Group Financials
RED STAR EXPRESS PLC
RED STAR EXPRESS PLC
UNAUDITED FINANCIAL HIGHLIGHTS
FOR THE PERIOD ENDED 30TH SEPTEMBER, 2024
MAJOR STATEMENT OF COMPREHENSIVE INCOME ITEMS
THE GROUP
TURNOVER
PROFIT/LOSS BEFORE TAX PROFIT/LOSS AFTER TAX
THE COMPANY
Current Period
Interim Period | Year to Date |
Jul'24-Sep'24 | Apr'24-Sep'24 |
N'000 | N'000 |
5,162,199 | 9,737,744 |
186,730 | 340,969 |
126,038 | 230,145 |
Comparative Period
Interim Period | Year to Date |
Jul'23-Sep'23 | Apr'23-Sep'23 |
N'000 | N'000 |
3,925,437 | 7,203,481 |
129,582 | 250,676 |
87,465 | 169,200 |
TURNOVER
PROFIT/LOSS BEFORE TAX
PROFIT/LOSS AFTER TAX
MAJOR STATEMENT OF FINANCIAL POSITION ITEMS
TOTAL ASSETS
SHAREHOLDERS FUND
SHARE CAPITAL
SHARE PREMIUM
REVENUE RESERVE
Current Period
Interim Period | Year to Date |
Jul'24-Sep'24Apr'24-Sep'24 | |
N'000 | N'000 |
2,517,628 | 4,755,066 |
84,499 | 133,504 |
57,035 | 90,112 |
THE GROUP | |
Sep-24 | Mar-24 |
N' 000 | N' 000 |
9,475,281 | 9,243,845 |
4,646,279 | 4,673,828 |
477,211 | 477,211 |
1,515,600 | 1,515,600 |
2,651,829 | 2,679,378 |
Comparative Period
Interim Period | Year to Date |
Jul'23-Sep'23 | Apr'23-Sep'23 |
N'000 | N'000 |
1,916,681 | 3,423,341 |
64,009 | 127,930 |
36,379 | 79,605 |
THE COMPANY | |
Sep-24 | Mar-24 |
N' 000 | N' 000 |
7,455,617 | 7,282,071 |
3,472,073 | 3,639,655 |
477,211 | 477,211 |
1,515,600 | 1,515,600 |
1,477,623 | 1,645,205 |
INFORMATION PER 50 KOBO ORDINARY SHARE
NO OF ORDINARY SHARES NET ASSET (N)
EARNINGS PER SHARE (KOBO) NET ASSET PER SHARE(KOBO)
THE GROUP
Sep-24 | Sep-23 |
954,422 | 954,423 |
4,646,280 | 4,313,397 |
2413
487452
THE COMPANY
Sep-24 | Sep-23 |
954,422 | 954,423 |
3,472,074 | 3,554,695 |
9 | 9 |
364 | 372 |
RED STAR EXPRESS PLC
UNAUDITED CONSOLIDATED & SEPARATE
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30TH SEPTEMBER, 2024
Note | |
Turnover | 1 |
Cost of sales | 3 |
Gross profit | |
Other income | 2 |
Administrative and Other Operating | |
Expenses | 4 |
Staff Gratuity | 5 |
Depreciation & Amortisation | 6 |
Impairment Loss | |
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 | 29 |
issue | |
The Group | The Company | |||||||||||||||
Current Period | Comparative Period | Current Period | Comparative Period | |||||||||||||
Interim Period | Year to Date | Interim Period | Year to Date | Interim Period | Year to Date | Interim Period | Year to Date | |||||||||
Jul'24-Sep'24 | Apr'24-Sep'24 | Jul'23-Sep'23 | Apr'23-Sep'23 | Jul'24-Sep'24 | Apr'24-Sep'24 | Jul'23-Sep'23 | Apr'23-Sep'23 | |||||||||
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | |||||||||
5,162,199 | 9,737,744 | 3,925,437 | 7,203,481 | 2,517,628 | 4,755,066 | 1,916,681 | 3,423,341 | |||||||||
(4,381,155) | (7,940,518) | (3,121,844) | (5,671,224) | (1,941,397) | (3,620,764) | (1,440,325) | (2,555,867) | |||||||||
781,044 | 1,797,226 | 803,593 | 1,532,257 | 576,231 | 1,134,302 | 476,356 | 867,474 | |||||||||
20,023 | 28,641 | 10,816 | 32,020 | 20,023 | 28,641 | 0 | 42,007 | |||||||||
801,066 | 1,825,867 | 814,409 | 1,564,277 | 596,253 | 1,162,943 | 476,356 | 909,482 | |||||||||
(561,073) | (1,379,765) | (624,583) | (1,198,698) | (469,324) | (940,974) | (368,000) | (698,512) | |||||||||
(1,564) | (3,121) | (9,145) | (16,777) | - | - | (5,604) | (9,707) | |||||||||
(36,491) | (75,974) | (31,444) | (65,302) | (31,877) | (69,792) | (28,676) | (59,694) | |||||||||
- | - | - | - | - | - | |||||||||||
- | - | - | - | - | - | - | - | |||||||||
(599,128) | (1,458,860) | (665,172) | (1,280,777) | (501,201) | (1,010,766) | (402,279) | (767,913) | |||||||||
8 | 8 | 2 | 3 | 8 | 8 | 2 | 3 | |||||||||
(15,216) | (26,045) | (19,658) | (32,829) | (10,560) | (18,680) | (10,069) | (13,642) | |||||||||
186,730 | 340,969 | 129,582 | 250,676 | 84,499 | 133,504 | 64,009 | 127,930 | |||||||||
- | - | - | - | - | - | - | - | |||||||||
186,730 | 340,969 | 129,582 | 250,676 | 84,499 | 133,504 | 64,009 | 127,930 | |||||||||
(60,693) | (110,823) | (42,117) | (81,476) | (27,464) | (43,392) | (27,630) | (48,325) | |||||||||
126,038 | 230,145 | 87,465 | 169,200 | 57,035 | 90,112 | 36,379 | 79,605 | |||||||||
126,038 | 230,145 | 87,465 | 169,200 | 57,035 | 90,112 | 36,379 | 79,605 | |||||||||
- | - | - | - | - | - | - | - | |||||||||
126,038 | 230,145 | 87,465 | 169,200 | 57,035 | 90,112 | 36,379 | 79,605 | |||||||||
24 | 18 | 9 | 8 | |||||||||||||
954,422 | 954,423 | 954,422 | 954,423 |
RED STAR EXPRESS PLC
1999001
UNAUDITED CONSOLIDATED & SEPARATE STATEMENT2024/006
OF FINANCIAL POSITION
AS AT 30TH SEPTEMBER, 2024
The Group
Sep-24 | Mar-24 | ||
Note | N'000 | ||
ASSETS | |||
Non Current Assets | |||
Property Plant and |Equipments | 9 | 3,310,683 | 3,250,518 |
Intangible Assets | 10 | 5,130 | 9,968 |
Right Of Use of Assets | 11 | 155,483 | 104,165 |
Long Term Prepayments | 15 | 38,914 | 16,145 |
Equity instrument at fair value through OCI | 11.1 | 2,174 | 2,174 |
Investment in subsidiary | 11.2 | - | - |
Employee Benefit asset | 252,628 | 252,628 | |
Total Non Current Assets | 3,765,013 | 3,635,598 | |
Current Assets | |||
Inventories | 12 | 94,048 | 70,638 |
Trade debtors | 13 | 2,609,232 | 2,416,268 |
Other receivables | 14 | 1,865,788 | 1,817,683 |
Current prepayments | 15 | 204,300 | 184,367 |
Due from related company | 28 | ||
Cash and cash equivalents | 16 | 936,901 | 1,119,291 |
Total Current Assets | 5,710,269 | 5,608,248 | |
TOTAL ASSETS | 9,475,281 | 9,243,845 | |
EQUITY AND LIABILITIES | |||
LIABILITIES | |||
Non-current liabilities | |||
Deferred taxation | 18 | 236,605 | 236,605 |
Provision for liabilities and charges | |||
Finance Lease Obligation | 44,327 | 47,658 | |
Interest bearing loans and borrowings | 162,628 | 167,379 | |
Employee Benefit asset | |||
Total Non Current Liabilities | 443,559 | 451,642 | |
Current liabilities | |||
Trade creditors | 1,423,035 | 1,144,819 | |
Other creditors and accruals | 17 | 2,758,939 | 2,559,593 |
Due to related companies | 28 | - | |
Finance Lease Obligation | 24,887 | 27,051 | |
Income tax liabilities | 8.2 | 74,029 | 124,484 |
Interest bearing loans and borrowings | 104,552 | 262,428 | |
Total Current Liabilities | 4,385,441 | 4,118,375 | |
TOTAL LIABILITIES | 4,829,001 | 4,570,017 | |
Equity | |||
Share capital | 19 | 477,211 | 477,211 |
Share premium | 1,515,600 | 1,515,600 | |
Retained Earnings | 2,651,829 | 2,679,378 | |
Fair value of equity instrument designated at FVOCI | 1,639 | 1,639 | |
Total Equity | 4,646,279 | 4,673,828 | |
TOTAL EQUITY AND LIABILITIES | 9,475,281 | 9,243,845 |
1999001
2024/006
The Company
Sep-24 | Mar-24 |
N'000 | N'000 |
1,945,257 | 1,830,174 |
5,130 | 9,968 |
148,077 | 96,759 |
24,759 | 1,773 |
2,174 | 2,174 |
1,153,065 | 1,153,065 |
252,628 | 252,628 |
3,531,091 | 3,346,542 |
86,206 | 63,211 |
1,146,043 | 1,161,555 |
897,420 | 909,946 |
148,552 | 72,505 |
1,001,451 | 1,157,121 |
644,855 | 571,191 |
3,924,527 | 3,935,529 |
7,455,617 | 7,282,071 |
179,505 | 179,505 |
44,327 | 47,658 |
88,381 | 113,306 |
312,212 | 340,469 |
1,314,510 | 1,074,311 |
1,899,811 | 1,692,041 |
273,497 | 312,161 |
24,887 | 27,051 |
32,060 | 6,362 |
126,565 | 190,021 |
3,671,331 | 3,301,947 |
3,983,543 | 3,642,416 |
477,211 | 477,211 |
1,515,600 | 1,515,600 |
1,477,623 | 1,645,205 |
1,639 | 1,639 |
3,472,073 | 3,639,655 |
7,455,617 | 7,282,071 |
The consolidated and separate financial statements were approved by the Board on the 24th of October, 2024 and signed on its behalf by:
Babura Auwalu Badamasi | Onyibo Valentine | |
Managing Director/CEO | Chief Financial Officer | |
FRC/2016/ICAN/00000014402 | FRC/2013/ICAN/00000003908 |
RED STAR EXPRESS PLC
UNAUDITED CONSOLIDATED & SEPARATE STATEMENT OF CHANGES IN EQUITY | |||||||||||||
FOR THE PERIOD ENDED 30TH SEPTEMBER, 2024 | |||||||||||||
The Group | The Company | ||||||||||||
Fair Value of | Fair Value of | ||||||||||||
Equity | Equity | ||||||||||||
Instrument | Instrument | ||||||||||||
Issued | designated at | Issued | Retained | designated at | |||||||||
Capital | Share Premium | Retained Earnings | FVOCI | Total | Capital | Share Premium | Earnings | FVOCI | Total | ||||
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | ||||
As at 1st April, 2024 | 477,211 | 1,515,600 | 2,679,378 | 1,639 | 4,673,829 | As at 1st April, 2024 | 477,211 | 1,515,600 | 1,645,205 | 1,639 | 3,639,656 | ||
Profit for the year | 230,145 | 230,145 | Profit for the year | 90,112 | 90,112 | ||||||||
Other comprehensive income: | - | Other comprehensive income: | - | ||||||||||
Re-measurement gain/(loss) on | Re-measurement gain/(loss) on | ||||||||||||
defined benefit plan | - | defined benefit plan | - | ||||||||||
Dividend | (257,694) | (257,694) | Dividend | (257,694) | (257,694) | ||||||||
Addition in the year | - | (0) | (0) | Addition in the year | - | (0) | (0) | ||||||
As at 30th SEPTEMBER 2024 | 477,211 | 1,515,600 | 2,651,829 | 1,639 | 4,646,280 | As at 30th SEPTEMBER 2024 | 477,211 | 1,515,600 | 1,477,623 | 1,639 | 3,472,073 | ||
Consolidated Statement of Changes in Equity | Consolidated Statement of Changes in Equity | ||||||||||||
For the year ended 31 March 2024 | For the year ended 31 March 2024 | ||||||||||||
Fair Value of | Fair Value of | ||||||||||||
Equity | Equity | ||||||||||||
Instrument | Instrument | ||||||||||||
Issued | designated at | Issued | Retained | designated at | |||||||||
Capital | Share Premium | Retained Earnings | FVOCI | Total | Capital | Share Premium | Earnings | FVOCI | Total | ||||
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | ||||
As at 1st April, 2023 | 477,212 | 1,515,600 | 2,584,613 | 331 | 4,577,755 | As at 1st April, 2023 | 477,212 | 1,515,600 | 1,738,085 | 331 | 3,731,227 | ||
Profit for the year | 343,003 | 343,003 | Profit for the year | 155,358 | 155,358 | ||||||||
Other comprehensive income: | - | Other comprehensive income: | - | ||||||||||
Other comprehensive income | (57,353) | 1,308 | (56,045) | Other comprehensive income | (57,353) | 1,308 | (56,045) | ||||||
Re-measurement gain/(loss) on | Re-measurement gain/(loss) on | ||||||||||||
defined benefit plan | - | defined benefit plan | - | - | |||||||||
Bonus Issue | - | Bonus Issue | |||||||||||
Fair Value of Equity Instrument | Fair Value of Equity Instrument | ||||||||||||
designated at FVOCI | - | designated at FVOCI | - | ||||||||||
Dividend | (190,885) | (190,885) | Dividend | (190,885) | (190,885) | ||||||||
As at 31 March 2024 | 477,212 | 1,515,600 | 2,679,378 | 1,639 | 4,673,828 | As at 31 March 2024 | 477,212 | 1,515,600 | 1,645,205 | 1,639 | 3,639,655 |
RED STAR EXPRESS PLC
UNAUDITED CONSOLIDATED AND SEPARATE STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30TH SEPTEMBER, 2024
GROUP | THE COMPANY | |||||||
NOTE | ||||||||
Sep-24 | Sep-23 | Sep-24 | Sep-23 | |||||
N'000 | N'000 | N'000 | N'000 | |||||
Cash flows from operating activities: | ||||||||
Cash receipts from customers | 10,128,914 | 6,686,169 | 5,035,475 | 3,776,409 | ||||
Payment to suppliers and employees | (9,405,638) | (6,335,586) | (4,324,535) | (3,513,771) | ||||
Cash outflow from long term prepayment | - | - | - | - | ||||
Net cash provided by operating activities | 21 | 723,276 | 350,582 | 710,940 | 262,638 | |||
Cash flows from investing activities: | ||||||||
Acquisition of Property Plant & Equipment | 9 | (289,523) | (111,219) | (222,993) | (71,607) | |||
Purchase of Intengible assets | 10 | - | (2,363) | - | (2,363) | |||
Prepaid lease payment | - | |||||||
Additions to right of use assets | (82,389) | (2,079) | (82,389) | (800) | ||||
Proceeds from sale of PPE | - | - | - | - | ||||
Additional Investment in subsidiaries | - | - | ||||||
Interest received | 7 | 8 | 3 | 8 | 3 | |||
Dividend received | - | - | - | - | ||||
Net cash provided by investing activities | ||||||||
(371,905) | (115,658) | (305,375) | (74,766) | |||||
Cash flows from financing activities: | ||||||||
Proceeds from issue of share capital | - | - | - | - | ||||
Dividend paid | (257,694) | (190,885) | (257,694) | (190,885) | ||||
Proceeds from borrowings | - | - | - | - | ||||
Term Loan/Lease repayment | (176,005) | (139,715) | (89,843) | (54,056) | ||||
Refund of unclaimed dividend from registrars | - | - | - | - | ||||
Interest Paid | (51,681) | (32,829) | (32,504) | (13,641) | ||||
Net cash provided by financing activities | (485,379) | (363,429) | (380,041) | (258,581) | ||||
` | ||||||||
Net (decrease)/increase in cash and cash | ||||||||
equivalents | (134,008) | (128,505) | 25,524 | (70,711) | ||||
Net Cash outflow from long term prepayment | - | - | - | - | ||||
Net foreign exchange difference | (48,383) | 21,000 | 48,140 | 21,000 | ||||
Cash and cash equivalents at the beginning of | ||||||||
the year | 1,119,291 | 589,144 | 571,191 | 415,391 | ||||
Cash and cash equivalents at the | ||||||||
end of the year | 22 | 936,901 | 481,639 | 644,856 | 365,680 |
Notes to the Accounts (Statement Of Comprehensive Income)
FOR THE PERIOD ENDED 30TH SEPTEMBER, 2024
The Group | The Company | |||||||||||||
1 | TURNOVER | Current Period | Comparative Period | Current Period | Comparative Period | |||||||||
Interim Period | Year to Date | Interim Period | Year to Date | Interim Period | Year to Date | Interim Period | Year to Date | |||||||
Jul'24-Sep'24 | Apr'24-Sep'24 | Jul'23-Sep'23 | Apr'23-Sep'23 | Jul'24-Sep'24 | Apr'24-Sep'24 | Jul'23-Sep'23 | Apr'23-Sep'23 | |||||||
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | |||||||
Courier | 2,517,628 | 4,755,066 | 1,916,681 | 3,423,341 | 2,517,628 | 4,755,066 | 1,916,681 | 3,423,341 | ||||||
Logistics | 1,029,952 | 1,919,916 | 699,344 | 1,339,973 | ||||||||||
Freight | 888,317 | 1,628,485 | 667,264 | 1,315,821 | ||||||||||
Support Service | 726,301 | 1,434,278 | 642,148 | 1,124,346 | ||||||||||
5,162,199 | 9,737,744 | 3,925,437 | 7,203,481 | 2,517,628 | 4,755,066 | 1,916,681 | 3,423,341 | |||||||
2 | OTHER OPERATING INCOME | |||||||||||||
a. | Other Income | |||||||||||||
Profit on Disposals of property, plant & equipment | - | - | - | 0 | - | - | - | 21,000 | ||||||
Other Sundry income | 20,023 | 28,641 | 10,816 | 11,020 | 20,023 | 28,641 | - | 7 | ||||||
Exchange gain | - | - | - | 21,000 | - | - | - | 21,000 | ||||||
20,023 | 28,641 | 10,816 | 32,020 | 20,023 | 28,641 | - | 42,007 | |||||||
OTHER OPERATING INCOME | 20,023 | 28,641 | 10,816 | 32,020 | 20,023 | 28,641 | 0 | 42,007 | ||||||
3 | COST OF SALES | |||||||||||||
Staff cost | 683,407 | 1,255,089 | 492,862 | 919,030 | 282,317 | 558,296 | 201,282 | 383,191 | ||||||
Pension | 40,706 | 57,881 | 23,944 | 49,927 | 16,822 | 30,314 | 11,054 | 25,176 | ||||||
Gratuity | 1,564 | 3,121 | 21,338 | 39,146 | - | - | 13,075 | 22,650 | ||||||
Medical | 109,467 | 168,758 | 60,876 | 141,228 | 42,257 | 84,816 | 19,174 | 56,458 | ||||||
Training | 16,237 | 15,224 | 5,614 | 11,274 | 3,649 | 11,153 | 3,396 | 5,632 | ||||||
International delivery costs | 1,015,975 | 1,858,202 | 578,301 | 1,099,506 | 766,194 | 1,324,347 | 391,448 | 739,910 | ||||||
Domestic freight & Local deliveries | 535,468 | 886,196 | 460,495 | 714,996 | 310,304 | 601,924 | 358,275 | 540,532 | ||||||
Vehicle running costs | 949,713 | 1,796,605 | 780,462 | 1,333,864 | 214,569 | 454,031 | 199,656 | 337,122 | ||||||
Agent costs | 76,174 | 214,294 | 93,027 | 168,441 | 84,932 | 161,793 | 91,630 | 165,621 | ||||||
Local transport & shuttle | 473,027 | 834,178 | 425,774 | 565,909 | 79,487 | 150,224 | 61,648 | 84,336 | ||||||
Clearing and documentation charges | 176,682 | 286,305 | 9,676 | 186,607 | 1,234 | 17,425 | 12,519 | 26,984 | ||||||
Projects and Consolidation expenses | 48,034 | 87,966 | 43,445 | 85,170 | - | |||||||||
Rents ant rates of outlets | 55,172 | 109,690 | 25,192 | 62,004 | 20,377 | 41,015 | 18,170 | 28,926 | ||||||
Insurance | 27,082 | 64,317 | (2,453) | 35,069 | 21,044 | 40,204 | 7,626 | 19,645 | ||||||
Depreciation | 162,081 | 283,014 | 113,593 | 235,560 | 82,150 | 112,938 | 45,941 | 94,332 | ||||||
Direct Operational Costs | 10,366 | 19,676 | (10,303) | 23,493 | 16,063 | 32,284 | 5,431 | 25,353 | ||||||
4,381,155 | 7,940,518 | 3,121,844 | 5,671,224 | 1,941,397 | 3,620,764 | 1,440,325 | 2,555,867 | |||||||
4 Administrative & Other Operating Expenses | ||||||||||||||
Annual general meeting expenses | 14,574 | 28,390 | 6,748 | 12,887 | 7,859 | 19,379 | 1,862 | 4,162 | ||||||
Audit fee | 9,617 | 25,901 | 6,057 | 11,557 | 4,125 | 15,534 | 3,770 | 8,057 | ||||||
Bank Charges | 10,216 | 26,045 | 9,617 | 17,942 | 7,560 | 13,680 | 6,544 | 7,746 | ||||||
Communication and telephone | 23,509 | 46,483 | 15,535 | 35,975 | 17,277 | 33,869 | 20,597 | 20,679 | ||||||
Credit loss expense of financial assets | 30,000 | 60,000 | 38,000 | 78,000 | 15,000 | 30,000 | 17,750 | 35,500 | ||||||
Hotel accommodation and entertainment | 26,891 | 53,266 | 71,677 | 55,463 | 25,852 | 44,087 | 21,187 | 36,053 | ||||||
Insurance | 1,771 | 4,317 | 5,867 | 18,767 | 261 | 2,551 | 1,894 | 2,411 | ||||||
Legal and professional charges | 33,607 | 71,063 | 23,483 | 68,689 | 25,716 | 54,237 | 33,343 | 32,929 | ||||||
Medical | 22,367 | 68,758 | 14,522 | 35,307 | 10,564 | 45,710 | 6,650 | 14,115 | ||||||
Newspaper and periodicals | 1,085 | 2,177 | 524 | 1,133 | 812 | 1,708 | 345 | 503 | ||||||
Office protection services | 15,900 | 36,786 | 14,907 | 30,516 | 15,809 | 26,898 | 6,298 | 10,591 | ||||||
Power and water | 61,591 | 160,455 | 61,789 | 136,892 | 58,343 | 134,642 | 44,642 | 120,995 | ||||||
Printing and stationery | 30,131 | 81,881 | 41,815 | 84,956 | 29,670 | 70,619 | 34,147 | 67,003 | ||||||
Publicity and promotion | 21,831 | 44,850 | 19,994 | 26,499 | 21,172 | 32,691 | 2,726 | 13,123 | ||||||
Repairs and maintenance | 45,429 | 179,319 | 55,105 | 149,334 | 44,168 | 159,885 | 44,637 | 110,388 | ||||||
Employee benefits | 162,235 | 365,580 | 174,171 | 329,205 | 146,434 | 160,833 | 66,554 | 130,408 | ||||||
Subscriptions and donations | 7,855 | 19,496 | 5,593 | 14,828 | 6,177 | 16,772 | 10,258 | 10,326 | ||||||
Training | 1,559 | 2,224 | 1,948 | 2,818 | 1,912 | 2,038 | 1,547 | 1,408 | ||||||
Transportation, Selling and travelling costs | 40,906 | 102,774 | 57,232 | 87,928 | 30,614 | 75,840 | 43,250 | 72,116 | ||||||
561,073 | 1,379,765 | 624,583 | 1,198,697 | 469,324 | 940,974 | 368,000 | 698,512 | |||||||
5 | Staff Gratuity | |||||||||||||
Employee benefit expenses | 1,564 | 3,121 | 9,145 | 16,777 | - | - | 5,604 | 9,707 | ||||||
1,564 | 3,121 | 9,145 | 16,777 | - | - | 5,604 | 9,707 | |||||||
6 | Depreciation & Amortisation | |||||||||||||
Amortisation of Intangible Assets | 5,972 | 16,540 | 5,567 | 11,540 | 5,972 | 16,540 | 5,567 | 11,540 | ||||||
Depreciation charge | 30,518 | 59,434 | 25,877 | 53,762 | 25,905 | 53,253 | 23,109 | 48,154 | ||||||
36,491 | 75,974 | 31,444 | 65,301 | 31,877 | 69,792 | 28,676 | 59,694 | |||||||
7 Finance Income/ Finance Costs | ||||||||||||||
Interest Received | 8 | 8 | 2 | 3 | 8 | 8 | 2 | 3 | ||||||
Finance Cost - Interest payment on lease & loans | 15,216 | 26,045 | 19,658 | 32,829 | 10,560 | 18,680 | 10,069 | 13,642 | ||||||
RED STAR EXPRESS PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30TH SEPTEMBER, 2024
The Group | |||||
Current Period | Comparative Period | ||||
Interim Period | Year to Date | Interim Period | Year to Date | ||
Jul'24-Sep'24 | Apr'24-Sep'24 | Jul'23-Sep'23 | Apr'23-Sep'23 | ||
N'000 | N'000 | N'000 | N'000 | ||
TAXATION | |||||
8.1 Statement of Comprehensive Income | |||||
Income tax | 56,019 | 102,291 | 38,874 | 75,203 | |
Education tax | 4,668 | 8,524 | 3,240 | 6,267 | |
Back duty charge | - | - | - | - | |
Nigerian Police trust fund levy | 5 | 9 | 3 | 6 | |
Capital gain tax | - | - | |||
- | |||||
60,693 | 110,823 | 42,117 | 81,476 | ||
Deferred tax (credit)/expense | - | ||||
Income tax | 60,693 | 110,823 | 42,117 | 81,476 | |
Sep-24 | Mar-24 | ||||
N'000 | N'000 | ||||
8.2 Statement o Financial Position | |||||
At the beginning of the year | 124,484 | 204,262 | |||
Charge for the year | 110,823 | 213,044 | |||
Back duty charge | - | ||||
Payments during the year | (161,279) | (292,822) | |||
- | |||||
At the end of the year | 74,029 | 124,484 | |||
.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).
The Company
Current Period | Comparative Period | |||
Interim Period | Year to Date | Interim Period | Year to Date | |
Jul'24-Sep'24 | Apr'24-Sep'24 | Jul'23-Sep'23 | Apr'23-Sep'23 | |
N'000 | N'000 | N'000 | N'000 | |
25,350 | 40,051 | 25,503 | 44,604 | |
2,112 | 3,338 | 2,125 | 3,717 | |
- | - | - | - | |
2 | 3 | 2 | 4 | |
- | - | - | ||
27,464 | 43,392 | 27,630 | 48,325 | |
- | ||||
27,464 | 43,392 | 27,630 | 48,325 | |
Sep-24 | Mar-24 | |||
N'000 | N'000 | |||
6,362 | 119,396 | |||
43,392 | 64,689 | |||
- | ||||
(17,694) | (177,723) | |||
32,060 | 6,362 | |||
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||
FOR THE PERIOD ENDED 30TH SEPTEMBER, 2024 | |||||||||||
9 | SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT. | ||||||||||
Group | 10010 | 10015 | 10075 | <<10025,10080 | 10030 | <<10050,10040 | <<10035,10045 | 10095 | |||
Plant & | Computer & | Furniture, | Capital Work | ||||||||
Cost | Land | Buildings | Motor Vehicles | Motor Cycles | Other | Fittings & | Total | ||||
Machinery | In Progress | ||||||||||
Equipment | Eqiup | ||||||||||
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | |||
At 1 April 2024 | 554,130 | 536,666 | 172,446 | 2,324,464 | 915,017 | 811,602 | 155,272 | 1,089,196 | 6,558,793 | ||
Addition | 26,000 | 15,258 | 49,282 | 12,558 | 186,426 | 289,523 | |||||
Transfers/Reclassification | - | ||||||||||
Disposals | - | ||||||||||
At 30th Sep 2024 | 554,130 | 536,666 | 172,446 | 2,350,464 | 930,274 | 860,884 | 167,829 | 1,275,622 | 6,848,316 | ||
Depreciation and impairment | |||||||||||
At 1 April 2024 | - | 192,371 | 106,708 | 1,438,876 | 787,047 | 651,384 | 131,889 | - | 3,308,275 | ||
Depreciation charge for the year | - | 7,201 | 5,429 | 133,079 | 33,292 | 43,949 | 6,406 | - | 229,358 | ||
Disposals | - | - | - | - | - | - | - | - | - | ||
Adjustment | - | - | - | - | - | - | - | - | - | ||
At 30th Sep 2024 | - | 199,573 | 112,137 | 1,571,955 | 820,339 | 695,333 | 138,295 | - | 3,537,633 | ||
Net book value | |||||||||||
At 30th Sep 2024 | 554,130 | 337,093 | 60,309 | 778,509 | 109,935 | 165,551 | 29,534 | 1,275,622 | 3,310,683 | ||
At 31 March 2024 | 554,130 | 344,295 | 65,738 | 885,589 | 127,970 | 160,218 | 23,383 | 1,089,196 | 3,250,518 | ||
SCHEDULE OF PROPERTY PLANT AND EQUIPMENT. | |||||||||||
Company | 10110 | 10115 | 10175 | <<10125,10180 | 10130 | <<10150,10140 | <<10135,10145 | 10195 | |||
Plant & | Computer & | Furniture, | Capital Work | ||||||||
Cost | Land | Buildings | Motor Vehicles | Motor Cycles | Other | Fittings & | Total | ||||
Machinery | In Progress | ||||||||||
Equipment | Eqiupment | ||||||||||
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | |||
At 1 April 2024 | 221,844 | 375,978 | 157,848 | 805,953 | 198,644 | 740,702 | 114,189 | 893,081 | 3,508,239 | ||
Addition | - | - | - | - | 3,225 | 41,411 | 11,769 | 166,588 | 222,993 | ||
Transfers/Adj | - | - | - | - | - | - | - | - | - | ||
Disposal | - | - | - | - | - | - | - | - | |||
At 30th Sep 2024 | 221,844 | 375,978 | 157,848 | 805,953 | 201,869 | 782,113 | 125,958 | 1,059,669 | 3,731,233 | ||
Depreciation and impairment | |||||||||||
At 1 April 2024 | - | 151,536 | 94,444 | 562,790 | 173,787 | 598,935 | 96,574 | - | 1,678,066 | ||
Depreciation charge for the year | - | 5,288 | 4,793 | 45,093 | 9,079 | 38,590 | 5,068 | - | 107,910 | ||
Disposals | - | - | - | - | - | - | - | ||||
Adjustment | - | ||||||||||
At 30th Sep 2024 | - | 156,824 | 99,237 | 607,882 | 182,866 | 637,525 | 101,642 | - | 1,785,977 | ||
Net book value | |||||||||||
At 30th Sep 2024 | 221,844 | 219,154 | 58,611 | 198,071 | 19,003 | 144,588 | 24,316 | 1,059,669 | 1,945,257 | ||
At 31 March 2024 | 221,844 | 224,442 | 63,404 | 243,164 | 24,857 | 141,767 | 17,615 | 893,081 | 1,830,174 | ||
10 | INTANGIBLE ASSETS | 10060 | |||||||||
Jan-00 | 10160 | ||||||||||
THE GROUP | THE COMPANY | ||||||||||
N'000 | N'000 | ||||||||||
At 1 April 2024 | 265,723 | 262,823 | 2,900 | ||||||||
Addition | |||||||||||
Disposals | - | - | |||||||||
Adjustment | - | - | |||||||||
At 30th Sep 2024 | 265,723 | 262,823 | 2,900 | ||||||||
Depreciation and impairment | |||||||||||
At 1 April 2024 | 255,754 | 252,854 | 170,419 | 168,653 | |||||||
Depreciation charge for the year | 4,838 | 4,838 | - | ||||||||
Disposals | - | - | |||||||||
Adjustment | - | - | |||||||||
At 30th Sep 2024 | 260,592 | 257,692 | |||||||||
Net book value | |||||||||||
At 30th Sep 2024 | 5,130 | 5,130 | |||||||||
At 31 March 2024 | 9,968 | 9,968 | |||||||||
The Intangible assets represent investments on Computer Software and Software Licenses. This is to be amortised to profit or loss over a period of three years when the application is | |||||||||||
installed and put into use. |
RED STAR EXPRESS PLC
2022001 | 2022001 | |
2024001 | 2024001 | |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | 2024/006 | 2024/006 |
FOR THE PERIOD ENDED 30TH SEPTEMBER, 2024
The Group | The Company | ||||
2024 | 2024 | 2024 | 2024 | ||
SEP | MAR | SEP | MAR | ||
N'000 | N'000 | N'000 | N'000 | ||
11 RIGHT OF USE ASSET | |||||
Opening balance | 104,165 | 777,575 | 96,759 | 290,399 | |
Additions in the year | 82,389 | 58,998 | 82,389 | 52,280 | |
Disposal | (75,381) | (75,381) | |||
Depreciation Charge for the year | (31,071) | (657,027) | (31,071) | (170,539) | |
As at 31st March 2023 | 155,483 | 104,165 | 148,077 | 96,759 | |
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 | 2,174 | 866 | 2,174 | 866 | |
Fair Value (loss)/Gain | - | 1,308 | - | 1,308 | |
Closing Value | 2,174 | 2,174 | 2,174 | 2,174 | |
11.2 Unquoted investments at cost:
336,678 Ordinary shares of 50 Kobo each in Fortune International Bank Plc | 1,793 | 1,793 | 1,793 | 1,793 | |||
Provision for diminution in investment | (1,793) | (1,793) | (1,793) | (1,793) | |||
- | - | - | - | ||||
- | - | - | - | ||||
Investment in subsidiaries: | % Holding | ||||||
Investment in Red Star Freight Limited | 100 | 354,000 | 354,000 | ||||
Investment in Red Star Supports Services Limited | 100 | 49,065 | 49,065 | ||||
Investment in Red Star Logistics Limited | 100 | 750,000 | 750,000 | ||||
1,153,065 | 1,153,065 | ||||||
12 | STOCKS | ||||||
Stationeries and packaging materials | 60,933 | 41,273 | 54,493 | 34,483 | |||
Fuel and oil | 28,625 | 26,107 | 27,425 | 25,538 | |||
Spare parts | 4,490 | 3,258 | 4,289 | 3,190 | |||
Provision for obsolete stock | - | - | - | - | |||
94,048 | 70,638 | 86,206 | 63,211 | ||||
13 | TRADE DEBTORS | ||||||
Trade debtors | 2,750,042 | 2,557,078 | 1,236,089 | 1,251,601 | |||
Provision for doubtful debts | (140,810) | (140,810) | (90,046) | (90,046) | |||
2,609,232 | 2,416,268 | 1,146,043 | 1,161,555 | ||||
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