Red Star Express posts stronger profit growth as revenue rises to N23.5bn

Red Star Express Plc has reported a stronger financial performance for the year ended March 31, 2026, with revenue rising 8.5% to N23.49 billion and Profit Before Tax increasing 16.2% to N1.07 billion.

The company’s Profit After Tax also increased by 7.1% to N585.26 million, compared with N546.52 million in the previous financial year, reflecting continued growth despite rising operating and transportation costs in Nigeria’s logistics sector.

The results are contained in the company’s 2026 Annual Report and Accounts.

Red Star Express attributed the performance to business expansion, increased technology adoption, disciplined cost management and sustained business development initiatives.

The company also strengthened its financial position during the year, with cash and cash equivalents increasing to approximately N1.99 billion, while net cash generated from operating activities rose to N1.71 billion, compared with N1.08 billion in 2025.

Technology remained a major part of Red Star Express’s strategy during the year as the company continued to develop digital tools aimed at improving customer convenience, shipment visibility and operational efficiency.

Its proprietary RedSpeed digital logistics platform was expanded to provide customers with web-based access, while a mobile application was developed for major app platforms.

The company also continued investing in cloud-based customer relationship management and enterprise resource planning systems to improve integration, data visibility and decision-making across the business.

The Board has recommended a 45-kobo dividend per ordinary share, up from 35 kobo per share in the previous financial year, subject to shareholder approval.

Beyond financial performance, Red Star Express reported progress across its sustainability agenda, including investment in employees, community development, environmental responsibility and responsible technology use.

The company expanded the use of solar energy across its office locations during the year as part of efforts to support more sustainable energy practices and reduce reliance on conventional power sources.

Through the Red Star Foundation, the company continued its education-focused community intervention, supporting deserving students in Government Secondary Schools within the Oshodi/Isolo Local Government Area, its host community.

Employee development also remained a priority, with training covering technical and operational skills, leadership, compliance, safety, customer service, data protection, risk management and professional development.

The company’s priorities for the coming years include accelerating digital transformation, expanding customer touchpoints through strategic partnerships, evolving its service offerings and investing further in its people and operational efficiency.

Red Star Chairman, Suleiman Barau (OON) was optimistic about the company’s future, stating that: “We expect Nigeria’s business environment to continue evolving, presenting both opportunities and challenges. Economic reforms, increasing digital adoption and changing patterns of trade and consumption will continue to shape the business landscape.”

With its nationwide network, diversified logistics businesses and continued investment in technology, Red Star Express remains focused on sustainable growth and creating long-term value for customers, employees, shareholders and other stakeholders.

Red Star Express Plc commenced operations in Nigeria in 1992 and became a publicly listed company in 2007. The company is the sole licensee of FedEx Corp. in Nigeria and provides courier, freight, logistics, warehousing, haulage and support services through its nationwide network.

It operates a nationwide network of 150 offices, serving more than 1,500 communities, with more than 1,700 employees and a fleet of over 700 vehicles.

Red Star Express remains strongly committed to its 4 P’s of Accountability – people, purpose, performance, and progression.