Group Financials |
RED STAR EXPRESS PLC |
1ST QUARTER UNAUDITED |
30TH SEPTEMBER 2025 |
RED STAR EXPRESS PLC | |||||
UNAUDITED FINANCIAL HIGHLIGHTS | |||||
FOR THE PERIOD ENDED 30TH SEPTEMBER, 2025 | |||||
MAJOR STATEMENT OF COMPREHENSIVE INCOME ITEMS | |||||
THE GROUP | |||||
Current Period | Comparative Period | ||||
Interim Period | Year to Date | Interim Period | Year to Date | ||
JUL'25-SEP'25 | APR'25-SEP'25 | JUL'24-SEP'24 | APR'24-SEP'24 | ||
N'000 | N'000 | N'000 | N'000 | ||
TURNOVER | 5,897,268 | 11,188,756 | 5,162,199 | 9,737,744 | |
PROFIT BEFORE TAX | 371,274 | 675,098 | 186,730 | 340,967 | |
PROFIT AFTER TAX | 252,448 | 459,050 | 126,037 | 230,144 | |
THE COMPANY | |||||
Current Period | Comparative Period | ||||
Interim Period | Year to Date | Interim Period | Year to Date | ||
JUL'25-SEP'25 | APR'25-SEP'25 | JUL'24-SEP'24 | APR'24-SEP'24 | ||
N'000 | N'000 | N'000 | N'000 | ||
TURNOVER | 2,717,407 | 5,276,015 | 2,517,628 | 4,755,066 | |
PROFIT BEFORE TAX | 137,794 | 266,606 | 84,500 | 133,505 | |
PROFIT AFTER TAX | 93,693 | 181,075 | 57,036 | 90,113 | |
MAJOR STATEMENT OF FINANCIAL POSITION ITEMS | |||||
THE GROUP | THE COMPANY | ||||
Sep-25 | Mar-25 | Sep-25 | Mar-25 | ||
N' 000 | N' 000 | N' 000 | N' 000 | ||
TOTAL ASSETS | 10,438,219 | 10,278,935 | 7,350,833 | 7,247,043 | |
SHAREHOLDERS FUND | 5,007,569 | 4,882,567 | 3,436,781 | 3,589,753 | |
SHARE CAPITAL | 477,211 | 477,211 | 477,211 | 477,211 | |
SHARE PREMIUM | 1,515,600 | 1,515,600 | 1,515,600 | 1,515,600 | |
REVENUE RESERVE | 3,011,936 | 2,886,934 | 1,441,147 | 1,594,120 | |
INFORMATION PER 50 KOBO ORDINARY SHARE | |||||
THE GROUP | THE COMPANY | ||||
Sep-25 | Sep-24 | Sep-25 | Sep-24 | ||
NO OF ORDINARY SHARES | 954,423 | 954,423 | 954,423 | 954,423 | |
NET ASSET (N) | 5,007,570 | 4,646,280 | 3,436,782 | 3,472,074 | |
EARNINGS PER SHARE (KOBO) | 48 | 24 | 19 | 9 | |
NET ASSET PER SHARE(KOBO) | 525 | 452 | 360 | 372 | |
UNAUDITED CONSOLIDATED & SEPARATE STATEMENT OF COMPREHENSIVE INCOME
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'25-SEP'25 | APR'25-SEP'25 | JUL'24-SEP'24 | APR'24-SEP'24 | JUL'25-SEP'25 | APR'25-SEP'25 | JUL'24-SEP'24 | APR'24-SEP'24 |
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 |
5,897,268 | 11,188,756 | 5,162,199 | 9,737,744 | 2,717,407 | 5,276,015 | 2,517,628 | 4,755,066 |
(4,743,393) | (8,796,958) | (4,381,155) | (7,940,518) | (2,000,919) | (3,782,661) | (1,941,397) | (3,620,763) |
1,153,875 | 2,391,798 | 781,043 | 1,797,225 | 716,488 | 1,493,354 | 576,231 | 1,134,303 |
76,341 | 81,220 | 20,023 | 28,641 | 57,636 | 57,636 | 20,023 | 28,641 |
1,230,216 | 2,473,018 | 801,066 | 1,825,866 | 774,123 | 1,550,990 | 596,253 | 1,162,944 |
(829,770) | (1,700,655) | (561,073) | (1,379,766) | (610,741) | (1,194,812) | (469,324) | (940,974) |
(106) | (106) | (1,564) | (3,121) | - | - | - | - |
(63,752) | (127,728) | (36,491) | (75,975) | (60,275) | (120,141) | (31,877) | (69,792) |
- | - | - | - | - | - | - | |
- | - | - | - | - | - | - | - |
(893,628) | (1,828,489) | (599,128) | (1,458,862) | (671,016) | (1,314,953) | (501,200) | (1,010,766) |
44,889 | 44,900 | 8 | 8 | 44,889 | 44,900 | 8 | 8 |
(10,203) | (14,331) | (15,216) | (26,045) | (10,203) | (14,331) | (10,560) | (18,680) |
371,274 | 675,098 | 186,730 | 340,967 | 137,794 | 266,606 | 84,500 | 133,505 |
- | - | 0 | - | ||||
- | - | - | - | - | - | - | - |
371,274 | 675,098 | 186,730 | 340,967 | 137,794 | 266,606 | 84,500 | 133,505 |
(118,826) | (216,048) | (60,693) | (110,823) | (44,101) | (85,531) | (27,464) | (43,392) |
252,448 | 459,050 | 126,037 | 230,144 | 93,693 | 181,075 | 57,036 | 90,113 |
252,448 | 459,050 | 126,037 | 230,144 | 93,693 | 181,075 | 57,036 | 90,113 |
- | - | - | - | - | - | - | - |
252,448 | 459,050 | 126,037 | 230,144 | 93,693 | 181,075 | 57,036 | 90,113 |
48 | 24 | 19 | 9 | ||||
954,423 | 954,423 | 954,423 | 954,423 | ||||
FOR THE PERIOD ENDED 30TH SEPTEMBER, 2025
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)/reversal on financial assets
Effect of change in estimate useful life of PPE
Total operating Expences
Finance Income 7
Finance Costs 7
Profit Before interest and Tax
Interest and similar charges
Provision for diminution in investments
Profit Before Income Tax
Income Tax 8.1
Profit 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) 30
Diluted earnings per share (kobo)
Number of ordinary shares in
issue 30
RED STAR EXPRESS PLCUNAUDITED CONSOLIDATED & SEPARATE STATEMENT
OF FINANCIAL POSITION
AS AT 30TH SEPTEMBER, 2025
The Group
The Company
Note | Sep-25 | Mar-25 | |
N'000 | |||
ASSETS | |||
Non Current Assets | |||
Property Plant and |Equipments | 9 | 2,919,926 | 2,811,342 |
Intangible Assets | 10 | 133,045 | 154,627 |
Right Of Use of Assets | 11 | 232,223 | 145,317 |
Long Term Prepayments | 15 | 37,650 | 55,518 |
Equity instrument at fair value through OCI | 11.1 | 3,357 | 3,357 |
Investment in subsidiary | 11.2 | - | - |
Employee Benefit asset | 133,866 | 155,076 | |
Total Non Current Assets | 3,460,067 | 3,325,237 | |
Current Assets | |||
Inventories | 12 | 93,491 | 73,141 |
Trade debtors | 13 | 3,123,456 | 3,273,986 |
Other receivables | 14 | 1,793,163 | 1,915,624 |
Current prepayments | 15 | 555,421 | 322,959 |
Due from related company | 29 | ||
Cash and cash equivalents | 16 | 1,412,621 | 1,367,989 |
Total Current Assets | 6,978,152 | 6,953,699 | |
TOTAL ASSETS | 10,438,219 | 10,278,935 | |
EQUITY AND LIABILITIES | |||
LIABILITIES | |||
Non-current liabilities | |||
Deferred taxation | 18 | 216,632 | 216,632 |
Provision for liabilities and charges | |||
Finance Lease Obligation | 21 | 10,274 | 13,640 |
Interest bearing loans and borrowings | - | - | |
Present value of long service awards | 1,512 | 1,512 | |
Total Non Current Liabilities | 228,418 | 231,784 | |
Current liabilities | |||
Trade creditors | 1,944,571 | 1,742,769 | |
Other creditors and accruals | 17 | 2,955,320 | 2,979,163 |
Due to related companies | 29 | - | |
Finance Lease Obligation | 21 | 84,724 | 45,497 |
Income tax liabilities | 8.2 | 217,616 | 283,848 |
Interest bearing loans and borrowings | - | 113,306 | |
Total Current Liabilities | 5,202,231 | 5,164,583 | |
TOTAL LIABILITIES | 5,430,649 | 5,396,367 | |
Equity | |||
Share capital | 19 | 477,211 | 477,211 |
Share premium | 1,515,600 | 1,515,600 | |
Retained Earnings | 3,011,936 | 2,886,934 | |
Fair value of equity instrument designated at FVOCI | 2,822 | 2,822 | |
Total Equity | 5,007,569 | 4,882,567 | |
TOTAL EQUITY AND LIABILITIES | 10,438,219 | 10,278,935 | |
Sep-25 | Mar-25 |
N'000 | N'000 |
1,765,459 | 1,737,882 |
133,045 | 154,627 |
220,723 | 133,817 |
8,496 | 7,870 |
3,357 | 3,357 |
1,153,065 | 1,153,065 |
119,512 | 155,076 |
3,403,657 | 3,345,694 |
82,832 | 61,796 |
1,709,812 | 1,846,934 |
475,436 | 452,308 |
347,710 | 113,498 |
387,760 | 548,757 |
943,627 | 878,056 |
3,947,176 | 3,901,349 |
7,350,833 | 7,247,043 |
122,399 | 122,399 |
10,274 | 13,640 |
- | - |
1,512 | 1,512 |
134,185 | 137,551 |
1,695,815 | 1,464,540 |
1,939,305 | 1,743,386 |
- | 44,036 |
59,137 | 45,497 |
85,609 | 108,974 |
- | 113,306 |
3,779,866 | 3,519,739 |
3,914,051 | 3,657,290 |
477,211 | 477,211 |
1,515,600 | 1,515,600 |
1,441,147 | 1,594,120 |
2,822 | 2,822 |
3,436,781 | 3,589,753 |
7,350,833 | 7,247,043 |
The consolidated and separate financial statements were approved by the Board on the 23rd of October, 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
RED STAR EXPRESS PLC | ||||||||||||
UNAUDITED CONSOLIDATED & SEPARATE STATEMENT OF CHANGES IN EQUITY | ||||||||||||
FOR THE PERIOD ENDED 30TH SEPTEMBER, 2025 | ||||||||||||
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 1 April 2025 | 477,211 | 1,515,600 | 2,886,934 | 2,822 | 4,882,567 | As at 1 April 2025 | 477,211 | 1,515,600 | 1,594,120 | 2,822 | 3,589,754 | |
Profit for the year | 459,050 | 459,050 | Profit for the year | 181,075 | 181,075 | |||||||
Other comprehensive income: | - | Other comprehensive income: | - | |||||||||
Re-measurement gain/(loss) on | Re-measurement gain/(loss) on | |||||||||||
defined benefit plan | - | defined benefit plan | - | |||||||||
Dividend | (334,048) | (334,048) | Dividend | (334,048) | (334,048) | |||||||
Addition in the year | - | - | - | Addition in the year | - | - | - | |||||
As at 30th September 2025 | 477,211 | 1,515,600 | 3,011,936 | 2,822 | 5,007,568 | As at 30th September 2025 | 477,211 | 1,515,600 | 1,441,147 | 2,822 | 3,436,781 | |
Consolidated Statement of Changes in Equity | Consolidated Statement of Changes in Equity | |||||||||||
For the year ended 31 March 2025 | For the year ended 31 March 2025 | |||||||||||
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 1 April 2024 | 477,212 | 1,515,600 | 2,679,378 | 1,639 | 4,673,828 | As at 1 April 2024 | 477,212 | 1,515,600 | 1,645,205 | 1,639 | 3,639,655 | |
Profit for the year | 546,521 | 546,521 | Profit for the year | 287,880 | 287,880 | |||||||
Other comprehensive income: | - | Other comprehensive income: | - | |||||||||
Other comprehensive income | (81,271) | 1,183 | (80,088) | Other comprehensive income | (81,271) | 1,183 | (80,088) | |||||
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 | (257,694) | (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 | |
Notes to the Accounts (Statement Of Comprehensive Income) | ||||||||||||
FOR THE PERIOD ENDED 30TH SEPTEMBER, 2025 | ||||||||||||
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'25-Sep'25 | Apr'25-Sep'25 | Jul'24-Sep'24 | Apr'24-Sep'24 | Jul'25-Sep'25 | Apr'25-Sep'25 | Jul'24-Sep'24 | Apr'24-Sep'24 | |||||
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | |||||
Courier | 2,717,407 | 5,276,015 | 2,517,628 | 4,755,066 | 2,717,407 | 5,276,015 | 2,517,628 | 4,755,066 | ||||
Logistics | 1,055,395 | 1,996,517 | 1,029,952 | 1,919,916 | ||||||||
Freight | 1,381,716 | 2,458,952 | 888,317 | 1,628,485 | ||||||||
Support Service | 742,750 | 1,457,272 | 726,301 | 1,434,278 | ||||||||
5,897,268 | 11,188,756 | 5,162,199 | 9,737,744 | 2,717,407 | 5,276,015 | 2,517,628 | 4,755,066 | |||||
2 | OTHER OPERATING INCOME | |||||||||||
a. | Other Income | |||||||||||
Profit on Disposals of property, plant & equipment | 18,494 | 18,494 | - | - | - | - | - | |||||
Other Sundry income | 39,369 | 44,248 | 20,023 | 28,641 | 57,636 | 39,158 | 20,023 | 28,641 | ||||
Exchange gain | 18,477 | 18,477 | - | 18,477 | ||||||||
76,341 | 81,220 | 20,023 | 28,641 | 57,636 | 57,636 | 20,023 | 28,641 | |||||
OTHER OPERATING INCOME | 76,341 | 81,220 | 20,023 | 28,641 | 57,636 | 57,636 | 20,023 | 28,641 | ||||
3 | COST OF SALES | |||||||||||
Staff cost | 690,720 | 1,384,440 | 683,407 | 1,255,089 | 417,362 | 755,629 | 282,317 | 558,296 | ||||
Pension | 27,873 | 53,543 | 40,706 | 57,881 | 17,599 | 32,514 | 16,822 | 30,314 | ||||
insurance | 44,293 | 87,913 | 28,647 | 67,439 | 2,119 | 8,921 | 3,646 | 9,645 | ||||
Medical | 96,686 | 166,517 | 109,467 | 168,758 | 41,206 | 76,526 | 42,257 | 84,816 | ||||
Training | 10,397 | 37,789 | 16,237 | 15,224 | 10,397 | 17,069 | 3,649 | 11,153 | ||||
Freight delivery charges | 1,201,101 | 2,024,942 | 1,015,975 | 1,858,202 | 827,716 | 1,285,569 | 766,194 | 1,324,347 | ||||
Domestic freight & Local deliveries | 407,454 | 912,842 | 535,468 | 886,196 | 376,394 | 685,876 | 310,304 | 601,924 | ||||
Vehicle running costs | 817,587 | 1,879,801 | 949,713 | 1,796,605 | 194,026 | 490,281 | 214,569 | 454,031 | ||||
Agent costs | 118,450 | 229,034 | 76,174 | 214,294 | 17,824 | 127,575 | 84,932 | 161,793 | ||||
Local transport & shuttle | 588,046 | 896,356 | 473,027 | 834,178 | 6,372 | 141,832 | 79,487 | 150,224 | ||||
Clearing and documentation charges | 356,699 | 504,523 | 176,682 | 286,305 | 2,946 | 5,574 | 1,234 | 17,425 | ||||
Projects and Consolidation expenses | 95,918 | 142,535 | 48,034 | 87,966 | - | - | ||||||
Rents ant rates of outlets | 54,830 | 117,160 | 55,172 | 109,690 | 19,715 | 42,963 | 20,377 | 41,015 | ||||
Depreciation | 217,687 | 326,106 | 162,081 | 283,014 | 53,389 | 86,148 | 33,461 | 62,843 | ||||
Direct Operational Costs | 15,652 | 33,457 | 10,366 | 19,676 | 13,854 | 26,184 | 82,150 | 112,938 | ||||
4,743,393 | 8,796,958 | 4,381,155 | 7,940,518 | 2,000,919 | 3,782,661 | 1,941,397 | 3,620,763 | |||||
4 | Administrative & Other Operating Expenses | |||||||||||
Annual general meeting expenses | 15,297 | 41,867 | 14,574 | 28,390 | 6,848 | 29,348 | 7,859 | 19,379 | ||||
Audit fee | 14,000 | 26,877 | 9,617 | 25,901 | 16,125 | 24,127 | 4,125 | 15,534 | ||||
Bank Charges | 26,541 | 42,230 | 10,216 | 26,045 | 18,194 | 28,939 | 7,560 | 13,680 | ||||
Communication and telephone | 17,612 | 53,391 | 23,509 | 46,483 | 11,181 | 49,303 | 17,277 | 33,869 | ||||
Credit loss expense of financial assets | 32,456 | 70,583 | 30,000 | 60,000 | 12,467 | 55,083 | 15,000 | 30,000 | ||||
Hotel accommodation and entertainment | 44,881 | 86,283 | 26,891 | 53,266 | 36,756 | 74,495 | 25,852 | 44,087 | ||||
Insurance | 11,073 | 21,978 | 1,771 | 4,317 | 1,230 | 2,230 | 261 | 2,551 | ||||
Legal and professional charges | 45,472 | 83,479 | 33,607 | 71,063 | 39,900 | 81,215 | 25,716 | 54,237 | ||||
Medical | 49,171 | 81,629 | 22,367 | 68,758 | 35,302 | 64,131 | 10,564 | 45,710 | ||||
Newspaper and periodicals | 1,014 | 2,092 | 1,085 | 2,177 | 1,231 | 1,414 | 812 | 1,708 | ||||
Power and water | 121,755 | 215,330 | 61,591 | 160,455 | 87,397 | 162,516 | 58,343 | 134,642 | ||||
Printing and stationery | 21,801 | 82,301 | 30,131 | 81,881 | 39,409 | 75,864 | 29,670 | 70,619 | ||||
Publicity and promotion | 43,648 | 66,196 | 21,831 | 44,850 | 30,382 | 44,337 | 21,172 | 32,691 | ||||
Repairs and maintenance | 107,404 | 220,562 | 45,429 | 179,319 | 50,598 | 164,789 | 44,168 | 159,885 | ||||
Security expenses | 28,368 | 48,226 | 15,900 | 36,786 | 18,318 | 36,636 | 15,809 | 26,898 | ||||
Employee benefits | 139,179 | 386,110 | 162,235 | 365,580 | 137,543 | 188,907 | 146,434 | 160,833 | ||||
Subscriptions and donations | 12,349 | 24,698 | 7,855 | 19,496 | 10,599 | 21,198 | 6,177 | 16,772 | ||||
Training | 2,599 | 9,447 | 1,559 | 2,224 | 2,599 | 4,267 | 1,912 | 2,038 | ||||
Transportation, Selling and travelling costs | 95,150 | 137,376 | 40,906 | 102,774 | 54,661 | 86,011 | 30,614 | 75,840 | ||||
- | ||||||||||||
829,770 | 1,700,655 | 561,073 | 1,379,765 | 610,741 | 1,194,812 | 469,324 | 940,974 | |||||
469,324 | 940,974 | |||||||||||
5 | Staff Gratuity | |||||||||||
Employee benefit expenses | 106 | 106 | 1,564 | 3,121 | - | - | - | 0 | ||||
106 | 106 | 1,564 | 3,121 | - | - | - | 0 | |||||
6 | Depreciation & Amortisation | |||||||||||
Amortisation of Intangible Assets | 15,320 | 30,306 | 5,972 | 16,540 | 15,320 | 30,306 | 5,972 | 16,540 | ||||
Depreciation charge | 48,432 | 97,421 | 30,518 | 59,434 | 44,955 | 89,835 | 25,905 | 53,253 | ||||
63,752 | 127,728 | 36,491 | 75,974 | 60,275 | 120,141 | 31,877 | 69,792 | |||||
7 | Finance Income/ Finance Costs | |||||||||||
Interest Received | 44,889 | 44,900 | 8 | 8 | 44,889 | 44,900 | 8 | 8 | ||||
Finance Cost - Interest payment on lease & loans | 10,203 | 14,331 | 15,216 | 26,045 | 10,203 | 14,331 | 10,560 | 18,680 | ||||
CASH FLOWS
UNAUDITED CONSOLIDATED AND SEPARATE STATEMENT OF FOR THE PERIOD ENDED 30TH SEPTEMBER, 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
Sep-25 | Sep-24 | Sep-25 | Sep-24 | |
N'000 | N'000 | N'000 | N'000 | |
10,147,138 | 10,128,914 | 5,192,214 | 5,035,475 | |
(9,047,699) | (9,405,638) | (4,303,629) | (4,276,395) | |
1,099,439 | 723,276 | 888,585 | 759,080 | |
(348,285) | (289,523) | (125,030) | (222,993) | |
(11,040) | (48,383) | (11,040) | - | |
(123,242) | (82,389) | (123,242) | (82,389) | |
44,900 | 8 | 44,900 | 8 | |
(437,668) | (420,287) | (214,413) | (305,374) | |
(334,048) | (257,694) | (334,048) | (257,694) | |
(268,106) | (176,005) | (259,568) | (89,843) | |
(14,985) | (51,681) | (14,985) | (32,504) | |
(617,139) | (485,379) | (608,601) | (380,041) | |
` | ||||
44,632 | (182,391) | 65,571 | 73,664 | |
1,367,989 | 1,119,291 | 878,056 | 571,191 | |
1,412,621 | 936,900 | 943,627 | 644,855 | |
Net cash provided by investing activities Cash flows from financing activities:
Dividend paid
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 | ||||||||||||
FOR THE PERIOD ENDED 30TH SEPTEMBER, 2025 | ||||||||||||
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'25-Sep'25 | Apr'25-Sep'25 | Jul'24-Sep'24 | Apr'24-Sep'24 | Jul'25-Sep'25 | Apr'25-Sep'25 | Jul'24-Sep'24 | Apr'24-Sep'24 | |||||
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | |||||
TAXATION | ||||||||||||
8.1 | Statement of Comprehensive Income | |||||||||||
Income tax | 111,382 | 202,529 | 56,019 | 102,291 | 41,338 | 79,982 | 25,350 | 40,051 | ||||
Education tax | 7,425 | 13,502 | 4,668 | 8,524 | 2,756 | 6,665 | 2,112 | 3,338 | ||||
Back duty charge | - | - | - | - | - | - | - | - | ||||
Nigerian Police trust fund levy | 19 | 17 | 5 | 9 | 7 | 7 | 2 | 3 | ||||
Capital gain tax | - | - | - | - | - | - | ||||||
- | ||||||||||||
118,826 | 216,048 | 60,693 | 110,823 | 44,101 | 86,654 | 27,464 | 43,392 | |||||
Deferred tax (credit)/expense | - | - | - | - | ||||||||
118,826 | 216,048 | 60,693 | 110,823 | 44,101 | 85,531 | 27,464 | 43,392 | |||||
Income tax | 118,826 | 216,048 | 60,693 | 110,823 | 44,101 | 85,531 | 27,464 | 43,392 | ||||
Sep-25 | Mar-25 | Sep-25 | Mar-25 | |||||||||
N'000 | N'000 | N'000 | N'000 | |||||||||
8.2 | Statement o Financial Position | |||||||||||
At the beginning of the year | 283,848 | 124,484 | 108,974 | 6,362 | ||||||||
Charge for the year | 216,048 | 358,138 | 85,531 | 198,434 | ||||||||
Back duty charge | - | - | - | |||||||||
Payments during the year | (282,281) | (198,774) | (108,896) | (95,822) | ||||||||
At the end of the year | 217,616 | 283,848 | 85,609 | 108,974 | ||||||||
.3 | ||||||||||||
RED STAR EXPRESS PLC | |||||||||
GROUP PPE MOVEMENT SCHEDULE AS AT 30.09.2025 | |||||||||
Land | Buildings | Motor vehicles | Motor Cycle | Computer & Other IT Equipment | Plant & Machinery | Furniture & Fittings | Capital Work in-progress | Total | |
Cost or Valuation: | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 |
As at 1 April 2025 | 414,407 | 1,165,693 | 2,644,042 | 872,209 | 888,847 | 344,203 | 208,779 | 121,138 | 6,659,318 |
Additions | - | 36,650 | - | 173,580 | 138,055 | - | - | - | 348,285 |
Disposals | - | (137,425) | - | - | (71,954) | (8,334) | (1,031) | (218,744) | |
Transfers | - | - | - | - | - | - | - | - | - |
As at 30th September | |||||||||
2025 | 414,407 | 1,202,343 | 2,506,617 | 1,045,789 | 1,026,902 | 272,249 | 200,445 | 120,107 | 6,788,859 |
Depreciation: | |||||||||
As at 1 April 2025 | 212,191 | 1,767,021 | 812,630 | 719,236 | 175,221 | 161,677 | 3,847,976 | ||
Charge for the Year | 16,309 | 110,722 | 36,781 | 38,334 | 22,387 | 11,907 | 236,441 | ||
Disposals | (135,625) | (71,538) | (8,320) | (215,483) | |||||
As at 30th September | |||||||||
2025 | - | 228,500 | 1,742,118 | 849,411 | 757,570 | 126,070 | 165,264 | - | 3,868,934 |
Net Book Value: | |||||||||
As at 30th September | |||||||||
2025 | 414,407 | 973,843 | 764,498 | 196,378 | 269,332 | 146,180 | 35,181 | 120,107 | 2,919,926 |
As at 1 April 2025 | 414,407 | 953,502 | 877,021 | 59,579 | 169,611 | 168,982 | 47,102 | 121,138 | 2,811,342 |
RED STAR EXPRESS PLC | |||||||||
PPE MOVEMENT SCHEDULE AS AT 30.09.2025 | |||||||||
Land | Buildings | Motor vehicles | Motor Cycle | Computer & Other IT Equipment | Plant & Machinery | Furniture & Fittings | Capital Work in-progress | Total | |
Cost or Valuation: | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 |
As at 1 April 2025 | 221,844 | 1,015,005 | 810,254 | 207,083 | 860,259 | 296,096 | 140,947 | 88,052 | 3,639,539 |
Additions | - | 24,000 | 10,646 | 10,100 | 57,356 | - | 9,538 | 13,391 | 125,030 |
Disposals | - | - | - | - | (38,444) | (38,444) | |||
Transfers | - | - | - | - | - | - | |||
As at 30th September | |||||||||
2025 | 221,844 | 1,039,005 | 820,900 | 217,183 | 917,615 | 257,653 | 150,485 | 101,443 | 3,726,126 |
Depreciation: | |||||||||
As at 1 April 2025 | 166,600 | 642,715 | 186,414 | 679,475 | 119,070 | 107,381 | - | 1,901,654 | |
Charge for the Year | 14,262 | 39,946 | 6,039 | 20,551 | 7,322 | 6,313 | - | 94,432 | |
Disposals | - | - | - | - | - | (35,420) | - | - | (35,420) |
As at 30th September | |||||||||
2025 | - | 180,862 | 682,661 | 192,453 | 700,026 | 90,972 | 113,694 | - | 1,960,666 |
Net Book Value: | |||||||||
As at 30th September | |||||||||
2025 | 221,844 | 858,143 | 138,239 | 24,730 | 217,589 | 166,681 | 36,791 | 101,443 | 1,765,459 |
As at 1 April 2025 | 221,844 | 848,405 | 167,539 | 20,669 | 180,784 | 177,026 | 33,566 | 88,052 | 1,737,882 |
INTANGIBLE ASSETS MOVEMENT SCHEDULE | ||||
GROUP COMPANY Total | ||||
Cost or Valuation: | N'000 N'000 N'000 | |||
As at 1 April 2025 | 434,388 431,488 865,876 | |||
Additions | 11,040 11,040 22,080 | |||
Disposals | - - | |||
Transfers | - - | |||
As at 30th September | ||||
2025 | 445,428 442,528 - 887,956 | |||
Amortisaton: | ||||
As at 1 April 2025 | (279,761) (276,861) (556,622) | |||
Charge for the Year | (30,306) (30,306) (60,613) | |||
Disposals | - - | |||
As at 30th September | ||||
2025 | (310,067) (307,167) - (617,235) | |||
Net Book Value: | ||||
As at 30th September | ||||
2025 | 135,361 135,361 - 270,721 | |||
As at 1 April 2025 | 154,627 | 154,627 | - | 9,968,286 |
RED STAR EXPRESS PLC | |||||||
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | |||||||
FOR THE PERIOD ENDED 30TH SEPTEMBER, 2025 | |||||||
The Group | The Company | ||||||
2025 | 2025 | 2025 | 2025 | ||||
SEPT | MAR | SEPT | 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 | 123,242 | 74,321 | 123,242 | 51,321 | |||
Disposal | 48,423 | 48,423 | |||||
Depreciation Charge for the year | (36,336) | (738,619) | (36,336) | (233,225) | |||
As at 31st March 2024 | 232,223 | 145,317 | 220,723 | 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 | 3,357 | 2,174 | 3,357 | 2,174 | |||
Fair Value (loss)/Gain | (0) | 1,183 | (0) | 1,183 | |||
Closing Value | 3,357 | 3,357 | 3,357 | 3,357 | |||
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 | 46,667 | 41,263 | 36,645 | 30,555 | |||
Fuel and oil | 44,787 | 29,027 | 44,217 | 28,458 | |||
Spare parts | 2,037 | 2,851 | 1,969 | 2,783 | |||
Provision for obsolete stock | - | - | - | - | |||
93,491 | 73,141 | 82,832 | 61,796 | ||||
13 | TRADE DEBTORS | ||||||
Trade debtors | 3,524,187 | 3,674,717 | 2,099,203 | 2,236,325 | |||
Provision for doubtful debts | (400,731) | (400,731) | (389,391) | (389,391) | |||
3,123,456 | 3,273,986 | 1,709,812 | 1,846,934 | ||||
RED STAR EXPRESS PLC
2025 | 2025 |
SEPT | MAR |
N'000 | N'000 |
1,178,741 | 1,157,809 |
12,672 | 66,915 |
601,751 | 690,900 |
1,793,163 | 1,915,624 |
37,650 | 55,518 |
555,421 | 322,959 |
593,071 | 378,477 |
1,549 | 1,230 |
30,678 | 31,203 |
778,551 | 891,719 |
601,843 | 443,837 |
1,412,621 | 1,367,989 |
- | - |
1,412,621 | 1,367,989 |
1,403,885 | 1,280,217 |
575,835 | 637,087 |
136,178 | 128,666 |
330,564 | 352,078 |
83,306 | 90,861 |
142,309 | 142,309 |
269,943 | 325,044 |
13,300 | 22,901 |
2,955,320 | 2,979,163 |
104,280 | 60,238 |
193,866 | 370,845 |
(214,840) | (326,803) |
83,306 | 104,280 |
(216,632) | (236,605) |
(20,056) | |
- | 40,029 |
(216,632) | (216,632) |
2025 | 2025 |
SEPT | MAR |
N'000 | N'000 |
316,865 | 202,434 |
7,430 | 42,187 |
151,141 | 207,687 |
475,436 | 452,308 |
8,496 | 7,870 |
347,710 | 113,498 |
356,206 | 121,368 |
1,005 | 760 |
30,198 | 30,730 |
326,665 | 402,729 |
585,759 | 443,837 |
943,627 | 878,056 |
- | - |
943,627 | 878,056 |
651,813 | 372,019 |
544,295 | 637,087 |
125,047 | 115,229 |
205,081 | 192,515 |
32,856 | 32,557 |
142,309 | 142,309 |
224,605 | 230,940 |
13,300 | 20,730 |
1,939,305 | 1,743,386 |
67,111 | 28,357 |
76,648 | 117,921 |
(110,902) | (79,167) |
32,856 | 67,111 |
(122,399) | (179,505) |
17,077 | |
- | 40,029 |
(122,399) | (122,399) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30TH SEPTEMBER, 2025
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
ECL on Cash and Cash Equivalent
OTHER CREDITORS AND ACCRUALS
Accruals
Agents & Clearing charges Withholding Taxes
Value added tax
Staff pension accruals (Note 17.1) Unclaimed Dividend
Other creditors
Legal & Litigation Expenses
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
The Group
The Company
RED STAR EXPRESS PLC13,640 |
45,497 |
- |
59,137 |
13,640 |
45,497 |
- |
59,137 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30TH SEPTEMBER, 2025
The Group | The Company | ||||
Sep-25 | Sep-24 | Sep-25 | Sep-24 | ||
19 SHARE CAPITAL | N'000 | N'000 | N'000 | N'000 | |
Authorised 1,000,000,000 ordinary shares of 50 kobo each | 477,211 | 477,211 | 477,211 | 477,211 | |
Issued and fully paid 954,423,325 ordinary shares of 50 kobo each | 477,211 | 477,211 | 477,211 | 477,211 | |
20 GENERAL RESERVE | |||||
At the beginning of the year | 2,886,934 | 2,679,378 | 1,594,120 | 1,645,205 | |
Profit for the period | 459,050 | 230,144 | 181,075 | 90,113 | |
Other comprehensive Income | - | - | - | - | |
Dividend declared | (334,048) | (257,694) | (334,048) | (257,694) | |
At the end of the period | 3,011,936 | 2,651,828 | 1,441,147 | 1,477,623 | |
21 LEASE | |||||
NON CURRENT | 10,274 | 10,274 | |||
CURRENT | 84,724 - | 59,137 - | |||
At the end of the year | 94,998 | 69,411 | |||
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 30TH SEPTEMBER, 2025
The Group The Company
Sep-25 | Sep-24 | Sep-25 | Sep-24 |
N'000 | N'000 | N'000 | N'000 |
675,098 | 340,967 | 266,606 | 133,505 |
236,441 | 234,196 | 94,432 | 112,748 |
34,755 | 23,428 | 34,755 | 23,428 |
30,306 | 4,838 | 30,306 | 4,838 |
(44,900) | (8) | (44,900) | (8) |
14,985 | (38,691) | 14,985 | 32,504 |
(18,494) | 584 | - | - |
14,331 | 26,045 | 14,331 | 18,680 |
(44,900) | (8) | (44,900) | (3) |
(18,477) | - | (18,477) | - |
20,743 | 75,106 | 48,667 | |
70,583 | 60,000 | 55,083 | 30,000 |
(20,350) | (23,410) | (21,036) | (22,995) |
274,381 | 241,069 | 113,994 | (51,845) |
177,959 | (45,398) | 427,194 | 447,969 |
- | - | - | - |
(282,281) | (65,448) | (108,896) | (18,408) |
1,099,438 | 723,276 | 888,585 | 759,080 |
RECONCILIATION OF NET PROFIT AFTER TAXATION TO CASH PROVIDED BY OPERATING ACTIVITIES
Net profit 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
Interest paid (Net interest expense) (Profit)/loss on disposal of fixed assets Finance cost
Finance income Service cost
Lease Modification
Expected Credit losses on financial assets
Changes in assets and liabilities:
(Increase)/decrease in inventory
(Increase)/decrease in trade and other receivables Increase/(decrease) in trade and other payables Employee benefits paid
Tax Paid
Net cash provided by operating activities
RED STAR EXPRESS PLCNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30TH SEPTEMBER, 2025
Sep-25
Sep-24
Sep-25
Sep-24
N'000
N'000
N'000
N'000
1,549
27,725
1,005
22,056
30,678
208,512
30,198
202,327
778,551
635,635
326,665
367,472
601,843
65,028
585,759
53,000
1,412,621
936,900
943,627
644,855
-
-
-
-
1,412,621
936,900
943,627
644,855
Number
Number
Number
Number
5
8
3
6
57
37
27
23
131
132
99
98
1,734
1,747
166
165
1,927
1,924
295
292
1,427,683
1,372,834
898,200
616,219
302,979
113,230
46,448
37,892
1,730,662
1,486,064
944,648
654,111
Number
Number
Number
Number
1,794
1,818
211
211
66
52
44
38
56
42
31
34
9
9
6
6
2
3
3
3
1,927
1,924
295
292
The Group The Company
RECONCILIATION OF CASH AND CASH EQUIVALENTS
Cash balances Cash-in-transit
Bank Current Account Short term deposits
Expected Credit Loss
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 SEPTEMBER, 2025 | ||||||
25. | Compensation of key management personnel of Red Star Express | |||||
The Group | The Company | |||||
Sep-25 | Sep-24 | Sep-25 | Sep-24 | |||
N'000 | N'000 | N'000 | N'000 | |||
.1 | Fees and sitting Allowances | 11,605 | 23,210 | 11,605 | 23,210 | |
Executive compensation | 14,532 | 25,896 | 14,532 | 25,896 | ||
Other Directors and benefits | 18,806 | 37,612 | 18,806 | 37,612 | ||
44,943 | 86,718 | 44,943 | 86,718 | |||
Fees and emoluments disclosed above include amount paid to: | ||||||
N'000 | N'000 | |||||
Chairman | 2,633 | 5,265 | ||||
The highest paid director earned | 12,644 | 24,024 | ||||
.2 | The number of Directors excluding the | |||||
Chairman whose emoluments were within | ||||||
the following ranges were: | ||||||
N | N | Number | Number | Number | Number | |
3,000,000 | and above | 7 | 7 | 7 | 7 | |
26. | GUARANTEES AND OTHER FINANCIAL COMMITMENTS | |||||
.1 | Contingent liabilities | |||||
As at 30th September 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. | ||||||
.2 | 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. | ||||||
.3 | 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 SEPTEMBER, 2025 | ||||
27. | SUPPLIERS | |||
The Company's significant suppliers are mainly local. Some of the major suppliers are: | ||||
Kungo-Rock Investments Limited | ||||
Nestle Plc | ||||
Knight Pride Int'l Limited | ||||
Skyway Aviation Handling Company | ||||
Air Peace | ||||
Bristow Helicopters | ||||
The Company is not associated with the suppliers. | ||||
28. | POST BALANCE SHEET EVENTS | |||
The Directors are of the opinion that there were no significant post balance sheet events which would have had any material effect on the balance sheet and the profit for the period ended on that date, which have not been adequately provided for or disclosed in the consolidated financial statements. | ||||
29. | RELATED PARTY TRANSACTIONS | |||
a. | Parent and ultimate controlling party | |||
The consolidated financial ststements include the financial statements of Red Star | ||||
Express Plc and the subsidiaries listed below | ||||
% | ||||
Red Star Freight Limited | 100 | |||
Red Star Logistics Limited | 100 | |||
Red Star Supports Services Limited | 100 | |||
b. | The companies receive payments from customers on behalf of each other and these are transferred accordingly. The balances due from/to the related companies which are disclosed in the balance sheet are as follows: | |||
The Group | The Company | |||
Sep-25 | Sep-24 | Sep-25 | Sep-24 | |
N'000 | N'000 | N'000 | N'000 | |
Due from related company | ||||
Red Star Logistics Limited | 276,685 | 396,172 | ||
Red Star Supports Services Limited | 96,815 | 168,833 | ||
Red Star Freight Limited | 30,507 | |||
ECL on related parties | (16,248) | (16,248) | ||
387,760 | 548,757 | |||
Due to related companies | ||||
Red Star Freight Limited | 0 | 44,036 | ||
0 | 44,036 | |||
RED STAR EXPRESS PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30TH SEPTEMBER, 2025
EARNINGS PER SHARE
Basic Earnings Per Share
The Group
Current Period
Comparative Period
Interim Period
Year to Date
Interim Period
Year to Date
Jul'25-Sep'25
Apr'25-Sep'25
JUL'24-SEP'24
Apr'24-Sep'24
N'000
N'000
N'000
N'000
252,448
459,050
126,037
230,144
Number
Number
954,423
954,423
48
24
The Company
Current Period
Comparative Period
Interim Period
Year to Date
Interim Period
Year to Date
Jul'25-Sep'25
Apr'25-Sep'25
JUL'24-SEP'24
Apr'24-Sep'24
N'000
N'000
N'000
N'000
93,693
181,075
57,036
90,113
Number
Number
954,423
954,423
19
9
The calculation of basic earnings per share at 30th September 2025 for the company was based on the profit attributable to ordinary shareholders of N181 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 N459 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
Segment Statement of Comprehensive Income
Courier
Logistics
Freight
Support Services
Group
Current Period
Comparative
Period
Current Period
Comparative
Period
Current Period
Comparative
Period
Current Period
Comparative
Period
Current Period
Comparative
Period
Apr'25-Sep'25
Apr'24-Sep'24
Apr'25-Sep'25
Apr'24-Sep'24
Apr'25-Sep'25
Apr'24-Sep'24
Apr'25-Sep'25
Apr'24-Sep'24
Apr'25-Sep'25
Apr'24-Sep'24
N'000
N'000
N'000
N'000
N'000
N'000
N'000
N'000
N'000
N'000
Revenue (External Customers)
5,276,015
4,755,066
1,996,518
1,601,087
2,458,952
1,919,317
1,457,271
1,429,718
11,188,756
9,737,744
Finance Income
44,900
8
-
-
-
-
-
-
44,900
8
Cost of Sales
(3,782,661)
(3,620,763)
(1,527,349)
(1,274,662)
(1,659,677)
(1,502,347)
(548,239)
(1,187,717)
(8,796,958)
(7,940,518)
Other Income
57,636
28,641
18,494
19,847
16
599
5,074
4,560
81,220
28,641
Administrative Expenses
(1,314,953)
(1,010,766)
(337,001)
(278,522)
(325,575)
(857,503)
(191,446)
(1,828,489)
(1,458,862)
Finance Charges
(14,331)
(18,680)
(44,836)
(1,282)
(553,226)
(4,209)
-
(1,903)
(14,331)
(26,045)
Profit before income tax
266,606
133,505
105,826
66,468
246,065
87,785
56,603
53,211
675,100
340,966
Income tax expence
(85,531)
(43,392)
(34,396)
(7,977)
(79,976)
(28,141)
(18,397)
(14,796)
(216,048)
(110,823)
Profit after tax
181,075
90,113
71,430
58,491
166,089
59,644
38,206
38,415
459,052
230,143
Segment Statement of Financial Position
Courier
Logistics
Freight
Support Services
Group
Sep-25
Mar-25
Sep-25
Mar-25
Sep-25
Mar-25
Sep-25
Mar-25
Sep-25
Mar-25
N'000
N'000
N'000
N'000
N'000
N'000
N'000
N'000
N'000
N'000
Non Current Assets
3,403,657
3,345,694
834,932
790,016
44,114
50,172
286,921
244,770
3,460,067
3,325,237
Current assets
3,947,176
3,901,349
1,622,015
1,598,632
1,304,873
1,273,698
583,064
614,657
6,978,152
6,953,699
Total Assets
7,350,832
7,247,043
2,456,947
2,388,648
1,348,987
1,323,870
869,985
859,427
10,438,219
10,278,936
Ordinary Share Capital
477,211
477,211
750,000
750,000
354,000
354,000
49,065
49,065
477,211
477,211
Share Premium
1,515,600
1,515,600
-
-
-
-
-
-
1,515,600
1,515,600
Retained Earnings
1,441,147
1,594,120
619,786
548,356
470,955
304,866
447,612
409,406
3,011,936
2,886,934
Fair Value of equity (FVOCI)
2,822
2,822
-
-
-
2,822
2,822
Non Current Liabilities
134,185
137,551
49,148
49,148
10,137
9,939
35,228
35,227
228,418
231,784
Current liabilities
3,779,866
3,519,739
1,038,013
1,041,144
513,895
655,065
338,081
365,729
5,202,231
5,164,583
Total Equity & Liabilities
7,350,832
7,247,043
2,456,947
2,388,648
1,348,987
1,323,870
869,985
859,427
10,438,219
10,278,934
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.
33
RED STAR EXPRESS PLCNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30TH SEPTEMBER, 2025
FREE FLOAT RULE
Company Name: RED STAR EXPRESS PLC
Board Listed: Main Board
Year End: March
Reporting Period: Half Year Ended 30 September 2025
Share Price at end of reporting period: N11 (2024: N3.90)
Shareholding Structure/Free Float Status
Description | 30-Sep-25 | 30-Sep-24 | ||
Unit | Percentage | Unit | Percentage | |
Issued Share Capital | 954,423,325 | 100% | 954,423,325 | 100% |
Substantial Shareholdings (5% and above) | ||||
Koguna, Mohammed Hassan | 186,863,273 | 19.58% | 186,863,273 | 19.58% |
Koguna Babura Insurance Brokers Limited | 145,547,447 | 15.25% | 145,547,447 | 15.25% |
Petra Properties Limited | 96,419,958 | 10.10% | 96,419,958 | 10.10% |
Sulaiman Barau (Direct) | 79,656,679 | 8.35% | 79,656,679 | 8.35% |
Apel Capital &Trust Limited | 70,000,000 | 7.33% | 70,000,000 | 7.33% |
Total Substantial Shareholdings | 578,487,357 | 60.61% | 578,487,357 | 60.61% |
Directors' Shareholdings (direct and indirect), excluding directors with substantial interests | ||||
Auwalu Badamasi Babura (Direct) | 375,764 | 0.04% | 375,764 | 0.04% |
Sulaiman Koguna (Direct) | 8,377,818 | 0.88% | 8,377,818 | 0.88% |
Charles Uche Ejekam | 248,637 | 0.03% | 248,637 | 0.03% |
Peter Aletor (Indirect) | 30,346,995 | 3.18% | 31,977,912 | 3.35% |
Chioma Sideso | -- | -- | -- | -- |
Chukwuemeka Ndu (Direct) | 11,688 | 0.00% | -- | -- |
Total Directors' Shareholdings | 39,360,902 | 64.74% | 40,980,131 | 64.91% |
Other Influential Shareholdings | ||||
0 | 0.00% | 0 | 0.00% | |
0 | 0.00% | 0 | 0.00% | |
0 | 0.00% | 0 | 0.00% | |
Total Other Influential Shareholdings | 0 | 0.00% | 0 | 0.00% |
Free Float in Units and Percentage | 336,575,066 | 35.26% | 334,955,837 | 35.10% |
Free Float in Value | ₦ 3,702,325,726.00 | ₦ 1,306,327,764.30 | ||
Declaration:
(A) Red Star Express Plc with a free float percentage of 35.26% as at 30 September 2025, is compliant with The Exchange's free float requirements for companies listed on the Main Board.