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Red Star Express Q3 profit down by 19%

Red Star Express Q3 profit down by 19%

Leading courier and packaging company, Red Star Express Plc, has recorded a 19% plunge in its after-tax profit for Q3 ended 31st December, 2019 relative to the figure it posted in the same period of 2018.

The details of the company’s financials are contained in its Unaudited Financial Report for the Period Ended 31 December 2019, posted on the website of the Nigerian Stock Exchange (NSE) today.

Turnover dipped by 2% to N2.624 billion in the review period compared to the N2.677 posted in the corresponding period of 2018.

Profit Before Income Tax slumped from N181.702 million at Q3 2018 to N148.004 million at Q3 2019, representing an 18.5% drop.

Profit for the Period declined by 18.5% from N123.557 million at Q3 2018 to N100.643 million at Q3 2019.

Read also: Airtel Africa’s Q3 profit plunges by $30m despite improved earnings

Finance Costs soared by 109.5% from N8.260 million at Q3 2018 to N17.308 million in the relative period of 2019, contributing in part to the decline in profit.

Earnings Per Share (EPS) shrank by 19% from N0.21 at Q3 2018 to N0.17 at Q3 2019.

Red Star Express, which owns the FedEx franchise, currently trades on the floor of the NSE at N4.45 per share.

Earnings Per Share is the profit that each unit of a company’s ordinary shares  yields  during a particular period. It is simply calculated by dividing the Profit After Tax by the company’s total outstanding shares.  Increase in a company’s EPS often reflects an improvement in its bottom-line while a fall, on the other hand, indicates a declining profit.

Ronald Adamolekun

Ronald Adamolekun is a creative writer with a mixed bag of experience in fields as diverse as data journalism, financial reporting and editing.
Ronald Adamolekun

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Ronald Adamolekun

Ronald Adamolekun is a creative writer with a mixed bag of experience in fields as diverse as data journalism, financial reporting and editing.

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