Group Financials
RED STAR EXPRESS PLC |
1ST QUARTER UNAUDITED |
30TH SEPTEMBER 2025 |
UNAUDITED FINANCIAL HIGHLIGHTS |
FOR THE PERIOD ENDED 31ST DECEMBER, 2025 |
Current Period | |
Interim Period | Year to Date |
OCT'25-DEC'25 | APR'25-DEC'25 |
N'000 | N'000 |
6,120,190 | 17,308,945 |
354,660 | 1,029,755 |
241,151 | 700,208 |
Comparative Period | |
Interim Period | Year to Date |
OCT'24-DEC'24 | APR'24-DEC'24 |
N'000 | N'000 |
5,808,835 | 15,543,486 |
229,284 | 570,252 |
113,211 | 372,633 |
MAJOR STATEMENT OF COMPREHENSIVE INCOME ITEMS THE GROUP
TURNOVER |
PROFIT BEFORE TAX |
PROFIT AFTER TAX |
Current Period | |
Interim Period | Year to Date |
OCT'25-DEC'25 | APR'25-DEC'25 |
N'000 | N'000 |
2,936,731 | 8,212,746 |
138,324 | 404,929 |
94,054 | 274,440 |
Comparative Period | |
Interim Period | Year to Date |
OCT'24-DEC'24 | APR'24-DEC'24 |
N'000 | N'000 |
2,847,109 | 7,585,215 |
117,492 | 250,996 |
65,210 | 157,142 |
TURNOVER |
PROFIT BEFORE TAX |
PROFIT AFTER TAX |
THE COMPANY
MAJOR STATEMENT OF FINANCIAL POSITION ITEMS
TOTAL ASSETS |
SHAREHOLDERS FUND |
SHARE CAPITAL |
SHARE PREMIUM |
REVENUE RESERVE |
THE GROUP | |
Dec-25 | Mar-25 |
N' 000 | N' 000 |
10,585,073 | 10,278,935 |
5,248,727 | 4,882,567 |
477,211 | 477,211 |
1,515,600 | 1,515,600 |
3,253,094 | 2,886,934 |
THE COMPANY | |
Dec-25 | Mar-25 |
N' 000 | N' 000 |
7,349,370 | 7,247,043 |
3,530,146 | 3,589,753 |
477,211 | 477,211 |
1,515,600 | 1,515,600 |
1,534,512 | 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 | |
Dec-25 | Dec-24 |
954,423 | 954,423 |
5,248,729 | 4,646,280 |
73 | 39 |
550 | 452 |
THE COMPANY | |
Dec-25 | Dec-24 |
954,423 | 954,423 |
3,530,147 | 3,472,074 |
29 | 16 |
370 | 372 |
RED STAR EXPRESS PLC
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 |
OCT'25-DEC'25 | APR'25-DEC'25 | OCT'24-DEC'24 | APR'24-DEC'24 | OCT'25-DEC'25 | APR'25-DEC'25 | OCT'24-DEC'24 | APR'24-DEC'24 |
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 |
6,120,190 | 17,308,945 | 5,808,835 | 15,543,486 | 2,936,731 | 8,212,746 | 2,847,109 | 7,585,215 |
(4,699,179) | (13,378,141) | (4,518,070) | (12,339,402) | (2,167,031) | (5,958,459) | (1,974,044) | (5,536,649) |
1,421,011 | 3,930,804 | 1,290,765 | 3,204,084 | 769,700 | 2,254,287 | 873,065 | 2,048,566 |
22,006 | 103,225 | 5,251 | 28,871 | 10,253 | 67,888 | 2,074 | 25,274 |
1,443,016 | 4,034,030 | 1,296,016 | 3,232,955 | 779,953 | 2,322,175 | 875,139 | 2,073,840 |
(1,045,533) | (2,864,292) | (1,026,234) | (2,513,727) | (616,791) | (1,833,142) | (690,801) | (1,696,181) |
- | - | - | - | - | - | - | - |
(68,645) | (196,373) | (28,750) | (104,725) | (49,413) | (139,248) | (55,097) | (82,410) |
- | - | - | - | - | - | - | |
- | - | - | - | - | - | - | - |
(1,114,178) | (3,060,665) | (1,054,983) | (2,618,452) | (666,204) | (1,972,390) | (745,897) | (1,778,591) |
31,185 | 76,085 | - | - | 29,939 | 74,839 | - | - |
(5,364) | (19,695) | (11,749) | (44,253) | (5,364) | (19,695) | (11,749) | (44,253) |
354,660 | 1,029,755 | 229,284 | 570,252 | 138,324 | 404,929 | 117,492 | 250,996 |
(113,509) | (329,547) | (116,072) | (197,620) | (44,271) | (130,489) | (52,283) | (93,853) |
241,151 | 700,208 | 113,211 | 372,633 | 94,054 | 274,440 | 65,210 | 157,142 |
241,151 | 700,208 | 113,211 | 372,633 | 94,054 | 274,440 | 65,210 | 157,142 |
- | - | - | - | - | - | - | - |
241,151 | 700,208 | 113,211 | 372,633 | 94,054 | 274,440 | 65,210 | 157,142 |
73 | 39 | 29 | 16 | ||||
954,423 | 954,423 | 954,423 | 954,423 | ||||
FOR THE PERIOD ENDED 31ST DECEMBER, 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
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 PLC
UNAUDITED CONSOLIDATED & SEPARATE STATEMENT
OF FINANCIAL POSITION
AS AT 31ST DECEMBER, 2025
The Group
The Company
Dec-25 | Mar-25 | ||
Note | N'000 | ||
ASSETS | |||
Non Current Assets | |||
Property Plant and |Equipments | 9 | 2,935,879 | 2,811,342 |
Intangible Assets | 10 | 119,737 | 154,627 |
Right Of Use of Assets | 11 | 237,368 | 145,317 |
Long Term Prepayments | 15 | 27,650 | 55,518 |
Equity instrument at fair value through OCI | 11.1 | 3,357 | 3,357 |
Investment in subsidiary | 11.2 | - | - |
Employee Benefit asset | 162,432 | 155,076 | |
Total Non Current Assets | 3,486,423 | 3,325,237 | |
Current Assets | |||
Inventories | 12 | 92,397 | 73,141 |
Trade debtors | 13 | 3,295,735 | 3,273,986 |
Other receivables | 14 | 1,856,617 | 1,915,624 |
Current prepayments | 15 | 526,941 | 322,959 |
Due from related company | 29 | ||
Cash and cash equivalents | 16 | 1,326,962 | 1,367,989 |
Total Current Assets | 7,098,652 | 6,953,699 | |
TOTAL ASSETS | 10,585,073 | 10,278,935 | |
EQUITY AND LIABILITIES | |||
LIABILITIES | |||
Non-current liabilities | |||
Deferred taxation | 18 | 216,911 | 216,632 |
Provision for liabilities and charges | |||
Finance Lease Obligation | 21 | 13,640 | 13,640 |
Interest bearing loans and borrowings | - | - | |
Present value of long service awards | 1,512 | 1,512 | |
Total Non Current Liabilities | 232,063 | 231,784 | |
Current liabilities | |||
Trade creditors | 1,120,161 | 1,742,769 | |
Other creditors and accruals | 17 | 3,633,979 | 2,979,163 |
Due to related companies | 29 | - | |
Finance Lease Obligation | 21 | 84,423 | 45,497 |
Income tax liabilities | 8.2 | 265,718 | 283,848 |
Interest bearing loans and borrowings | - | 113,306 | |
Total Current Liabilities | 5,104,281 | 5,164,583 | |
TOTAL LIABILITIES | 5,336,345 | 5,396,367 | |
Equity | |||
Share capital | 19 | 477,211 | 477,211 |
Share premium | 1,515,600 | 1,515,600 | |
Retained Earnings | 3,253,094 | 2,886,934 | |
Fair value of equity instrument designated at FVOCI | 2,822 | 2,822 | |
Total Equity | 5,248,727 | 4,882,567 | |
TOTAL EQUITY AND LIABILITIES | 10,585,073 | 10,278,935 | |
Dec-25 | Mar-25 | |
N'000 | N'000 | |
1,817,645 | 1,737,882 | |
119,737 | 154,627 | |
213,055 | 133,817 | |
6,496 | 7,870 | |
3,357 | 3,357 | |
1,153,065 | 1,153,065 | |
150,832 | 155,076 | |
3,464,187 | 3,345,694 | |
81,375 | 61,796 | |
1,783,256 | 1,846,934 | |
560,042 | 452,308 | |
184,927 | 113,498 | |
330,437 | 548,757 | |
945,146 | 878,056 | |
3,885,183 | 3,901,349 | |
7,349,370 | 7,247,043 | |
122,399 | 122,399 | |
13,640 | 13,640 | |
- | - | |
1,512 | 1,512 | |
137,551 | 137,551 | |
868,171 | 1,464,540 | |
2,584,526 | 1,743,386 | |
- | 44,036 | |
84,423 | 45,497 | |
144,552 | 108,974 | |
- | 113,306 | |
3,681,672 | 3,519,739 | |
3,819,223 | 3,657,290 | |
477,211 | 477,211 | |
1,515,600 | 1,515,600 | |
1,534,512 | 1,594,120 | |
2,822 | 2,822 | |
3,530,146 | 3,589,753 | |
7,349,370 | 7,247,043 | |
The consolidated and separate financial statements were approved by the Board on the 29th day of January, 2026 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 31ST DECEMBER, 2025 | ||
The Group Fair Value of Equity Instrument Issued designated at Capital Share Premium Retained Earnings FVOCI Total N'000 N'000 N'000 N'000 N'000 As at 1st April 2025 477,211 1,515,600 2,886,934 2,822 4,882,567 Profit for the year 700,208 700,208 Other comprehensive income: - Re-measurement gain/(loss) on defined benefit plan - Dividend (334,048) (334,048) Addition in the year - - - As at 31st December 2025 477,211 1,515,600 3,253,094 2,822 5,248,726 Consolidated Statement of Changes in Equity For the year ended 31 March 2025 Fair Value of Equity Instrument Issued designated at Capital Share Premium Retained Earnings FVOCI Total 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 Profit for the year 546,521 546,521 Other comprehensive income: - Other comprehensive income (81,271) 1,183 (80,088) Re-measurement gain/(loss) on defined benefit plan - Bonus Issue - Fair Value of Equity Instrument designated at FVOCI - Dividend (257,694) (257,694) As at 31 March 2025 477,212 1,515,600 2,886,934 2,822 4,882,567 | The Company Fair Value of Equity Instrument Issued Retained designated at Capital Share Premium Earnings FVOCI Total N'000 N'000 N'000 N'000 N'000 As at 1st April 2025 477,211 1,515,600 1,594,120 2,822 3,589,754 Profit for the year 274,440 274,440 Other comprehensive income: - Re-measurement gain/(loss) on defined benefit plan - Dividend (334,048) (334,048) Addition in the year - - - As at 31st December 2025 477,211 1,515,600 1,534,512 2,822 3,530,146 Consolidated Statement of Changes in Equity For the year ended 31 March 2025 Fair Value of Equity Instrument Issued Retained designated at Capital Share Premium Earnings FVOCI Total N'000 N'000 N'000 N'000 N'000 As at 1 April 2024 477,212 1,515,600 1,645,205 1,639 3,639,655 Profit for the year 287,880 287,880 Other comprehensive income: - Other comprehensive income (81,271) 1,183 (80,088) Re-measurement gain/(loss) on defined benefit plan - Bonus Issue Fair Value of Equity Instrument designated at FVOCI - Dividend (257,694) (257,694) 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 31ST DECEMBER, 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 | |||||
OCT'25-DEC'25 | Apr'25-DEC'25 | OCT'24-DEC'24 | APR'24-DEC'24 | OCT'25-DEC'25 | Apr'25-DEC'25 | OCT'24-DEC'24 | APR'24-DEC'24 | |||||
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | |||||
Courier | 2,936,731 | 8,212,746 | 2,847,109 | 7,598,074 | 2,936,731 | 8,212,746 | 2,847,109 | 7,585,215 | ||||
Logistics | 1,017,651 | 3,014,169 | 1,073,980 | 2,708,032 | ||||||||
Freight | 1,412,516 | 3,871,467 | 1,040,825 | 2,960,741 | ||||||||
Support Service | 753,291 | 2,210,563 | 846,921 | 2,276,639 | ||||||||
6,120,190 | 17,308,945 | 5,808,835 | 15,543,486 | 2,936,731 | 8,212,746 | 2,847,109 | 7,585,215 | |||||
2 | OTHER OPERATING INCOME | |||||||||||
a. | Other Income | |||||||||||
Other Sundry income | 22,006 | 84,748 | 5,251 | 28,871 | 10,253 | 49,411 | 2,074 | 25,274 | ||||
Exchange gain | - | 18,477 | - | 18,477 | ||||||||
22,006 | 103,225 | 5,251 | 28,871 | 10,253 | 67,888 | 2,074 | 25,274 | |||||
OTHER OPERATING INCOME | 22,006 | 103,225 | 5,251 | 28,871 | 10,253 | 67,888 | 2,074 | 25,274 | ||||
3 | COST OF SALES | |||||||||||
Staff cost | 757,994 | 2,081,612 | 708,517 | 1,955,661 | 429,100 | 1,147,927 | 338,580 | 915,845 | ||||
Pension | 32,906 | 94,097 | 31,861 | 89,742 | 20,754 | 57,912 | 17,495 | 47,809 | ||||
insurance | 71,698 | 151,170 | 49,992 | 114,436 | 58,434 | 58,434 | 10,909 | 31,240 | ||||
Medical | 62,415 | 208,932 | 98,504 | 270,719 | 33,151 | 109,677 | 49,840 | 125,550 | ||||
Training | 19,197 | 46,093 | 60,237 | 35,108 | 11,331 | 28,761 | 56,301 | 71,990 | ||||
Freight delivery charges | 879,445 | 2,272,346 | 735,725 | 1,786,198 | 679,322 | 1,848,588 | 574,674 | 2,041,291 | ||||
Domestic freight & Local deliveries | 564,792 | 2,088,051 | 936,896 | 2,002,523 | 304,844 | 890,720 | 337,752 | 891,761 | ||||
Vehicle running costs | 1,042,869 | 3,036,212 | 1,208,982 | 2,807,445 | 294,566 | 834,015 | 332,926 | 672,134 | ||||
Agent costs | 129,685 | 408,718 | 42,838 | 490,561 | 128,937 | 356,512 | 41,822 | 137,043 | ||||
Local transport & shuttle | 548,351 | 1,644,706 | 124,227 | 1,476,742 | 112,966 | 374,797 | 108,549 | 335,069 | ||||
Clearing and documentation charges | 274,796 | 479,319 | 160,879 | 448,611 | 4,929 | 10,603 | 7,781 | 6,634 | ||||
Projects and Consolidation expenses | 108,430 | 282,630 | 145,939 | 279,858 | - | - | ||||||
Rents ant rates of outlets | 72,459 | 166,187 | 67,586 | 180,098 | 33,564 | 67,934 | 30,526 | 74,362 | ||||
Depreciation | 115,318 | 341,424 | 122,473 | 318,287 | 47,553 | 133,701 | 55,097 | 132,747 | ||||
Direct Operational Costs | 18,824 | 76,643 | 23,413 | 83,414 | 7,580 | 38,878 | 11,792 | 53,172 | ||||
4,699,179 | 13,378,141 | 4,518,070 | 12,339,402 | 2,167,031 | 5,958,459 | 1,974,044 | 5,536,649 | |||||
4 | Administrative & Other Operating Expenses | |||||||||||
Annual general meeting expenses | 27,909 | 39,776 | 5,032 | 24,240 | 19,446 | 28,794 | 3,532 | 15,105 | ||||
Audit fee | 13,125 | 35,002 | 9,000 | 34,901 | 4,500 | 20,377 | 4,125 | 19,659 | ||||
Bank Charges | 17,600 | 59,830 | 16,309 | 46,719 | 13,119 | 42,058 | 10,262 | 33,308 | ||||
Communication and telephone | 53,972 | 92,362 | 46,951 | 78,249 | 24,511 | 57,475 | 45,218 | 72,370 | ||||
Credit loss expense of financial assets | 76,500 | 228,189 | 76,519 | 241,042 | 16,250 | 108,917 | 16,250 | 125,035 | ||||
Hotel accommodation and entertainment | 34,057 | 150,339 | 29,277 | 92,194 | 29,874 | 89,369 | 32,202 | 81,301 | ||||
Insurance | 17,925 | 37,793 | 12,498 | 28,609 | 12,378 | 14,608 | 2,727 | 5,310 | ||||
Legal and professional charges | 99,089 | 168,858 | 67,793 | 168,810 | 33,138 | 100,643 | 18,233 | 60,202 | ||||
Medical | 15,604 | 92,233 | 24,165 | 66,355 | 8,288 | 27,419 | 12,460 | 31,387 | ||||
Newspaper and periodicals | 1,668 | 3,760 | 655 | 2,122 | 1,260 | 1,674 | 464 | 1,463 | ||||
Power and water | 83,394 | 344,022 | 141,173 | 330,510 | 111,677 | 310,203 | 117,192 | 254,839 | ||||
Printing and stationery | 66,174 | 168,475 | 64,653 | 127,033 | 43,679 | 139,542 | 107,972 | 193,444 | ||||
Publicity and promotion | 55,951 | 122,147 | 26,203 | 83,523 | 39,480 | 83,817 | 16,344 | 59,129 | ||||
Repairs and maintenance | 131,555 | 411,893 | 125,012 | 371,815 | 115,169 | 365,526 | 117,430 | 358,210 | ||||
Security expenses | 26,026 | 74,252 | 25,708 | 63,124 | 22,287 | 58,923 | 18,713 | 46,241 | ||||
Employee benefits | 231,219 | 674,342 | 293,915 | 611,380 | 83,486 | 270,686 | 131,391 | 230,735 | ||||
Subscriptions and donations | 43,620 | 22,076 | 18,120 | 12,138 | 4,191 | 8,683 | 7,398 | 7,089 | ||||
Training | 4,799 | 11,523 | 5,059 | 11,277 | 2,833 | 7,190 | 2,075 | 1,998 | ||||
Transportation, Selling and travelling costs | 45,346 | 127,420 | 38,192 | 119,685 | 31,226 | 97,237 | 26,813 | 99,357 | ||||
1,045,533 | 2,864,292 | 1,026,234 | 2,513,726 | 616,791 | 1,833,142 | 690,801 | 1,696,181 | |||||
6 | Depreciation & Amortisation | |||||||||||
Amortisation of Intangible Assets | 15,289 | 45,595 | - | 29,161 | 15,289 | 45,595 | - | 29,161 | ||||
Depreciation charge | 53,356 | 150,777 | 28,750 | 75,563 | 34,124 | 93,653 | 55,097 | 53,250 | ||||
68,645 | 196,373 | 28,750 | 104,724 | 49,413 | 139,248 | 55,097 | 82,410 | |||||
7 | Finance Income/ Finance Costs | |||||||||||
Interest Received | 31,185 | 76,085 | 8 | 8 | 29,939 | 74,839 | - | - | ||||
Finance Cost - Interest payment on lease & loans | 5,364 | 19,695 | 11,749 | 44,253 | 5,364 | 19,695 | 11,749 | 44,253 | ||||
CASH FLOWS
UNAUDITED CONSOLIDATED AND SEPARATE STATEMENT OF FOR THE PERIOD ENDED 31ST DECEMBER, 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
Dec-25 | Dec-24 | Dec-25 | Dec-24 | |
N'000 | N'000 | N'000 | N'000 | |
15,792,741 | 14,152,920 | 7,714,424 | 7,184,774 | |
(14,795,164) | (13,300,450) | (6,859,049) | (6,133,689) | |
997,577 | 852,469 | 855,374 | 1,051,085 | |
(446,391) | (402,735) | (236,538) | (337,660) | |
(13,020) | (134,730) | (13,020) | (134,730) | |
(178,495) | (181,302) | (136,782) | (181,302) | |
76,085 | - | 74,839 | - | |
(561,821) | (718,767) | (311,501) | (653,692) | |
(334,048) (136,283) (6,452) | (257,694) (188,255) (53,019) | (334,048) (136,283) (6,452) | (257,694) (138,131) (44,253) | |
(476,783) | (498,968) | (476,783) | (440,078) | |
(41,027) | (365,266) | 67,090 | ` (42,685) | |
1,367,989 | 1,119,291 | 878,056 | 571,191 | |
1,326,962 | 754,026 | 945,146 | 528,506 | |
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
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 | |||
OCT'25-DEC'25 | Apr'25-DEC'25 | OCT'24-DEC'24 | APR'24-DEC'24 | OCT'25-DEC'25 | Apr'25-DEC'25 | OCT'24-DEC'24 | APR'24-DEC'24 | |||
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | |||
106,398 | 308,927 | 95,807 | 171,076 | 41,497 | 121,479 | 36,929 | 75,299 | |||
7,093 | 20,595 | 7,984 | 14,256 | 2,766 | 10,123 | 3,077 | 6,275 | |||
- | - | 12,273 | 12,273 | - | - | 12,273 | 12,273 | |||
18 | 26 | 8 | 14 | 7 | 10 | 3 | 6 | |||
- | ||||||||||
113,509 | 329,547 | 116,072 | 197,620 | 44,271 | 131,612 | 52,283 | 93,853 | |||
- | - | - | - | |||||||
113,509 | 329,547 | 116,072 | 197,620 | 44,271 | 130,489 | 52,283 | 93,853 | |||
113,509 | 329,547 | 116,072 | 197,620 | 44,271 | 130,489 | 52,283 | 93,853 | |||
Dec-25 | Mar-25 | Dec-25 | Mar-25 | |||||||
N'000 | N'000 | N'000 | N'000 | |||||||
173,098 | 124,484 | 82,522 | 6,362 | |||||||
329,547 | 197,620 | 130,489 | 93,853 | |||||||
- | 12,273 | - | 12,273 | |||||||
(236,928) | (161,279) | (68,459) | (29,967) | |||||||
265,718 | 173,098 | 144,552 | 82,522 | |||||||
FOR THE PERIOD ENDED 31ST DECEMBER, 2025
TAXATION
Statement of Comprehensive Income
Income tax Education tax Back duty charge
Nigerian Police trust fund levy
Deferred tax (credit)/expens e
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
RED STAR EXPRESS PLC | |||||||||
GROUP PPE MOVEMENT SCHEDULE AS AT 31.12.2025 | |||||||||
Land | Buildings | Motor | Motor | Computer & Other | Plant & | Furniture & | Capital Work | ||
vehicles | Cycle | IT Equipment | Machinery | Fittings | 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 1st April 2025 | 414,407 | 1,175,693 | 2,449,607 | 977,270 | 950,145 | 310,693 | 185,788 | 121,138 | 6,584,741 |
Additions | - | 63,750 | 84,571 | 97,499 | 136,639 | 44,785 | 19,147 | - | 446,391 |
Disposals | - | (11,153) | - | - | (38,444) | - | - | (49,597) | |
Transfers | - | - | - | - | - | - | - | (58,711) | (58,711) |
As at 31st December 2025 | 414,407 | 1,239,443 | 2,523,025 | 1,074,768 | 1,086,784 | 317,035 | 204,935 | 62,427 | 6,922,825 |
Depreciation: | |||||||||
As at 1st April 2025 | 212,045 | 1,687,510 | 851,300 | 740,381 | 134,167 | 145,684 | 3,771,087 | ||
Charge for the Year | 25,778 | 75,365 | 59,131 | 77,316 | 16,446 | 11,420 | 265,456 | ||
Disposals | (11,153) | (38,443) | - | (49,597) | |||||
As at 31st December 2025 | - | 237,823 | 1,751,721 | 910,431 | 817,697 | 112,170 | 157,104 | - | 3,986,946 |
Net Book Value: | |||||||||
As at 31st December 2025 | 414,407 | 1,001,620 | 771,304 | 164,337 | 269,087 | 204,865 | 47,831 | 62,427 | 2,935,879 |
As at 1st April 2025 | 414,407 | 963,648 | 762,098 | 125,969 | 209,764 | 176,525 | 40,104 | 121,138 | 2,811,342 |
RED STAR EXPRESS PLC | |||||||||
PPE MOVEMENT SCHEDULE AS AT 31.12.2025 | |||||||||
Land | Buildings | Motor | Motor | Computer & Other | Plant & | Furniture & | Capital Work | ||
vehicles | Cycle | IT Equipment | Machinery | Fittings | in-progress | Total | |||
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | ||
Cost or Valuation: | N'000 | ||||||||
As at 1st April 2025 | 221,844 | 1,015,005 | 810,254 | 207,083 | 860,259 | 296,096 | 140,947 | 88,052 | 3,639,539 |
Additions | - | 60,500 | 12,350 | 27,353 | 115,966 | 6,342 | 14,027 | 236,538 | |
Disposals | - | - | - | - | - | ||||
Transfers | - | - | - | - | (37,161) | (37,161) | |||
As at 31st December 2025 | 221,844 | 1,075,505 | 822,604 | 234,436 | 976,225 | 302,438 | 154,974 | 50,891 | 3,838,916 |
Depreciation: | |||||||||
As at 1st April 2025 | 166,600 | 642,715 | 186,414 | 679,475 | 119,070 | 107,381 | - | 1,901,654 | |
Charge for the Year | 22,703 | 33,419 | 10,599 | 67,834 | - | 9,373 | - | 143,928 | |
Disposals | - | - | (2,314) | - | - | (21,997) | - | - | (24,311) |
As at 31st December 2025 | - | 189,303 | 673,820 | 197,013 | 747,309 | 97,073 | 116,754 | - | 2,021,271 |
Net Book Value: | |||||||||
As at 31st December 2025 | 221,844 | 886,202 | 148,785 | 37,423 | 228,917 | 205,365 | 38,220 | 50,891 | 1,817,645 |
As at 1st 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 | |
Cost or Valuation: | GROUP COMPANY N'000 N'000 434,388 431,488 13,020 13,020 - - 447,408 444,508 279,761 276,861 47,910 47,910 327,671 324,771 119,738 119,738 154,627 154,627 |
As at 1st April 2025 | |
Additions | |
Disposals | |
Transfers | |
As at 31st December 2025 Amortisaton: As at 1st April 2025 Charge for the Year Disposals As at 31st December 2025 Net Book Value: As at 31st December 2025 As at 1st April 2025 | |
RED STAR EXPRESS PLC | ||||||
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||||||
FOR THE PERIOD ENDED 31ST DECEMBER, 2025 | ||||||
The Group | The Company | |||||
2025 | 2025 | 2025 | 2025 | |||
DEC | MAR | DEC | 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 | 178,495 | 74,321 | 136,782 | 51,321 | ||
Disposal | 48,423 | 48,423 | ||||
Depreciation Charge for the year | (93,849) | (738,619) | (57,543) | (233,225) | ||
As at 31st March 2024 | 237,368 | 145,317 | 213,055 | 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 |
Closing Value
354,000 | 354,000 |
49,065 | 49,065 |
750,000 | 750,000 |
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:
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
Provision for obsolete stock
68,085
41,263
21,564
29,027
2,748
2,851
-
-
58,917
30,555
20,995
28,458
1,462
2,783
-
-
92,397
73,141
81,375
61,796
13
TRADE DEBTORS
Trade debtors
Provision for doubtful debts
3,696,466
3,674,717
(400,731)
(400,731)
2,172,647
2,236,325
(389,391)
(389,391)
3,295,735
3,273,986
1,783,256
1,846,934
RED STAR EXPRESS PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST DECEMBER, 2025
2025
2025
DEC
MAR
N'000
N'000
1,194,920
1,157,809
60,369
66,915
601,329
690,900
-
-
1,856,617
1,915,624
27,650
55,518
526,941
322,959
554,591
378,477
3,223
1,230
25,821
31,203
554,967
891,719
742,952
443,837
1,326,962
1,367,989
-
-
1,326,962
1,367,989
1,866,254
1,280,217
639,588
637,087
162,819
128,666
347,676
352,078
39,445
90,861
152,558
142,309
412,341
325,044
13,300
22,901
3,633,979
2,979,163
90,861
104,715
254,619
287,428
(306,035)
(301,282)
39,445
90,861
(216,632)
(236,605)
(20,056)
-
40,029
(216,632)
(216,632)
2025
2025
DEC
MAR
N'000
N'000
347,327
202,434
60,369
42,187
152,347
207,687
-
560,042
452,308
6,496
7,870
184,927
113,498
191,423
121,368
1,506
760
25,821
30,730
294,868
402,729
622,952
443,837
945,146
878,056
-
-
945,146
878,056
1,105,307
372,019
635,621
637,087
146,722
115,229
173,224
192,515
23,103
32,557
152,558
142,309
334,693
230,940
13,300
20,730
2,584,526
1,743,386
32,557
61,215
172,130
151,427
(181,584)
(180,085)
23,103
32,557
(122,399)
(179,505)
17,077
-
40,029
(122,399)
(122,399)
OTHER RECEIVABLES
WHT Receivable from customers Sundry receivables
Other staff and operational advances ECL on other receivables
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 PLCNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST DECEMBER, 2025
13,640 45,497 - |
59,137 |
The Group The Company
Dec-25 N'000 477,211 | Dec-24 | Dec-25 | Dec-24 | ||
19 SHARE CAPITAL Authorised 1,000,000,000 ordinary shares | N'000 | N'000 | N'000 | ||
of 50 kobo each | 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 | 700,208 | 372,633 | 274,440 | 157,142 | |
Other comprehensive Income | - | - | - | - | |
Dividend declared | (334,048) | (257,694) | (334,048) | (257,694) | |
At the end of the period | 3,253,094 | 2,794,317 | 1,534,512 | 1,544,652 | |
21 LEASE | |||||
NON CURRENT | 13,640 | 13,640 | 13,640 | ||
CURRENT | 84,423 - | 45,497 - | 84,423 - | ||
At the end of the year | 98,063 | 59,137 | 98,063 | ||
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 31ST DECEMBER, 2025
The Group The Company
Dec-25 N'000 | Dec-24 N'000 | Dec-25 N'000 | Dec-24 N'000 |
1,029,755 | 570,252 | 404,929 | 250,996 |
265,456 | 341,868 | 143,928 | 168,015 |
18,469 | 75,988 | 6,870 | 75,988 |
(47,910) | 6,450 | (47,910) | 6,450 |
6,452 | 53,019 | 6,452 | 44,253 |
(70,866) | - | 122,269 | |
19,695 | 53,019 | 19,695 | 44,253 |
(76,085) | - | (74,839) | - |
(18,477) | (567,019) | (18,477) | 52,724 |
(103,225) | (28,871) | 75,106 | (25,274) |
228,189 | 241,042 | 108,917 | 125,035 |
(19,256) (37,258) 32,208 7,356 | (36,192) (267,083) 396,784 13,213 | (19,579) (44,056) 244,771 (4,244) | (35,651) (38,740) 369,825 13,213 |
(236,928) | - | (68,459) | - |
997,577 | 852,469 | 855,375 | 1,051,085 |
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 paid (Net interest expense) Past Service costs adj
Finance cost Finance income
Net Income/Expense Other Income
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 PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST DECEMBER, 2025
Dec-25
Dec-24
Dec-25
Dec-24
N'000
N'000
N'000
N'000
3,223
16,683
1,506
4,407
25,821
29,662
25,821
43,850
554,967
652,791
294,868
427,250
742,952
54,889
622,952
53,000
1,326,962
754,026
945,146
528,507
Number
Number
Number
Number
8
8
6
6
57
37
27
23
135
132
103
98
1,791
1,747
223
165
1,991
1,924
359
292
Number
Number
Number
Number
1,850
1,818
267
211
70
52
48
38
56
42
31
34
3
9
3
6
12
3
10
3
1,991
1,924
359
292
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
Employees remunerated at higher rates, excluding allowances:
RED STAR EXPRESS PLCN
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
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST DECEMBER, 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 amoun
Chairman
The highest paid director earned
The number of Directors excluding the Chairman whose emoluments were within the following ranges were:
N N
The Group
The Company
Dec-25
Dec-24
N'000
N'000
32,155
23,210
28,874
25,896
28,209
37,612
89,238
86,718
t paid to:
Number
7
Number
7
Dec-25
Dec-24
N'000
N'000
32,155
23,210
28,874
25,896
28,209
37,612
89,238
86,718
N'000
N'000
3,949
5,265
15,722
24,024
Number
7
Number
7
3,000,000 and above
GUARANTEES AND OTHER FINANCIAL COMMITMENTS
Contingent liabilities
As at 31st December 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 (2025- N50 million) in favour of Nigeria Customs Service.
RED STAR EXPRESS PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST DECEMBER, 2025
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.
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.
RELATED PARTY TRANSACTIONS
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
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:
Dec-25 N'000 | Dec-24 N'000 |
Dec-25 | Dec-24 |
N'000 | N'000 |
265,339 | 396,172 |
74,580 | 168,833 |
6,765 | |
(16,248) | (16,248) |
330,437 | 548,757 |
0 | 44,036 |
0 | 44,036 |
Due from related company
Red Star Logistics Limited
Red Star Supports Services Limited Red Star Freight Limited
ECL on related parties
Due to related companies
Red Star Freight Limited
The Group
The Company
RED STAR EXPRESS PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST DECEMBER, 2025
EARNINGS PER SHARE
Basic Earnings Per Share
The Group
Current Period
Comparative Period
Interim Period
Year to Date
Interim Period
Year to Date
OCT'25-DEC'25
Apr'25-DEC'25
OCT'24-DEC'24
N'000
APR'24-DEC'24
N'000
N'000
N'000
241,151
700,208
113,211
372,633
Number
954,423
Number
954,423
73
39
The Company
Current Period
Comparative Period
Interim Period
Year to Date
Interim Period
Year to Date
OCT'25-DEC'25
Apr'25-DEC'25
N'000
OCT'24-DEC'24
N'000
APR'24-DEC'24
N'000
N'000
94,054
274,440
65,210
157,142
Number
954,423
Number
954,423
29
16
The calculation of basic earnings per share at 31st December 2025 for the company was based on the profit attributable to ordinary shareholders of N274 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 N700 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 | 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 | ||||
Segment Statement of Comprehensive Income | Apr'25-DEC'25 | APR'24-DEC'24 | Apr'25-DEC'25 | APR'24-DEC'24 | Apr'25-DEC'25 | APR'24-DEC'24 | Apr'25-DEC'25 | APR'24-DEC'24 | Apr'25-DEC'25 | APR'24-DEC'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 | 8,212,746 74,839 (5,958,459) 67,888 (1,972,390) (19,695) | 7,585,215 -(5,536,649) 25,274 (1,778,591) (44,253) | 3,014,168 -(2,759,863) 21,667 (114,994) | 2,708,032 -(2,219,288) 11,080 (391,639) - | 3,871,468 1,246 (3,360,448) 16 (140,019) | 2,960,741 -(2,413,538) -(426,259) - | 2,210,563 -(2,047,326) 13,654 (85,305) - | 2,276,639 -(1,863,104) 5,376 (328,783) - | 17,308,945 76,085 (13,378,141) 103,225 (3,060,665) (19,695) | 15,543,486 -(12,339,402) 28,871 (2,618,450) (44,253) | |||
Profit before income tax | 404,929 | 250,996 | 160,978 | 108,185 | 372,264 | 120,944 | 91,586 | 90,128 | 1,029,757 | 570,252 | |||
Income tax expence | (130,489) | (93,853) | (52,321) | (35,162) | (120,993) | (39,309) | (30,031) | (23,666) | (329,547) | (197,620) | |||
Profit after tax | 274,440 | 157,142 | 108,657 | 73,023 | 251,270 | 81,635 | 61,555 | 66,462 | 700,210 | 372,633 | |||
Courier | Logistics | Freight | Support Services | Group | |||||||||
Segment Statement of Financial Position Non Current Assets Current assets Total Assets | Dec-25 N'000 3,464,187 3,885,183 | Mar-25 N'000 3,345,694 3,901,349 | Dec-25 N'000 839,931 1,636,146 | Mar-25 N'000 790,016 1,598,632 | Dec-25 N'000 41,186 1,480,407 | Mar-25 N'000 50,172 1,273,698 | Dec-25 N'000 275,247 609,091 | Mar-25 N'000 244,770 614,657 | Dec-25 N'000 3,486,423 7,098,652 | Mar-25 N'000 3,325,237 6,953,699 | |||
7,349,369 | 7,247,043 | 2,476,077 | 2,388,648 | 1,521,593 | 1,323,870 | 884,338 | 859,427 | 10,585,073 | 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 1,534,512 2,822 137,551 3,681,672 | 477,211 1,515,600 1,594,120 2,822 137,551 3,519,739 | 750,000 -657,013 49,148 1,019,917 | 750,000 -548,356 -49,148 1,041,144 | 354,000 -556,136 10,137 601,320 | 354,000 -304,866 -9,939 655,065 | 49,065 -470,961 35,228 329,085 | 49,065 -409,406 -35,227 365,729 | 477,211 1,515,600 3,253,094 2,822 232,063 5,104,281 | 477,211 1,515,600 2,886,934 2,822 231,784 5,164,583 | |||
Total Equity & Liabilities | 7,349,369 | 7,247,043 | 2,476,077 | 2,388,648 | 1,521,593 | 1,323,870 | 884,338 | 859,427 | 10,585,073 | 10,278,935 | |||
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