Connect with us

Transport

Red Star Express turnover hits N8.4bn

Published

on

Red Star Express Plc, a leading logistics Company, has released its audited reports for the financial year which ended March 31, 2018, showing a rise in turnover to N8.4 billion from the N7.3 billion the previous year.

The additional revenue growth was as a result of new business initiatives and expansion currently being driven by the present board and management. The company is principally engaged in the provision of courier services, mail room management services, outsourcing, freight services, logistics, ware-housing and general haulage.

The financial result released by the Company ahead of the Annual General Meeting on August 30th 2018 shows a stellar performance as the directors recommend to the shareholders the payment of N236 million, that is 40 kobo per share, same amount of dividend paid out to its shareholders in the previous financial year.

Asset of Red Star Express Plc increased to N5 billion from N4.5 billion in the previous financial year; likewise, the shareholders fund increased from N2.4b to N2.5b.

The company’s authorized share capital is currently N500 million, comprising 1 billion ordinary shares of 50 Kobo each with an issued share capital of N294,748,155 representing 589,496,760 ordinary shares of 50 Kobo each.

Mr. Sola Obabori, the Group Managing Director, disclosed that the Company is committed to ensuring sustained and steady growth of its operations and return on investments. “In spite of prevalent challenges, the company posted a turnover of N8.4 billion in the year under review. Our company has maintained its commitment in the creation of wealth for shareholders. To this end, the Board of Directors is recommending a gross cash dividend of 40kobo for every 50 kobo share, translating to N236million”, he reiterated.

“Regardless of the volatile economy, we will continually invest in our resilient employees, optimize our processes, refine our strategies, engage in cost efficiency, focus on new initiatives and increase our market share across the emerging economic sectors. We believe our commitment will give us the thrust we need to achieve maximum benefits for our esteemed shareholders”, he added.

Red Star Express Plc has three subsidiaries – Red Star Freight Limited; Red Star Logistics Limited and Red Star Support Services Limited, as well as Red Star Express, a licensee of FedEx, world’s leading air express company with over 650 aircrafts and more than 270 delivery destinations globally.

FedEx has consistently been rated among the top 10 most admired companies in the world over the past 10 years.

GrassRoots.ng is on a critical mission; to objectively and honestly represent the voice of ‘grassrooters’ in International, Federal, State and Local Government fora; heralding the achievements of political and other leaders and investors alike, without discrimination. This daily, digital news publication platform serves as the leading source of up-to-date information on how people and events reflect on the global community. The pragmatic articles reflect on the life of the community people, covering news/current affairs, business, technology, culture and fashion, entertainment, sports, State, National and International issues that directly impact the locals.

Continue Reading

Transport

Federal Government To Launch Out 2700 CNG Buses, Tricycles Ahead Of First anniversary Of Tinubu’s Administration

Published

on

The Presidency on Sunday said it was ready to launch about 2,700 CNG-powered buses and tricycles before May 29 when President Bola Tinubu turns one year in office.

“All is now ready for delivery of the first set of critical assets for deployment and launch of the CNG initiative ahead of the first anniversary of the Tinubu administration on May 29.”

It said the Federal Government is set to deliver 100 conversion workshops and 60 refuelling sites spread across 18 states before the end of 2024.

The Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, revealed this in a statement he signed Sunday titled ‘Presidential CNG initiative set for rollout.’

“From the end of May, Nigeria will take some baby steps to join such nations that already have large fleets of CNG vehicles.

The CNG tricycle
The CNG buses

“All is now ready for delivery of the first set of critical assets for deployment and launch of the CNG initiative ahead of the first anniversary of the Tinubu administration on May 29.

“About 2,500 of the tricycles will be ready before May 29, 2024…working towards delivering 200 units before the first anniversary of the Tinubu administration,” said the Presidency.

He also said that over 600 buses are targeted for production in the first phase which will be accomplished in 2024.

In October 2023, about five months after the removal of the petrol subsidy, President Tinubu launched the Presidential CNG Initiative to deliver cheaper, safer and more climate-friendly energy.

The CNG Initiative was designed to deliver compressed natural gas, especially for mass transit.

The Federal Government earmarked N100bn (part of the N500bn palliative budget) to purchase 5500 CNG vehicles (buses and tricycles), 100 Electric buses and over 20,000 CNG conversion kits, with plans to develop CNG refilling stations and electric charging stations nationwide.

The FG had said the initiative would ease the burden of the increased pump price on the masses.More information added that the creation of a new plant on the Lagos-Ibadan Expressway that will assemble the tricycles while Brilliant EV will assemble electric vehicles when it receives the Semi Knocked Down components.

The Presidency explained further, “The SKD parts manufactured by the Chinese company LUOJIA in partnership with its local partner to support the consortium of local suppliers of CNG tricycles are set for shipment to Nigeria and expected to arrive early in May.

It is expected that before 2027, There’ll be a considerable wave of these buses and tricycles in use.

Continue Reading

Transport

Lagos State Governor, Babajide Sanwo-Olu Unveils First Set of Electric Buses In Lagos

Published

on

The Governor of Lagos State, Babajide Sanwo-Olu, has announced the first set of electric buses for the state’s mass transit scheme.

Sanwo-Olu announced this on his Instagram page on Sunday, as he shared pictures of the buses.

He partly wrote, “I am excited to announce the first set of electric buses in the Lagos Mass transit master plan as part of our increased effort to modernise every sector of Lagos.

“Thanks to our partnership with #Oando_PLC, Lagosians can expect a cleaner and greener public transportation system.

“With the ability to travel 280 km at full charge, taking into account our unique travel times in Lagos, our electric buses are a game-changer.”

Here are pictures of the electric bus.

Continue Reading

Transport

Federal Executive Council Approve the sum of N453.90bn for Kano Rail Line under construction

Published

on

The Federal Executive Council has approved the sum of N453.90bn for the procurement of rolling stock, operation and maintenance equipment for the Kano-Maradi standard gauge rail line currently under construction.

The Minister of Transportation, Mu’azu Sambo, disclosed this to State House correspondents on Wednesday, March 22, after this week’s Council meeting chaired by President Muhammadu Buhari at the Presidential Villa, Abuja.

The approved sum also includes N510.93m meant for procuring four customised fire service/search and rescue vans in seaports at Port Harcourt, Lagos Port Complex, Tincan Island port and the Marina headquarters of the Nigerian Ports Authority.

The 248km rail line will traverses Kano, other cities such as Kazaure in Bauchi State, Daura and Mashi in Katsina State; Dutse in Jigawa State, the border town of Jibia, before terminating in Niger Republic’s trade and agricultural hub of Maradi.

According to a former Transport Minister, Rotimi Amaechi, the line has 15 stations along its path with a forecasted daily traffic of 9,364 passengers and approximately 3000 metric tons of cargo.

However, the project has been fraught with resistance, especially from lawmakers.

However, on Wednesday, Sambo said: “The memorandum sought council’s consideration and approval for the award of contract for the procurement of rolling stock, operation or maintenance equipment for the Kano-Maradi standard gauge rail line that is currently under construction.

“The contract was awarded to MSSRs Mota-Engil Nigeria Limited, who are the contractors handling this particular project in the sum of $984,722,302.5 inclusive of seven and a half per cent VAT with a completion period of four years.”

Sambo also revealed that the Transport ministry presented another memo on behalf of the Nigerian Ports Authority “for the award of contract for the construction and supply of four customised Fire Service search and rescue vans for extrication of accident victims for Rivers Ports in Port Harcourt, Lagos Port complex, Tincan Island Port and the Marina headquarters of the NPA, all in Lagos.

Continue Reading

Trending