Red Star Express Plc has reported a pretax profit of N371.2 million for the second quarter ended September 2025, compared to N186.7 million recorded in the corresponding period of 2024.
The company’s financial statement also showed a six-month pretax profit of N675 million, up 98% year-on-year, mainly supported by higher revenue and other income.
Turnover for the quarter increased by 14.24% to N5.8 billion, bringing total revenue for the six months to N11.1 billion, up 14.9% from the corresponding period last year.
A cursory look shows that the cost of sales rose by 8.27% to N4.7 billion in Q2; nevertheless, gross profit improved to N1.1 billion, compared to N781 million in the previous year.
However, operating expenses increased, with administrative and other operating costs rising by 47.89% to N829.7 million.
Finance income was N44.8 million against a finance cost of N10.2 million, leaving pretax profit at N371.2 million.
After tax, net profit came to N252.4 million, up 100.3% from N126 million in the same quarter last year.
The results show higher earnings across business segments alongside increased costs during the period.
Red Star Express Plc recorded total assets of N10.4 billion in the quarter under review, up 1.55% from the previous period.
Total equity increased to N5 billion from N4.8 billion in the prior period, driven mainly by retained earnings of N3.01 billion, up 4.3%.
Total liabilities stood at N5.4 billion, slightly higher than N5.3 billion in the previous period, with other creditors and accruals of N2.9 billion accounting for the largest share.
As of the week ended October 24, shares of the company were priced at N11, up 149.43% year-to-date.