 | ||
91,147 | 46,272 | 38,554 | 14,701 | ||
6,076 | 3,856 | 3,213 | 1,225 | ||
- | - | - | - | ||
8 | 4 | 3 | 1 | ||
- | - | ||||
- | |||||
97,231 | 50,132 | 41,770 | 15,928 | ||
- | - | ||||
97,231 | 50,132 | 41,770 | 15,928 | ||
97,231 | 50,132 | 41,770 | 15,928 | ||
Jun-25 | Mar-25 | Jun-25 | Mar-25 | ||
N'000 | N'000 | N'000 | N'000 | ||
283,848 | 124,484 | 108,974 | 6,362 | ||
97,231 | 358,138 | 41,770 | 198,434 | ||
- | - | ||||
- | (198,774) | - | (95,822) | ||
381,079 | 283,848 | 150,744 | 108,974 | ||
FOR THE PERIOD ENDED 30TH JUNE, 2025
TAXATION
Statement of Comprehensive Income
Income tax Education tax Back duty charge
Nigerian Police trust fund levy Capital gain tax
Deferred tax (credit)/expense
Income tax
Statement o Financial Position At the beginning of the year Charge for the year
Back duty charge Payments during the year
At the end of the year
.3
The charge for income tax in these consolidated financial statements is based on the provisions of the Companies Income Tax Act, CAP C21, LFN 2004 as amended to date.
Education tax is based on the provisions of the Education Tax Act, CAP E4, LFN 2020 (As amended).
REDSTAR EXPRESS PLC
GROUP PPE MOVEMENT SCHEDULE AS AT 30.06.2025 | |||||||||||
Land Buildings Motor vehicles | Motor Computer & Other Plant & Cycle IT Equipment Machinery | Furniture & Capital Work Fittings in-progress Total | |||||||||
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | |
Cost or Valuation: | |||||||||||
Beginning of the Year | 414,406 | 1,165,693 | 2,644,042 | 872,209 | 888,847 | 344,203 | 208,779 | 121,138 | 6,659,317 | ||
Additions | - | 2,573 | 55,962 | 23,228 | 35,334 | - | 690 | 17,660 | 135,447 | ||
Disposals | - | - | - | - | - | - | - | - | |||
Transfers | - | - | - | - | - | - | - | (74,575) | (74,575) | ||
End of the Year | 414,406 | 1,168,266 | 2,700,004 | 895,437 | 895,437 | 924,181 | 344,203 | 209,469 | 209,469 | 64,223 | 6,720,189 |
Depreciation: | |||||||||||
Beginning of the Year | (212,191) | (1,767,021) | (812,630) | (719,236) | (175,221) | (161,677) | (3,847,976) | ||||
Charge for the Year | (7,542) | (45,991) | (19,707) | (24,649) | (5,730) | (3,624) | (107,242) | ||||
Disposals | 76,888 | 76,888 | |||||||||
End of the Year | - | (219,733) | (1,813,012) | - | (832,337) | (743,885) | (180,951) | - | (165,301) | 76,888 | (3,878,330) |
Net Book Value: | |||||||||||
End of the Year | 414,406 | 948,533 | 886,992 | 895,437 | 63,100 | 180,297 | 163,252 | 209,469 | 44,168 | 141,111 | 2,841,859 |
Beginning of the Year | ######### | 344,292,774 | 911,588,552 | 127,969,795 | 160,218,049 | 65,738,087 | 23,366,406 | 1,063,212,040 | 2,811,341 | ||
REDSTAR EXPRESS PLC
PPE MOVEMENT SCHEDULE AS AT 30.06.2025 | |||||||||||
Land | Buildings | Motor vehicles | Motor Cycle | Computer & Other IT Equipment | Plant & Machinery | Furniture & Fittings | Capital Work in-progress | Total | |||
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | |
Cost or Valuation: | |||||||||||
Beginning of the Year | 221,844 | 1,015,005 | 810,254 | 207,082 | 860,259 | 296,096 | 140,947 | 88,052 | 3,639,539 | ||
Additions | - | - | 12,000 | - | 24,738 | - | 240 | 13,974 | 50,952 | ||
Disposals | - | - | - | - | - | ||||||
Transfers | - | - | - | - | - | - | |||||
End of the Year | 221,844 | 1,015,005 | 822,254 | - | 207,082 | 884,997 | 296,096 | - | 141,187 | 102,026 | 3,690,491 |
Depreciation: | |||||||||||
Beginning of the Year | (166,600) | (642,715) | (186,414) | (679,475) | (119,070) | (107,381) | - | (1,901,655) | |||
Charge for the Year | (6,526) | (15,374) | (3,298) | (23,443) | (5,730) | (3,033) | - | (57,404) | |||
Disposals | - | - | - | - | - | - | - | - | - | ||
End of the Year | - | (173,126) | (658,089) | (189,712) | (189,712) | (702,918) | (124,800) | (110,414) | (110,414) | - | (1,959,059) |
Net Book Value: | |||||||||||
End of the Year | 221,844 | 841,879 | 164,165 | (189,712) | 17,370 | 182,080 | 171,296 | (110,414) | 30,773 | 102,026 | 1,731,432 |
Beginning of the Year | 221,844 | 848,405 | 167,539 | - | 20,668 | 180,784 | 177,026 | - | 33,566 | 88,052 | 1,737,884 |
INTANGIBLE ASSETS MOVEMENT SCHEDULE | |||
Research and | |||
GROUP COMPANY development | |||
Total | |||
N'000 N'000 | N'000 | ||
Cost or Valuation: | |||
Beginning of the Year | 434,388 431,488 | 865,876 | |
Additions | 11,040 11,040 | 22,080 | |
Disposals | - | - | |
Transfers | - | - | |
End of the Year | 445,428 442,528 - | 887,956 | |
Amortisaton: | |||
Beginning of the Year | (279,761) (276,861) | (556,622) | |
Charge for the Year | (14,987) (14,987) | (29,973) | |
Disposals | - | - | |
End of the Year | (294,748) (291,848) - | (586,595) | |
Net Book Value: | |||
End of the Year | 150,680 150,680 - | - | 301,361 |
Beginning of the Year | 154,627 154,627 - | 9,968,286 | |
RED STAR EXPRESS PLC | ||||||
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||||||
FOR THE PERIOD ENDED 30TH JUNE, 2025 | ||||||
The Group | The Company | |||||
2025 | 2025 | 2025 | 2025 | |||
JUNE | MAR | JUNE | MAR | |||
N'000 | N'000 | N'000 | N'000 | |||
11 | RIGHT OF USE ASSET | |||||
Opening balance | 145,317 | 761,192 | 133,817 | 267,298 | ||
Additions in the year | - | 74,321 | - | 51,321 | ||
Disposal | 48,423 | 48,423 | ||||
Depreciation Charge for the year | (7,561) | (738,619) | (7,561) | (233,225) | ||
As at 30th Jun 2025 | 137,756 | 145,317 | 126,256 | 133,817 | ||
11. | EQUITY INSTRUMENT AT FAIR VALUE |
11.1 | Quoted Equities |
Nemeith International Pharmaceuticals Plc | |
1,194,622 ordinary shares of 50 Kobo each |
Opening Value |
Fair Value (loss)/Gain |
3,357 | 2,174 |
(0) | 1,183 |
3,357 | 2,174 |
(0) | 1,183 |
3,357 | 3,357 | 3,357 3,357 |
354,000 | 354,000 |
49,065 | 49,065 |
750,000 | 750,000 |
Closing Value
11.2 | Unquoted investments at cost: |
336,678 Ordinary shares of 50 Kobo each in Fortune International Bank Plc | |
Provision for diminution in investment |
1,793 | 1,793 |
(1,793) | (1,793) |
1,793 | 1,793 |
(1,793) | (1,793) |
- | - | - - |
- | - |
- | - |
Investment in subsidiaries: |
Investment in Red Star Freight Limited |
Investment in Red Star Supports Services Limited |
Investment in Red Star Logistics Limited |
% Holding |
100 |
100 |
100 |
1,153,065 | 1,153,065 |
12 | STOCKS |
Stationeries and packaging materials |
Fuel and oil |
Spare parts |
41,329 | 41,263 |
39,537 | 29,027 |
2,851 | 2,851 |
30,483 | 30,555 |
38,967 | 28,458 |
2,783 | 2,783 |
83,716 | 73,141 |
72,233 | 61,796 |
13 | TRADE DEBTORS |
Trade debtors |
Provision for doubtful debts |
3,591,533 | 3,674,717 |
(400,731) | (400,731) |
2,279,692 | 2,236,325 |
(389,391) | (389,391) |
3,190,802 | 3,273,986 |
1,890,301 | 1,846,934 |
RED STAR EXPRESS PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30TH JUNE, 2025
The Group The Company
2025 | 2025 | 2025 | 2025 |
JUNE | MAR | JUNE | MAR |
N'000 | N'000 | N'000 | N'000 |
1,335,376 | 1,157,809 | 200,634 | 202,434 |
343,712 | 66,915 | 139,320 | 42,187 |
670,899 | 690,900 | 189,895 | 207,687 |
2,349,987 | 1,915,624 | 529,848 | 452,308 |
10,000 376,984 | 55,518 322,959 | 8,496 162,616 | 7,870 113,498 |
386,984 | 378,477 | 171,111 | 121,368 |
4,999 | 1,230 | 4,494 | 760 |
19,857 | 31,203 | 19,378 | 30,730 |
603,957 | 891,719 | 205,211 | 402,729 |
766,973 | 443,837 | 766,588 | 443,837 |
1,395,786 | 1,367,989 | 995,670 | 878,056 |
1,376,214 759,759 165,095 321,130 75,477 142,309 363,539 3,203,523 | 1,280,217 637,087 128,666 352,078 90,861 142,309 347,945 2,979,163 | 616,316 614,148 109,452 180,900 13,776 142,309 265,858 1,942,760 | 372,019 637,087 115,229 192,515 32,557 142,309 251,670 1,743,386 |
104,280 | 60,238 | 67,111 | 28,357 |
388,304 | 370,845 | 122,090 | 117,921 |
(395,343) | (326,803) | (145,610) | (79,167) |
75,477 | 104,280 | 13,776 | 67,111 |
(216,632) | (236,605) | (122,399) | (179,505) |
(20,056) | 17,077 | ||
- | 40,029 | - | 40,029 |
(216,632) | (216,632) | (122,399) | (122,399) |
OTHER RECEIVABLES
WHT Receivable from customers Sundry receivables
Other staff and operational advances
PREPAYMENTS
Non-current Prepayments Current Prepayments
Cash, Bank balances and other equivalents
Cash balances Cash-in-transit
Bank Balances (Naira) Short Term Deposits
OTHER CREDITORS AND ACCRUALS
Accruals
Agents & Clearing charges Withholding Taxes
Value added tax
Staff pension accruals (Note 17.1) Unclaimed Dividend
Other creditors
Staff pension accruals
At the beginning of the year Provision for the year Payments and remittances
At the end of the year
DEFERRED TAXATION
At the beginning of the year Charge for the year
Tax income/expense recognized in OCI
At the end of the year
RED STAR EXPRESS PLCNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30TH JUNE, 2025
Jun-24 | Jun-25 | Jun-24 | ||
N'000 | N'000 | N'000 | ||
477,211 | 477,211 | 477,211 | ||
477,211,437 | 477,211 | 477,211,437 | 477,211 | |
2,886,934 | 2,679,378 | 1,594,120 | 1,645,205 | |
206,585 | 104,108 | 87,383 | 33,077 | |
- | - | - | - | |
- | - | - | - | |
3,093,519 | 2,783,486 | 1,681,503 | 1,678,282 | |
The Group The Company
Jun-25
N'000
SHARE CAPITAL
Authorised
1,000,000,000 ordinary shares
of 50 kobo each 477,211
Issued and fully paid 954,423,325 ordinary shares of 50 kobo each
GENERAL RESERVE
At the beginning of the year Profit for the period
Other comprehensive Income Dividend declared
At the end of the period
RED STAR EXPRESS PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 30TH JUNE, 2025
The Group The Company
Jun-25 N'000 | Jun-24 N'000 | Jun-25 N'000 | Jun-24 N'000 |
303,824 | 154,239 | 128,513 | 49,005 |
107,242 7,561 14,987 (11) 4,128 (11) | 119,664 17,420 2,764 (1) 26,742 (1) | 57,404 7,561 14,987 (11) 4,128 (11) | 58,139 12,500 2,764 (1) 17,154 (1) |
(10,575) (228,839) 134,149 | (1,142) 49,933 662 | (10,437) (120,908) 167,725 | (1,613) 30,936 27,328 |
- | (209,317) | - | 41,380 |
333,183 | 105,332 | 248,953 | 237,591 |
RECONCILIATION OF NET PROFIT AFTER TAXATION TO CASH PROVIDED BY OPERATING ACTIVITIES
Net profit/(loss) before taxation
Adjustment to reconcile net income to net cash provided by operating: Depreciation of Property,Plants & Equipment Depreciation of ROU
Amortisation of intangible assets Interest income
Finance cost Finance income
Changes in assets and liabilities: (Increase)/decrease in inventory (Increase)/decrease in trade and other receivables Increase/(decrease) in trade and other payables
Tax Paid
Net cash provided by operating activities
RED STAR EXPRESS PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30TH JUNE, 2025
Jun-25
Jun-24
Jun-25
Jun-24
N'000
N'000
N'000
N'000
4,999
1,299
4,494
512
19,857
22,313
19,378
15,845
603,957
606,542
205,211
460,112
766,973
193,231
766,588
53,000
#######
823,385
995,670
529,470
1,395,786
823,385
995,670
529,470
Number
Number
Number
Number
8
5
6
3
47
57
37
27
116
131
86
99
1,572
1,734
179
166
1,743
1,927
308
295
581,309
727,203
401,528
339,749
223,341
31,757
21,307
16,865
804,650
758,960
422,835
356,614
Number
Number
Number
Number
1,614
1,794
213
211
67
66
49
44
51
56
37
31
9
9
6
6
2
2
3
3
1,743
1,927
308
295
The Group The Company
RECONCILIATION OF CASH AND CASH EQUIVALENTS
Cash balances Cash-in-transit
Bank Current Account Short term deposits
EMPLOYMENT AND EMPLOYEES
Staff
Average number of persons employed in the financial year under review and the staff costs were as follows:
Managerial Senior staff Supervisors Junior staff
Staff costs:
Salaries, wages and other benefits Staff pension and gratuity
Employees remunerated at higher rates, excluding allowances:
N N
500,001
-
2,100,000
2,100,001
-
3,600,000
3,600,001
-
7,000,000
7,000,001
-
9,000,000
9,000,001
-
13,000,000
RED STAR EXPRESS PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30TH JUNE, 2025
Compensation of key management personnel of Red Star Express
Fees and sitting Allowances Executive compensation Other Directors and benefits
Fees and emoluments disclosed above include amount paid to:
Chairman
The highest paid Director earned
The number of Directors excluding the Chairman whose emoluments were within the following ranges were:
The Group
The Company
N
Below N1,000,000
N
1,000,000
-
2,000,000
2,000,001
-
3,000,000
3,000,001
and
above
Jun-25
Jun-24
N'000
N'000
12,717
3,300
5,500
5,361
9,412
5,615
27,629
14,276
Number
-
-3
4
Number
-
-4
2
Jun-25
Jun-24
N'000
N'000
12,717
3,300
5,500
5,361
9,412
5,615
27,629
14,276
N'000
N'000
5,265
3,300
24,024
20,253
Number
-
-3
4
Number
-
-4
2
GUARANTEES AND OTHER FINANCIAL COMMITMENTS
Contingent liabilities
As at 30th June 2025, there were no contingent liabilities . The Directors are of the opinion that, based on the Solicitors' advice, no material loss
will arise from them. Consequently, no provision has been made in these consolidated financial statements for the amount.
Financial commitments
The Directors are of the opinion that all known liabilities and commitments which are relevant in assessing the Company's state of affairs have been taken into account in the preparation of these consolidated financial statements under review.
Performance Bond
The Company accepted a performance bond of N50 million (2024- N50 million) in favour of Nigeria Customs Service.
RED STAR EXPRESS PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30TH JUNE, 2025
EARNINGS PER SHARE
Basic Earnings Per Share
The Group
Current Period
Comparative Period
Interim Period
Year to Date
Interim Period
Year to Date
Apr'25-Jun'25
Apr'25-Jun'25
Apr'24-Jun'24
N'000
Apr'24-Jun'24
N'000
N'000
N'000
206,585
206,585
104,108
104,108
Number
954,423
Number
954,423
22
11
The Company
Current Period
Comparative Period
Interim Period
Year to Date
Interim Period
Year to Date
Apr'25-Jun'25
Apr'25-Jun'25
N'000
Apr'24-Jun'24
N'000
Apr'24-Jun'24
N'000
N'000
87,383
87,383
33,077
33,077
Number
954,423
Number
954,423
9
3
The calculation of basic earnings per share at 30th Jun 2025 for the company was based on the profit attributable to ordinary shareholders of N87 million and a weighted average number of ordinary shares outstanding of 954 million for the company. While the group EPS calculation was based on the profit attributable to the group shareholders of N207 million and a weighted average number of ordinary shares outstanding of 954 million shares.
Profit for the year attributable to shareholders
Weighted Average number of ordinary shares for basic earnings per share Earnings per share (Kobo)
COMPARATIVE FIGURES
Certain prior year's figures have been reclassified in line with current year's presentation for more meaningful comparison.
Segment Information
The Group
Courier
Comparative
Logistics
Comparative
Freight
Comparative
Support Services
Comparative
Group
Comparative
Segment Statement of Comprehensive Income
Current Period Apr'25-Jun'25
Period Apr'24-Jun'24
Current Period Apr'25-Jun'25
Period Apr'24-Jun'24
Current Period Period Apr'25-Jun'25 Apr'24-Jun'24
Current Period Period Current Period Period Apr'25-Jun'25 Apr'24-Jun'24 Apr'25-Jun'25 Apr'24-Jun'24
N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000
Revenue (External Customers) Finance Income
Cost of Sales Other Income
Administrative Expenses Finance Charges
2,558,608
11
(1,694,299)
1,604
(733,283)
(4,128)
2,237,438
1
(1,582,683)
-(588,598)
(17,154)
941,122
-(733,021)
3,388
(165,199)
738,181
-(573,291)
1,986
(128,620)
(9,588)
1,077,236
-(880,661)
16
(89,602)
889,693
-(764,879)
-(74,772)
-
714,522
-(663,979)
596
(29,105)
706,416
-(653,954)
1,560
(27,499)
-
5,291,488
11
(4,006,912)
4,879
(981,514)
(4,128)
4,575,545
1
(3,515,628)
-(878,936)
(26,742)
Profit before income tax
128,513
49,004
46,289
28,668
106,989
50,042
22,033
26,523
303,824
154,240
Income tax expence
(41,131)
(15,928)
(15,045)
(9,318)
(34,774)
(16,265)
(7,161)
(8,621)
(97,239)
(50,132)
Profit after tax
87,383
33,076
31,244
19,350
72,216
33,777
14,872
17,902
206,585
104,108
Courier
Logistics
Freight
Support Services
Group
Segment Statement of Financial Position
Non Current Assets Current assets Total Assets
Jun-25
N'000
Mar-25
N'000
Jun-25
N'000
Mar-25
N'000
Jun-25
N'000
Mar-25
N'000
Jun-25
N'000
Mar-25
N'000
Jun-25
N'000
Mar-25
N'000
3,288,303
4,180,871
7,469,173
3,345,694
3,901,349
7,247,043
771,067
1,783,420
2,554,487
790,017
1,598,631
2,388,648
47,302
1,420,558
1,467,861
50,172
1,273,698
1,323,870
287,432
551,030
838,462
244,770
614,658
859,428
3,263,722
7,397,275
10,660,997
3,325,236
6,953,699
10,278,935
Ordinary Share Capital Share Premium Retained Earnings
Fair Value of equity (FVOCI) Non Current Liabilities Current liabilities
477,211
1,515,600
1,681,503
2,822
135,738
3,656,298
477,211
1,515,600
1,594,120
2,822
137,551
3,519,739
750,000
-580,857
750,000
-549,613
354,000
-426,241
354,000
-354,025
49,065
-424,278
49,065
-409,406
49,147.65
1,174,483
49,068
1,039,967
10,137
677,483
7,752
608,093
35,228
329,891
35,228
365,729
477,211
1,515,600
3,093,519
2,822
229,971
5,341,873
477,211
1,515,600
2,886,934
2,822
231,784
5,164,583
Total Equity & Liabilities
7,469,173
7,247,043
2,554,487
2,388,648
1,467,861
1,323,870
838,462
859,428
10,660,997
10,278,933
Securities Trading Policy
In accordance with the Post-Listing Rules of the Nigerian Stock Exchange, Red Star Express Plc., has in place a Share Dealing Policy which regulates securities transactions by Directors, Employees and other Insiders.
The Directors, Employees and other Insiders complied with this Rule.
32