RED STAR EXPRESS PLC
UNAUDITED FINANCIAL HIGHLIGHTS
FOR THE YEAR ENDED 31ST MARCH, 2025
MAJOR STATEMENT OF COMPREHENSIVE INCOME ITEMS
THE GROUP
TURNOVER
PROFIT/LOSS BEFORE TAX PROFIT/LOSS AFTER TAX
Current Period | |
Interim Period Jan'25-Mar'25 N'000 | Year to Date Apr'24-Mar'25 N'000 |
6,136,533 | 21,680,019 |
408,492 | 978,745 |
247,895 | 631,390 |
Comparative Period | |
Interim Period Jan'24-Mar'24 N'000 | Year to Date Apr'23-Mar'24 N'000 |
4,639,019 | 16,127,753 |
172,127 | 542,146 |
81,968 | 343,003 |
THE COMPANY
TURNOVER
PROFIT/LOSS BEFORE TAX PROFIT/LOSS AFTER TAX
Current Period | |
Interim Period Jan'25-Mar'25 N'000 | Year to Date Apr'24-Mar'25 N'000 |
2,999,604 | 10,584,819 |
284,308 | 535,304 |
226,976 | 391,666 |
Comparative Period | |
Interim Period Jan'24-Mar'24 N'000 | Year to Date Apr'23-Mar'24 N'000 |
2,217,880 | 7,581,574 |
99,855 | 224,423 |
65,430 | 155,358 |
MAJOR STATEMENT OF FINANCIAL POSITION ITEMS
TOTAL ASSETS
SHAREHOLDERS FUND SHARE CAPITAL SHARE PREMIUM REVENUE RESERVE
THE GROUP | |
Mar-25 | Mar-24 |
N' 000 | N' 000 |
9,890,119 | 9,243,846 |
5,047,525 | 4,673,828 |
477,211 | 477,211 |
1,515,600 | 1,515,600 |
3,053,074 | 2,679,378 |
THE COMPANY | |
Mar-25 | Mar-24 |
N' 000 | N' 000 |
7,445,117 | 7,282,071 |
3,773,628 | 3,639,655 |
477,211 | 477,211 |
1,515,600 | 1,515,600 |
1,779,177 | 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 | |
Mar-25 | Mar-24 |
954,423 | 954,423 |
5,047,525 | 4,313,397 |
66 | 36 |
529 | 452 |
THE COMPANY | |
Mar-25 | Mar-24 |
954,423 | 954,423 |
3,773,628 | 3,554,695 |
41 | 16 |
395 | 372 |
RED STAR EXPRESS PLC
UNAUDITED CONSOLIDATED & SEPARATE STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31ST MARCH, 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
Total operating Expences
Finance Income 7
Finance Costs 7
Profit/Loss Before interest and 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)
Diluted earnings per share (kobo)
Number of ordinary shares in issue
29
29
RED STAR EXPRESS PLC
UNAUDITED CONSOLIDATED & SEPARATE STATEMENT OF FINANCIAL POSITION
AS AT 31ST MARCH, 2025
ASSETS
Non Current Assets
Property Plant and |Equipments Intangible Assets
Right Of Use of Assets Long Term Prepayments
Equity instrument at fair value through OCI Investment in subsidiary
Employee Benefit asset
1999001
2024/012
The Group
Total Non Current Assets
Mar-25
Note
9
2,824,869
10 152,312
11 147,520
15 108,669
11.1 2,174
11.2
Current Assets
Inventories 12
- 276,449
3,511,993
73,365
Trade debtors 13 2,682,725
Other receivables 14 1,983,448
Current prepayments 15
Due from related company 28
Cash and cash equivalents 16
Total Current Assets
TOTAL ASSETS
EQUITY AND LIABILITIES
LIABILITIES
Non-current liabilities
Deferred taxation
227,361 1,411,228
6,378,126
9,890,119
18 236,605
Finance Lease Obligation 55,370
Interest bearing loans and borrowings Employee Benefit asset
Total Non Current Liabilities
Current liabilities
-
291,975
Trade creditors 1,318,402
Other creditors and accruals 17 2,799,612
Due to related companies 28
Finance Lease Obligation 29,814
Income tax liabilities 8.2 287,376
Interest bearing loans and borrowings 115,416
Total Current Liabilities
TOTAL LIABILITIES
4,550,620 4,842,594
Equity
Share capital
19
477,211
Share premium 1,515,600
Retained Earnings 3,053,074
Fair value of equity instrument designated at FVOCI Total Equity
TOTAL EQUITY AND LIABILITIES
1,639 5,047,525 9,890,119
Mar-24 N'000 3,250,518 9,968 104,165 16,145 2,174 - 252,628 | Mar-24 N'000 1,830,174 9,968 96,759 1,773 2,174 1,153,065 252,628 |
3,635,598 | 3,346,541 |
70,638 2,416,268 1,817,683 184,367 1,119,291 | 63,212 1,161,555 909,946 72,505 1,157,122 571,191 |
5,608,247 | 3,935,531 |
9,243,846 | 7,282,071 |
236,605 47,658 167,379 | 179,505 47,658 113,306 |
451,642 | 340,469 |
1,144,819 2,559,593 - 27,051 124,484 262,428 | 1,074,311 1,692,041 312,161 27,051 6,362 190,021 |
4,118,375 | 3,301,947 |
4,570,017 | 3,642,416 |
477,211 1,515,600 2,679,378 1,639 | 477,211 1,515,600 1,645,205 1,639 |
4,673,828 | 3,639,655 |
9,243,846 | 7,282,071 |
1999001 2024/012
The Company
The consolidated and separate financial statements were approved by the Board on the 23rd of April, 2025 and signed on its behalf by:
Babura Auwalu Badamasi Group Managing Director/CEO FRC/2016/ICAN/00000014402
Onyibo Valentine Chief Financial Officer FRC/2013/ICAN/00000003908
RED STAR EXPRESS PLC UNAUDITED CONSOLIDATED & SEPARATE STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31ST MARCH, 2025 | ||
The Group Issued Capital Share Premium Retained Earnings Fair Value of Equity Instrument designated at FVOCI Total N'000 As at 1 April 2024 477,211 N'000 1,515,600 N'000 2,679,378 N'000 1,639 N'000 4,673,828 Profit for the year 631,390 631,390 Other comprehensive income: - Re-measurement gain/(loss) on defined benefit plan - Dividend (257,694) (257,694) Addition in the year As at 31st Mar 2024 - 477,211 - 1,515,600 3,053,074 1,639 - 5,047,524 Consolidated Statement of Changes in Equity For the year ended 31 March 2025 Issued Capital Share Premium Retained Earnings Fair Value of Equity Instrument designated at FVOCI Total As at 1 April 2023 N'000 477,212 N'000 1,515,600 Profit for the year N'000 2,584,613 343,003 N'000 N'000 331 4,577,755 343,003 Other comprehensive income: Other comprehensive income - (57,353) 1,308 (56,045) Re-measurement gain/(loss) on defined benefit plan - Bonus Issue - Fair Value of Equity Instrument designated at FVOCI Dividend (190,885) - (190,885) As at 31 March 2024 477,212 1,515,600 2,679,378 1,639 4,673,828 | The Company Issued Capital Share Premium Retained Earnings Fair Value of Equity Instrument designated at FVOCI Total As at 1 April 2024 N'000 477,211 N'000 1,515,600 N'000 1,645,205 N'000 1,639 N'000 3,639,656 Profit for the year 391,666 391,666 Other comprehensive income: - Re-measurement gain/(loss) on defined benefit plan - Dividend (257,694) (257,694) Addition in the year As at 31st Mar 2024 - 477,211 - 1,515,600 1,779,177 1,639 - 3,773,628 Consolidated Statement of Changes in Equity For the year ended 31 March 2025 Issued Capital Share Premium Retained Earnings Fair Value of Equity Instrument designated at FVOCI Total As at 1 April 2023 N'000 477,212 N'000 1,515,600 Profit for the year N'000 1,738,085 155,358 N'000 N'000 331 3,731,227 155,358 Other comprehensive income: Other comprehensive income - (57,353) 1,308 (56,045) Re-measurement gain/(loss) on defined benefit plan - Bonus Issue Fair Value of Equity Instrument designated at FVOCI Dividend (190,885) - (190,885) 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 YEAR ENDED 31ST MARCH, 2025
NOTE
GROUP
Mar-25 | |
N'000 | |
Cash flows from operating activities: | |
Cash receipts from customers | 17,219,277 |
Payment to suppliers and employees | (15,208,667) |
Taxes paid | (211,279) |
Net cash provided by operating activities | 1,799,331 |
Cash flows from investing activities: | |
Acquisition of Property Plant & Equipment | (1,163,283) |
Purchase of Intangible assets | (168,664) |
Additions to right of use assets | (289,107) |
Proceeds from sale of PPE | 600,000 |
Additional Investment in subsidiaries | |
Interest received | 4,250 |
Dividend received | - |
Net cash provided by investing activities | (1,016,804) |
Cash flows from financing activities: | |
Proceeds from issue of share capital | - |
Dividend paid | (257,694) |
Proceeds from borrowings | - |
Term Loan/Lease repayment | (139,715) |
Addition to lease liabilities | - |
Interest Paid | (93,378) |
Net cash provided by financing activities | (490,787) |
Net (decrease)/increase in cash and cash | |
equivalents | 291,740 |
Cash and cash equivalents at the beginning of | |
the year | 1,119,488 |
Effects of movement in exchange rates on cash held | |
Cash and cash equivalents at the | |
end of the year | 1,411,228 |
21
THE COMPANY
9 10
22
7
Mar-24 N'000 15,836,232 (14,524,346) (65,448) | Mar-24 N'000 9,648,922 (9,264,316) (18,408) | |
1,246,438 | 1,242,434 | 366,198 |
(533,908) (2,363) (58,998) - 1,483 - | (967,105) (168,664) (114,576) 600,000 4,017 158,362 | (284,597) (2,363) (52,280) - 259 77,899 |
(593,786) | (487,966) | (261,082) |
- (190,885) 650,000 (550,249) 635 (61,539) | - (257,694) - (54,056) - (61,416) | - (190,885) 650,000 (415,409) 635 (23,185) |
(152,038) | (373,167) | 21,156 |
500,614 590,167 28,707 | 381,302 571,191 | ` 126,272 416,212 28,707 |
1,119,488 | 952,493 | 571,191 |
NB: Included in the Cash balance is the proceed from the sale of land (N600m) which has been set aside for future business expansion.
Jan'25-Mar'25
OTHER OPERATING INCOME
3
COST OF SALES Staff cost
NNP delivery charges
Domestic freight & Local deliveries Vehicle running costs
Agent costs
Local transport & shuttle
Clearing and documentation charges Projects and Consolidation expenses Rents ant rates of outlets Depreciation
Direct Operational Costs Depreciation ROU
-
- 384,099
412,970
411,569
2,017,230
904,999
3,101,197
423,188
2,225,711
898,804
4,191,098
74,280
364,841
378,248
854,990
703,441
2,307,878
49,717
279,575
62,782
242,879
42,096
260,383
235,323
668,737
21,038
118,054
-
0
13,857
60,875
359,683
1,791,829
933,678
2,114,230
46,663
1,352,911
888,742
2,967,081
93,798
317,913
60,579
163,547
460,861
1,638,727
86,809
294,855
74,428
88,647
118,138
341,312
323,674
509,502
78,771
4,205,486
16,632,573
3,447,052
11,659,325
4
Administrative & Other Operating Expenses
Annual general meeting expenses Audit fee
Bank Charges Communication and telephone Credit loss expense of financial assets Hotel accommodation and entertainment Insurance
Legal and professional charges Medical
Newspaper and periodicals Bad debt
Power and water Printing and stationery Publicity and promotion Repairs and maintenance Security expenses Employee benefits Subscriptions and donations Training
Transportation, Selling and travelling costs
5
Staff Gratuity
Employee benefit expenses
6
Depreciation & Amortisation
Amortisation of Intangible Assets Depreciation charge
7
Finance Income/ Finance Costs
Interest Received
Finance Cost - Interest payment on lease & loans
9,975
34,215
9,488
36,389
27,703
74,422
51,065
129,314
68,064
109,104
54,794
146,988
116,947
145,556
108,329
227,139
89,138
155,493
3,101
5,224
115,729
115,729
123,234
443,743
81,766
208,798
14,548
55,071
112,771
329,900
28,775
91,899
424,241
1,455,622
112,343
124,481
41,225
60,502
38,113
107,799
1,631,349
4,057,389
- - - - (2,840) 233,270 230,430
26,321 308,833 335,154
4,250 49,125
4,250 93,378
19,435
16,336
34,076 -
7,538
17,642 33,250 27,918 103,080
32,120
110,807
123
130,935
71,789
171,698
18,423
114,358
925
2,448
69,463
117,455
146,911
385,991
41,329
174,833
23,746
47,175
155,468
415,436
65,835
65,835
298,313
1,487,541
22,947
172,019
1,529
52,984
(38,781)
86,443
-
987,523
3,717,848
- - 0 0
4,121 31,295 35,416
22,230 146,277 168,507
324 11,082
22,305 58,370
Interim Period
N'000
2,999,604
Current Period | ||
Year to Date | Interim Period | |
Apr'24-Mar'25 | Jan'24-Mar'24 | |
N'000 | N'000 | |
2,217,880 | ||
2,217,880 | ||
20,441 | ||
2,393 | ||
944 | ||
- | 0 | |
23,777 | 35,531 | |
57,899 | 77,899 | |
57,899 | 77,899 | |
81,676 | 113,430 | |
280,294 | 609,419 | |
453,317 | 1,374,221 | |
298,347 | 1,020,438 | |
251,499 | 814,897 | |
22,676 | 300,579 | |
44,005 | 325,081 | |
30,205 | 202,267 | |
6,732 | 17,956 | |
36,710 | 158,392 | |
117,212 | 402,060 | |
61,486 | ||
1,540,997 | 5,286,796 | |
4,871 | 13,754 | |
5,788 | 23,850 | |
9,551 | 25,694 | |
17,829 | 61,264 | |
- | ||
25,109 | 73,705 | |
5,255 | 55,640 | |
32,769 | 97,644 | |
8,013 | 50,895 | |
706 | 1,555 | |
28,696 | 48,712 | |
186,698 | 287,004 | |
35,775 | 144,212 | |
11,374 | 23,563 | |
(5,918) | 201,616 | |
28,718 | 28,718 | |
260,582 | 665,984 | |
10,063 | 105,116 | |
719 | 29,839 | |
(41,414) | 74,936 | |
625,183 | 2,013,701 | |
- | 0 | |
- | 0 | |
4,121 | 22,230 | |
28,134 | 67,882 | |
32,255 | 90,112 | |
226 | 856 | |
1,494 | 20,016 |
10,584,819
2,999,604
10,584,819
-
- (3,174)
3,100
- - -
(3,174)
3,100
158,362
158,362
158,362
158,362
155,188
161,462
225,726
802,690
347,310
2,221,061
370,787
1,570,636
315,222
1,107,356
109,604
360,117
117,952
453,021
39,252 17,411 21,878 78,112 18,236
126,886
91,773 154,625 281,284 66,045
1,661,490
7,235,495
8,354
23,460
6,613
26,273
17,216
50,524
23,067
85,437
39,373
59,409
28,337
109,638
105,809
111,119
90,582
200,784
12,749
44,136
1,779
3,242
30,585
30,585
116,710
341,549
64,024
227,468
14,311
73,440
84,281
282,491
24,201
70,442
280,223
732,350
93,483
132,089
34,897
54,897
30,597
87,687
1,107,194
2,747,018
- - - - (2,840) 91,495 88,655
26,321 144,745 171,066
4,017 17,163
4,017 61,416
RED STAR EXPRESS PLC ###
FOR THE YEAR ENDED 31ST MARCH, 2025
TAXATION
8.1 Statement of Comprehensive Income
Income tax
Education tax
Back duty charge
Nigerian Police trust fund levy
Capital gain tax
Deferred tax (credit)/expense The Group Current Period Interim Period Year to Date
Jan'25-Mar'25
Apr'24-Mar'25
N'000
N'000
98,196
269,272
10,212
24,469
26,816
26,816
1,021
2,447
24,352
24,352
160,597
347,355
160,597
347,355
Income tax Comparative Period Interim Period Year to Date The Company Current Period Interim Period Year to Date
Jan'24-Mar'24
Apr'23-Mar'24
Comparative Period
N'000
N'000
65,334 24,812 - 180,068 32,956 - 13
20
-
- -
90,159
213,044
-
(13,901)
90,159
199,143
Jan'25-Mar'25
Apr'24-Mar'25
N'000
N'000
37,784 3,149 15,834
113,083 13,383 15,834
566
1,338
-
57,332
143,637
57,332
143,637
Interim Period | Year to Date |
Jan'24-Mar'24 | Apr'23-Mar'24 |
N'000 | N'000 |
(16,361) | 52,479 |
6,462 | 12,199 |
- | - |
6
11
-
-
(9,893)
64,689
44,318
4,376
34,425
69,065
160,597
347,355
90,159
199,143
57,332
143,637
34,425
69,065
Mar-25
N'000
8.2 Statement o Financial Position
At the beginning of the year Charge for the year
Back duty charge Payments during the year
124,484 347,355 26,816 (211,279) At the end of the year
287,376
.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).
Mar-24
Mar-25
N'000
N'000
204,262 213,044
(65,448)
6,362 143,637 15,834 (95,194)
- 124,484
70,639
Mar-24
N'000
119,396 64,689
(18,408)
6,362
REDSTAR EXPRESS PLC
Plant & | Furniture & | Capital Work | ||
Machinery | Fittings | in-progress | Total | |
172,446,183 | 155,271,844 | 1,063,212,040 | 6,558,807,700 | |
138,246,745 | 30,516,048 | 24,777,500 | 1,163,282,621 | |
- | - | - | (139,722,974) | |
- | - | (966,850,612) | (966,850,612) | |
310,692,927 | 185,787,892 | 121,138,928 | 6,615,516,735 | |
(106,708,096) | (131,905,438) | (3,308,291,566) | ||
(28,171,425) | (13,462,613) | (482,357,805) | ||
- | ||||
(134,879,521) | (145,368,052) | - | (3,790,649,371) | |
175,813,406 | 40,419,841 | 121,138,928 | 2,824,867,364 | |
65,738,087 | 23,366,406 | 1,063,212,040 | 3,250,518,133 | |
REDSTAR EXPRESS PLC | ||||
PPE MOVEMENT SCHEDULE AS AT 31.03.2025 | ||||
Plant & | Furniture & | Capital Work | ||
Machinery | Fittings | in-progress | Total | |
157,848,209 | 114,189,157 | 893,081,088 | 3,508,238,706 | |
138,246,745 | 26,758,800 | 967,104,696 | ||
- | ||||
(805,029,661) | (805,029,661) | |||
296,094,953 | 140,947,957 | 88,051,428 | 3,670,313,742 | |
(94,444,059) | (96,574,432) | - | (1,678,066,434) | |
(25,337,488) | (10,910,083) | - | (228,480,203) | |
- | - | - | - | |
(119,781,547) | (107,484,515) | - | (1,906,546,637) | |
176,313,406 | 33,463,442 | 88,051,428 | 1,763,767,105 | |
63,404,150 | 17,614,725 | 893,081,088 | 1,830,174,273 |
INTANGIBLE ASSETS MOVEMENT SCHEDULE
GROUP COMPANY Research and development
Total Cost or Valuation:
Beginning of the Year 265,722,763 262,822,763 262,822,763
Additions 168,664,357 168,664,357 168,664,357
Disposals Transfers
End of the Year
- - 434,387,120
- - 431,487,120
-
431,487,120
Amortisaton:
Beginning of the Year (255,754,457) (252,854,477) (252,854,477)
Charge for the Year (26,320,879) (26,320,879) (26,320,879) Disposals
-
-
End of the Year
(282,075,336)
(279,175,356)
-
(279,175,356)
Net Book Value: End of the Year
152,311,784
152,311,764
-
152,311,764
Beginning of the Year
9,968,306
9,968,286
-
9,968,286
2022001 2022001
2024001 2024001
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | 2024/012 | 2024/012 |
FOR THE YEAR ENDED 31ST MARCH, 2025 | ||
The Group | The Company |
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 | ||||
Closing Value | ||||
11
11.2
12
13
2025 | 2024 | 2025 | 2024 | |
MAR | MAR | MAR | MAR | |
N'000 | N'000 | N'000 | N'000 | |
104,165 | 777,575 | 96,759 | 290,399 | |
289,107 | 58,998 | 114,576 | 52,280 | |
(75,381) | (75,381) | |||
(245,752) | (657,027) | (75,314) | (170,539) | |
147,520 | 104,165 | 136,021 | 96,759 | |
2,174 | 866 | 2,174 | 866 | |
0 | 1,308 | 0 | 1,308 | |
2,174 | 2,174 | 2,174 | 2,174 | |
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) |
- | - | - | - | |
- | - | - | - | |
354,000 | 354,000 | |||
49,065 | 49,065 | |||
750,000 | 750,000 | |||
1,153,065 | 1,153,065 | |||
41,488 | 41,273 | 29,843 | 34,483 | |
29,027 | 26,107 | 28,457 | 25,539 | |
2,851 | 3,258 | 2,783 | 3,190 | |
- | - | - | - | |
73,365 | 70,638 | 61,083 | 63,212 | |
2,897,880 | 2,557,078 | 1,435,784 | 1,251,601 | |
(215,155) | (140,810) | (126,948) | (90,046) | |
2,682,725 | 2,416,268 | 1,308,837 | 1,161,555 |
Investment in subsidiaries:
RIGHT OF USE ASSET Opening balance Additions in the year Disposal
Depreciation Charge for the year As at 31st March 2024
% Holding
Investment in Red Star Freight Limited 100
Investment in Red Star Supports Services Limited 100
Investment in Red Star Logistics Limited 100
STOCKS
Stationeries and packaging materials Fuel and oil
Spare parts
Provision for obsolete stock
TRADE DEBTORS
Trade debtors
Provision for doubtful debts
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH, 2025
The Group
The Company
2025 | 2024 | 2025 | 2024 | ||
MAR | MAR | MAR | MAR | ||
N'000 | N'000 | N'000 | N'000 | ||
14 | OTHER RECEIVABLES | ||||
WHT Receivable from customers | 1,305,915 | 1,157,809 | 443,749 | 402,434 | |
Sundry receivables | 311,770 | 66,915 | 311,770 | 42,187 | |
Other staff and operational advances | 434,049 | 690,900 | 282,629 | 556,444 | |
ECL on other receivables | (68,286) | (97,941) | (66,010) | (91,119) | |
1,983,448 | 1,817,683 | 972,138 | 909,946 | ||
15 | PREPAYMENTS | ||||
Non-current Prepayments | 108,669 | 16,145 | 28,496 | 1,773 | |
Current Prepayments | 227,361 | 184,367 | 92,872 | 72,505 | |
336,030 | 200,512 | 121,368 | 74,278 | ||
16. | Cash, Bank balances and other equivalents | ||||
Cash balances | 1,793 | 1,296 | 760 | 512 | |
Cash-in-transit | 37,878 | 12,748 | 36,338 | 6,277 | |
Bank Balances (Naira) | 753,368 | 1,040,416 | 311,806 | 511,402 | |
Short Term Deposits | 619,614 | 65,028 | 605,013 | 53,000 | |
1,412,653 | 1,119,488 | 953,917 | 571,191 | ||
ECL on Cash and Cash Equivalent | (1,425) | (197) | (1,425) | - | |
1,411,228 | 1,119,291 | 952,492 | 571,191 | ||
17. | OTHER CREDITORS AND ACCRUALS | ||||
Accruals | 1,411,014 | 1,269,839 | 809,322 | 696,025 | |
Agents & Clearing charges | 482,127 | 453,884 | 482,127 | 453,883 | |
Withholding Taxes | 115,994 | 84,262 | 101,758 | 70,845 | |
Value added tax | 305,135 | 290,594 | 195,566 | 129,670 | |
Staff pension accruals (Note 17.1) | 97,241 | 104,715 | 43,591 | 61,215 | |
Unclaimed Dividend | 122,760 | 146,926 | 122,760 | 146,926 | |
Other creditors | 265,341 | 196,073 | 187,783 | 120,177 | |
13,300 | 13,300 | ||||
2,799,612 | 2,559,593 | 1,942,906 | 1,692,041 | ||
17.1 | Staff pension accruals | ||||
At the beginning of the year | 104,280 | 60,238 | 67,111 | 28,357 | |
Provision for the year | 388,304 | 370,845 | 122,090 | 117,921 | |
Payments and remittances | (395,343) | (326,803) | (145,610) | (79,167) | |
At the end of the year | 97,241 | 104,280 | 43,591 | 67,111 | |
18. | DEFERRED TAXATION | ||||
At the beginning of the year | 236,605 | 278,754 | 179,505 | 203,377 | |
Charge for the year | (13,901) | 4,376 | |||
Tax income/expense recognized in OCI | - | (28,248) | - | (28,248) | |
At the end of the year | 236,605 | 236,605 | 179,505 | 179,505 |
RED STAR EXPRESS PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH, 2025
19 SHARE CAPITAL
Authorised
1,000,000,000 ordinary shares
of 50 kobo each
Issued and fully paid 954,423,325 ordinary shares of 50 kobo each
20 GENERAL RESERVE
At the beginning of the year Profit for the period
Other comprehensive Income Dividend declared
At the end of the period
The Group Mar-25
N'000
477,211
477,211
2,679,378 631,390 - (257,694)
3,053,074
Mar-24 N'000 477,211 | Mar-24 N'000 477,211 |
477,211 | 477,211 |
2,584,613 343,003 (57,353) (190,885) | 1,738,085 155,358 (57,353) (190,885) |
2,679,378 | 1,645,205 |
The Company
21. RECONCILIATION OF NET PROFIT AFTER TAXATION | ||||
TO CASH PROVIDED BY OPERATING ACTIVITIES | ||||
Net profit/(loss) before taxation | 978,745 | |||
Adjustment to reconcile net income to | ||||
net cash provided by operating: | ||||
Depreciation of Property,Plants & Equipment | 482,358 | |||
Depreciation of ROU | 78,313 | |||
Amortisation of intangible assets | 26,321 | |||
Long term prepayment utilized | - | |||
Interest income | (4,250) | |||
Interest paid (Net interest expense) | (101,236) | |||
(Profit)/loss on disposal of fixed assets | (243,119) | |||
Finance cost | 93,378 | |||
Finance income | (4,250) | |||
Dividend Income | ||||
Service cost | (1,681) | |||
Lease Modification | ||||
Expected Credit losses on financial assets | 109,104 | |||
Changes in assets and liabilities: | ||||
(Increase)/decrease in inventory | (2,727) | |||
(Increase)/decrease in trade and other receivables | 186,050 | |||
Increase/(decrease) in trade and other payables | 413,602 | |||
Employee benefits paid | - | |||
Tax Paid | (211,279) | |||
Net cash provided by operating activities | 1,799,331 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 31ST MARCH, 2025
RED STAR EXPRESS PLC | |||
The Group | The Company | ||
Mar-25 | Mar-24 | Mar-25 | Mar-24 |
N'000 | N'000 | N'000 | N'000 |
525,129 | 535,304 | 288,722 | |
487,822 | 228,480 | 226,159 | |
78,484 | 70,875 | 61,198 | |
22,230 | 26,321 | 22,230 | |
137,770 | - | (15,908) | |
(357) | (4,017) | ||
(38,691) | 61,416 | (38,691) | |
584 | - | 584 | |
58,370 | 61,416 | 20,016 | |
(22,305) | (4,017) | (856) | |
(158,362) | (77,899) | ||
50,810 | - | 50,810 | |
72,179 | (65,119) | ||
64,736 | 59,409 | 60,812 | |
27,391 | 2,129 | 26,583 | |
(496,823) | 238,216 | (343,813) | |
503,790 | 220,458 | 273,381 | |
(103,602) | - | (103,602) | |
(65,448) | (95,194) | (18,408) | |
1,246,438 | 1,242,434 | 366,199 |
RED STAR EXPRESS PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH, 2025
The Group Mar-25
N'000
22. | RECONCILIATION OF CASH | |
AND CASH EQUIVALENTS | ||
Cash balances | 1,793 | |
Cash-in-transit | 37,878 | |
Bank Current Account | 753,368 | |
Short term deposits | 619,614 | |
1,412,653 | ||
Expected Credit Loss | (1,425) | |
1,411,228 | ||
23. | EMPLOYMENT AND EMPLOYEES | |
Number |
23.1 Staff | |
Average number of persons employed in the | |
financial year under review and the staff costs | |
were as follows: | |
Managerial | 5 |
Senior staff | 57 |
Supervisors | 131 |
Junior staff | 1,734 |
1,927 | |
Staff costs: | |
Salaries, wages and other benefits | 3,028,147 |
Staff pension and gratuity | 297,568 |
3,325,714 | |
23.2 Employees remunerated at higher rates, | |
excluding allowances: |
N
N | Number | ||
500,001 | - | 2,100,000 | 1,794 |
2,100,001 | - | 3,600,000 | 66 |
3,600,001 | - | 7,000,000 | 56 |
7,000,001 | - | 9,000,000 | 9 |
9,000,001 | - | 13,000,000 | 2 |
1,927 |
The Company
Mar-24 N'000 1,296 12,748 1,040,416 65,028 1,119,488 (197) | Mar-24 N'000 512 6,277 511,402 53,000 571,191 - | |
1,119,291 | 571,191 | |
Number 8 37 132 1,747 | Number 6 23 98 165 | |
1,924 | 292 | |
2,648,851 257,099 | 1,215,990 69,714 | |
2,905,950 | 1,285,704 | |
Number 1,818 52 42 9 3 | Number 211 38 34 6 3 | |
1,924 | 295 | 292 |
RED STAR EXPRESS PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH, 2025
24. Compensation of key management personnel of Red Star Express
The Group
Mar-25
Mar-24
Mar-25
Mar-24
N'000
N'000
N'000
N'000
.1 Fees and sitting Allowances
23,210
20,850
23,210
20,850
Executive compensation
21,797
23,554
21,797
23,554
Other Directors and benefits
37,612
45,050
37,612
45,050
82,619
89,454
82,619
89,454
N'000
N'000
5,265
3,300
24,024
20,253
Number
Number
Number
-
-
-
Fees and emoluments disclosed above include amount paid to:
Chairman
The highest paid Director earned
.2 The number of Directors excluding the
Chairman whose emoluments were within the following ranges were:
N
Below N1,000,000 3,000,001 and
N
above
25. GUARANTEES AND OTHER FINANCIAL COMMITMENTS
.1 Contingent liabilities
As at 31st March 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
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 31ST MARCH, 2025
26. SUPPLIERS
The Company's significant suppliers are mainly local. Some of the major suppliers are:
Kungo-Rock Investments Limited
NADEC Int'l Link Limited
Knight Pride Int'l Limited
Skyway Aviation Handling Company Air France
British Airways
The Company is not associated with the suppliers.
27. 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.
28. 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
Mar-25 | Mar-24 | |
N'000 | N'000 | |
Due from related company | ||
Red Star Logistics Limited | 396,172 | 914,267 |
Red Star Supports Services Limited | 189,306 | 260,500 |
ECL on related parties | (16,248) | (17,646) |
569,230 | 1,157,122 | |
Due to related companies | ||
Red Star Freight Limited | 233,934 | 312,161 |
233,934 | 312,161 |
RED STAR EXPRESS PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2025
29 EARNINGS PER SHARE
Basic Earnings Per Share
The calculation of basic earnings per share at 31st Mar 2025 for the company was based on the profit attributable to ordinary shareholders of N345 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 N609 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)
30
COMPARATIVE FIGURES
Certain prior year's figures have been reclassified in line with current year's presentation for more meaningful comparison.
31
Segment Information
The Group
32
Segment Statement of Comprehensive Income Revenue (External Customers) Finance Income Cost of Sales Other Income Administrative Expenses Finance Charges Profit before income tax Income tax expence Profit after tax | 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'24-Mar'25 N'000 10,584,819 4,017 (7,235,495) 161,462 (2,918,084) (61,416) | Apr'23-Mar'24 N'000 7,581,574 856 (5,286,796) 113,430 (2,164,625) (20,016) | Apr'24-Mar'25 N'000 3,690,318 - (3,017,111) 418,288 (665,708) (88,569) | Apr'23-Mar'24 N'000 2,997,719 - (2,437,151) 22,641 (470,816) (38,354) | Apr'24-Mar'25 N'000 4,287,107 233 (3,115,527) 11,707 (1,038,509) | Apr'23-Mar'24 N'000 3,052,715 - (2,284,844) 15,911 (616,685) - | Apr'24-Mar'25 N'000 3,089,953 - (1,161,779) 8,543 (1,817,141) - | Apr'23-Mar'24 N'000 2,495,744 8,241 (978,249) - (1,389,096) - | Apr'24-Mar'25 N'000 21,680,019 4,250 (16,632,573) 412,970 (4,392,543) (93,378) | Apr'23-Mar'24 N'000 16,127,753 22,305 (11,659,325) 60,875 (3,951,093) (58,370) | ||
535,304 (143,637) | 224,423 (69,065) | 337,218 (133,954) | 74,039 (7,977) | 145,010 (54,230) | 167,097 (28,141) | 119,576 (42,748) | 136,640 (14,796) | 978,745 (347,355) | 542,145 (199,143) | ||
391,666 | 155,358 | 203,263 | 66,062 | 90,781 | 138,956 | 76,828 | 121,844 | 631,390 | 343,002 | ||
Segment Statement of Financial Position Non Current Assets Current assets Total Assets Ordinary Share Capital Share Premium Retained Earnings Fair Value of equity (FVOCI) Non Current Liabilities Current liabilities Total Equity & Liabilities | Courier | Logistics | Freight | Support Services | Group Mar-25 Mar-24 N'000 N'000 3,511,993 3,635,598 6,378,126 5,608,247 | ||||||
Mar-25 N'000 3,488,465 3,956,652 | Mar-24 N'000 3,346,541 3,935,531 | Mar-25 N'000 785,274 1,609,162 | Mar-24 N'000 1,200,963 1,408,199 | Mar-25 N'000 51,681 1,372,353 | Mar-24 N'000 46,803 1,062,987 | Mar-25 N'000 247,965 628,946 | Mar-24 N'000 179,985 669,491 | ||||
7,445,116 | 7,282,071 | 2,394,436 | 2,609,162 | 1,424,034 | 1,109,790 | 876,912 | 849,476 | 9,890,119 | 9,243,846 | ||
477,211 1,515,600 1,779,177 1,639 234,875 3,436,614 | 477,211 1,515,600 1,645,205 1,639 340,469 3,301,947 | 750,000 - 591,873 6,415 1,046,148 | 750,000 - 364,258 - 69,177 1,425,727 | 354,000 - 434,329 7,752 627,953 | 354,000 - 336,450 - 32,546 386,794 | 49,065 - 519,953 27,979 279,914 | 49,065 - 424,043 - 12,073 364,295 | 477,211 1,515,600 3,053,074 1,639 291,975 4,550,620 | 477,211 1,515,600 2,679,378 1,639 451,642 4,118,375 | ||
7,445,118 | 7,282,071 | 2,394,436 | 2,609,162 | 1,424,034 | 1,109,790 | 876,912 | 849,476 | 9,890,119 | 9,243,845 | ||
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. | |||||||||||