Red Star Express Expands Sales Revenue By 43%
Red Star Express, one of Nigeria's most outstanding courier companies lived up to its rating in the industry as the fastest growing logistic solution provider with the expansion of its sales revenue by 43% in the 2004 financial year.
This accomplishment was confirmed at the company's Annual General Meeting (AGM) held recently at the Red Star corporate headquarters along Murtala Muhammed Airport Road, Lagos.
Speaking at the AGM, the Chairman, Dr Mohammed Koguna commended the management for achieving so much in terms of sales even in the face of stifling business environment. "This year under review has been particularly very challenging for the Nigerian economy. Despite the challenging environment, our company achieved significant growth in sales revenue and operating profit. Total revenue increased by 43% from N1. 187billion to N1.704b."
The Chairman also announced a board recommendation of N1.67 gross for each share held in the year under review for the shareholders. He said that if approved, the dividend will be payable to shareholders net of withholding tax.
Commenting on how the company was able to surpass its target against the reality of a constraining business climate, the Managing Director, Mr. Isaac Orolugbagbe said that, the management was committed to demonstrating its ability to meet the challenge posed by the company's target against all odds.
"The target challenged us to become more innovative in terms of quality product and packaging delivery. It helped us to enhance our customer intimacy and our operational efficiency. We were in overall, driven by the spirit to meet the customer's needs and make our services to them delightful and satisfying. We strengthened our marketing efforts to ensure that we are not aggressive without adding more benefits to the customer."
In order to maintain its unique service offerings and help the company to thread on the path of profitability, the Red Star management has through a strategic session articulated a new vision and a new mission statement to drive the business. The new vision statement captures the culture and aspirational values of the company. The session also identified new growth areas and innovations to position the company as an industry leader.
Red Star Express has recently acquired a new facility to house its entire operations. It has also embarked on a business innovation with the introduction of the Mail Room Management, a product that is used by banks as well as oil firms and oil servicing companies that wish to outsource their mailroom to experts in the field.
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