RED STAR EXPRESS PLC Red Star Express Plc
Annual Report
31 March 2023
Red Star Express Plc | |
Annual Report | |
31 March 2023 | |
Contents | Page |
Corporate information | 1 |
Directors' report | 2 |
Corporate Governance Report | 7 |
Statement of directors responsibilities in relation to the consolidated and separate financial statements | 10 |
Statement of corporate responsibility for the consolidated and separate financial statements | 11 |
Audit Committee Report | 12 |
Independent auditor's report | 13 |
Consolidated and separate statements of profit or loss and other comprehensive income | 17 |
Consolidated and separate statements of financial position | 18 |
Consolidated statement of changes in equity | 19 |
Separate statement of changes in equity | 20 |
Consolidated and separate statements of cash flows | 21 |
Notes to the financial statements | 22 |
Other national disclosures | 70 |
- Value added statement - Group | 71 |
- Value added statement - Company | 72 |
- Group financial summary | 73 |
- Company financial summary | 74 |
Red Star Express Plc
Annual Report
31 March 2023
Corporate information
Board of Directors: | Suleiman Barau (OON) | Chairman |
Auwalu Badamasi Babura | Group Managing Director/CEO | |
Ejekam Charles | Executive Director | |
Chioma Sideso | Independent Non-Executive Director | |
Sulaiman Lawan Koguna | Non-Executive Director | |
Peter Surulere Aletor | Non-Executive Director | |
Chukwuemeka Ndu | Non-Executive Director | |
Registered office: | 70, International Airport Road Lagos. | |
Tel: 01-2715670 | ||
Email: enquiries@redstarplc.com | ||
http://www.redstarplc.com | ||
Registration number: | RC No. 200303 | |
FRC number: | FRC/2012/0000000000253 | |
Company secretary: | Frances Ndidi Akpomuka | |
70, International Airport Road Lagos. | ||
Company registrar: | Coronation Registrars Limited | |
Plot 09, Amodu Ojikutu Street | ||
Victoria Island Lagos | ||
Company solicitor: | Uwensuyi Edosomwan & Co. | |
254A, Ikorodu Crescent | ||
Dolphin Estate | ||
Ikoyi, Lagos | ||
Independent auditor: | KPMG Professional Services | |
KPMG Tower | ||
Bishop Aboyade Cole Street | ||
Victoria Island, Lagos | ||
Bankers: | Access Bank Plc | |
Ecobank Nigeria Limited | ||
Fidelity Bank Plc | ||
First Bank of Nigeria Limited | ||
First City Monument Bank Plc | ||
Guaranty Trust Bank Plc | ||
Heritage Bank Plc | ||
Jaiz Bank Plc | ||
Keystone Bank Limited | ||
Parallex Bank Limited | ||
Polaris Bank Limited | ||
Stanbic IBTC Bank Plc | ||
Sterling Bank | ||
UBA Plc | ||
Union Bank Plc | ||
Unity Bank Plc | ||
Wema Bank Plc | ||
Zenith Bank Plc | ||
Tax Identification Number: | 02460096-0001 |
1
Red Star Express Plc
Annual Report
31 March 2023
Directors' report
for the year ended 31 March 2023
-
Financial statements
The Directors present their annual report on the affairs of Red Star Express Plc ("the Company") and its subsidiaries ("together, the Group"), together with the consolidated and separate financial statements and independent auditor's report for the year ended 31 March 2023.
- Legal form
Red Star Express Plc was incorporated as a Private Limited Company on 10th of July 1992 under the name, Red Star Express Nigeria Limited and commenced business operations on 12th of October 1992. The Company was subsequently converted to a Public Company in July 2007 and had its shares listed on the Nigerian Stock Exchange on November 14, 2007.
The Company has three (3) wholly owned subsidiaries; Red Star Logistics Limited, Red Star Freight Limited and Red Star Support Services Limited. The results of the Company's subsidiaries have been consolidated in these financial statements.
- Principal activities
The Group is principally engaged in the provision of courier services, mail management services, freight services, logistics, ware housing and general haulage.
- Results for the year
The performance of the Group and Company during the year under review as compared with the previous year is as follows:
Group | Company | |||
in thousands of naira | 2023 | 2022 | 2023 | 2022 |
Revenue | 13,874,604 | 12,598,817 | 7,256,901 | 7,399,350 |
Operating profit
Profit before taxation
Income tax expense
Profit for the year
-
Property, plant and equipment
Information relating to changes in property plant and equipment is disclosed in Note 10 to these consolidated and separate financial statements.
- Dividend
The Directors are pleased to recommend to shareholders at the forthcoming annual general meeting the declaration of dividend payment of 15 kobo (2022: 7.5K). This dividend, if approved, is subject to deduction of appropriate withholding tax.
2
Red Star Express Plc
Annual Report
31 March 2023
Directors' report (cont'd)
for the year ended 31 March 2023
-
Directors
The Directors who served during the year to the date of this report are:
Names of Directors | Designation |
Suleiman Barau (OON) | Chairman |
Auwalu Badamasi Babura | Group Managing Director/CEO |
Ejekam Charles | Executive Director |
Chioma Sideso | Independent Non-Executive Director |
Sulaiman Lawan Koguna | Non-Executive Director |
Peter Surulere Aletor | Non-Executive Director |
Chukwuemeka Ndu | Non-Executive Director |
- Record of director's attendance
In accordance with the provisions of Section 284(2) of the Companies and Allied Matters Act, 2020, the record of the Directors' attendance at Directors' meetings during the year under below the tables review are hereby disclosed. The Directors have a formal schedule of meetings and met a total of five (5) times in the year under review. The table below shows the number of meetings (including Board and Board Committees) attended by each Director.
Frequency and Attendance of Board Meetings Board Meetings Attendance
2022 | 2023 | ||||||
Directors | 28-Apr | 26-Jun | 10-Aug | 27-Oct | 21-Feb | ||
Suleiman Barau (OON) | Yes | Yes | Yes | Yes | Yes | ||
Auwalu Badamasi Babura | Yes | Yes | Yes | Yes | Yes | ||
Ejekam Charles | Yes | Yes | Yes | Yes | Yes | ||
Chioma Sideso | Yes | Yes | Yes | Yes | Yes | ||
Sulaiman Lawan Koguna | Yes | Yes | Yes | Yes | Yes | ||
Peter Surulere Aletor | Yes | Yes | Yes | Yes | Yes | ||
Chukwuemeka Ndu | Yes | Yes | Yes | Yes | Yes | ||
Audit Committeee | |||||||
2022 | 2023 | ||||||
22-Apr | 23-Apr | 24-Jul | 24-Oct | 1-Jan | 26-Jan23-Mar | ||
Moses Ogundeji | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Cyril Ugwumadu | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Kolawole Amoo | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Sulaiman Koguna | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Chukwuemeka Ndu | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Peter Surulere Aletor | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Chukwuemeka Ndu | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Strategy & Business Development Committee | |||||||
2022 | |||||||
27-Jul | 6-Oct | 24-Jul | |||||
Moses Ogundeji | Yes | Yes | Yes | ||||
Cyril Ugwumadu | Yes | Yes | Yes | ||||
Kolawole Amoo | Yes | Yes | Yes | ||||
Sulaiman Koguna | Yes | Yes | Yes | ||||
Chukwuemeka Ndu | Yes | Yes | Yes | ||||
Peter Surulere Aletor | Yes | Yes | Yes | ||||
Governance, Nomination and Remuneration Committee | |||||||
2022 | |||||||
27-Jul | |||||||
Sulaiman Koguna | Yes | ||||||
Chioma Sideso | Yes | ||||||
Peter Aletor | Yes |
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Red Star Express plc published this content on 06 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 July 2023 18:49:05 UTC.
