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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

Red Star Express

REDSTAREX · Nigerian Exchange · Consolidated statements

On this page
Company details
Legal name
Red Star Express Plc
Listing
REDSTAREX on the Nigerian Exchange, active · ISIN NGREDSTAREX9 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 March

Overview

Year ended 31 March 2026 · annual report, signed / final · source

  • Revenue

    NGN 23.5 billion

    23,494,067 NGN thousands · p25

    Change not shown.

  • Operating profit / (loss)

    NGN 963 million

    963,168 NGN thousands · p25

    Change not shown.

  • Profit / (loss) for the year

    NGN 585 million

    585,259 NGN thousands · p25

    Change not shown.

  • Total assets

    NGN 11.5 billion

    11,461,119 NGN thousands · p24

    Change not shown.

  • Total equity

    NGN 5.16 billion

    5,155,685 NGN thousands · p24

    Change not shown.

  • Cash from operations

    NGN 1.71 billion

    1,711,170 NGN thousands · p28

    Change not shown.

Large amounts are rounded for reading (NGN million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Not shown: the two years come from different filings.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in NGN thousands unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY to 31 Mar 2026 — annual report, signed / final; reported for the year · source
  • FY to 31 Mar 2025 — annual report, signed / final; reported for the year · source
  • FY to 31 Mar 2024 — annual report, signed / final; comparative in the FY to 31 Mar 2025 filing · source

Income statement

Income statement, NGN thousands. Columns: FY to 31 Mar 2026 — annual report (signed / final), as reported for the year; FY to 31 Mar 2025 — annual report (signed / final), as reported for the year; FY to 31 Mar 2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY to 31 Mar 2026Annual reportreported for the yearFY to 31 Mar 2025Annual reportreported for the yearFY to 31 Mar 2024Annual reportcomparative in FY to 31 Mar 2025 filing
Revenue 23,494,067 21,660,339 16,127,752
Cost of sales (16,204,435) (15,733,611) (11,691,115)
Gross profit 7,289,632 5,926,728 4,436,637
Other operating income 103,333 439,305 60,875
Administrative expenses (6,305,426) (5,171,001) (3,854,565)
Impairment losses on financial assets (124,371) (250,853) (64,736)
Operating profit 963,168 944,179 578,211
Finance income 145,886 39,752 22,305
Finance costs (34,122) (59,216) (58,370)
Net finance costs1 111,764 (19,464) (36,065)
Profit before taxation 1,074,932 924,715 542,146
Income tax expense (489,673) (378,194) (199,143)
Profit for the year 585,259 546,521 343,003
Net change in fair value of equity2 8,708 1,183 1,308
Re-measurement loss on defined benefit plan3 24,547 (121,300) (85,601)
Related taxes4 (11,348) 40,029 28,248
Other comprehensive loss, net of tax 21,907 (80,088) (56,045)
Total comprehensive income for the year 607,166 466,433 286,958
Notes and alternative reported figures (4)
  1. “Net finance costs” is an issuer-specific line, not mapped to a shared definition: Subtotal: finance income less finance costs.
  2. “Net change in fair value of equity” is an issuer-specific line, not mapped to a shared definition: OCI, items that will never be reclassified; note 13.
  3. “Re-measurement loss on defined benefit plan” is an issuer-specific line, not mapped to a shared definition: OCI, items that will never be reclassified; note 23(a(v)).
  4. “Related taxes” is an issuer-specific line, not mapped to a shared definition: OCI: tax on items that will never be reclassified.

Balance sheet

Balance sheet, NGN thousands. Columns: FY to 31 Mar 2026 — annual report (signed / final), as reported for the year; FY to 31 Mar 2025 — annual report (signed / final), as reported for the year; FY to 31 Mar 2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY to 31 Mar 2026Annual reportreported for the yearFY to 31 Mar 2025Annual reportreported for the yearFY to 31 Mar 2024Annual reportcomparative in FY to 31 Mar 2025 filing
Property, plant and equipment 2,944,328 2,811,340 3,250,518
Intangible assets 114,210 154,627 9,968
Prepayments1 22,556 55,518 16,145
Equity investments 12,065 3,357 2,174
Investments in subsidiaries2 –3 –3 –3
Right-of-use assets 285,549 145,317 104,165
Employee benefit4 209,552 155,076 252,628
Non-current assets 3,588,260 3,325,235 3,635,598
Inventories 100,782 73,141 70,638
Trade and other receivables 5,457,139 5,189,610 4,233,951
Prepayments5 322,250 322,959 184,367
Cash and cash equivalents 1,992,688 1,367,989 1,119,291
Current assets 7,872,859 6,953,699 5,608,247
Total assets 11,461,119 10,278,934 9,243,845
Share capital 477,211 477,211 477,211
Share premium 1,515,600 1,515,600 1,515,600
Other reserves 11,530 2,822 1,639
Retained earnings 3,151,344 2,886,934 2,679,378
Total equity 5,155,685 4,882,567 4,673,828
Deferred tax liabilities 317,133 216,632 236,605
Lease liabilities 112,565 13,640 47,658
Long-term service awards6 1,236 1,512 –7
Non-current liabilities 430,934 231,784 451,642
Current tax liabilities 378,681 283,848 124,484
Lease liabilities 23,763 45,497 27,051
Loans and borrowings –8 113,306 262,428
Trade and other payables 5,472,056 4,721,932 3,704,412
Current liabilities 5,874,500 5,164,583 4,118,375
Total liabilities 6,305,434 5,396,367 4,570,017
Total equity and liabilities 11,461,119 10,278,934 9,243,845
Loans and borrowings Not reported in this filing9 –7 167,379
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.non_current_assets.
  2. Printed “-”, read as nil: subtotal_arithmetic: bs.non_current_liabilities.
  3. Printed “-”, read as nil: subtotal_arithmetic: bs.current_liabilities.
Notes and alternative reported figures (6)
  1. “Prepayments” is an issuer-specific line, not mapped to a shared definition: Note 12, non-current.
  2. “Investments in subsidiaries” is an issuer-specific line, not mapped to a shared definition: Note 14: company columns only; dashes in the group columns.
  3. “Employee benefit” is an issuer-specific line, not mapped to a shared definition: Note 23v(ii): net defined benefit asset, non-current.
  4. “Prepayments” is an issuer-specific line, not mapped to a shared definition: Note 12, current.
  5. “Long-term service awards” is an issuer-specific line, not mapped to a shared definition: Note 23(b), non-current liability.
  6. Not reported in this filing: Not printed: the FY2026 statement of financial position (p24) has no non-current borrowings line; its non-current liabilities are 'Deferred tax liabilities', 'Lease liabilities' and 'Long-term service awards' (subtotal 'Non-current liabilities' 430,934). The only 'Loans and borrowings' line sits under current liabilities and prints '-' for 2026 (113,306 for 2025). Checked on the page image (p24).

Cash flow

Cash flow, NGN thousands. Columns: FY to 31 Mar 2026 — annual report (signed / final), as reported for the year; FY to 31 Mar 2025 — annual report (signed / final), as reported for the year; FY to 31 Mar 2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY to 31 Mar 2026Annual reportreported for the yearFY to 31 Mar 2025Annual reportreported for the yearFY to 31 Mar 2024Annual reportcomparative in FY to 31 Mar 2025 filing
Cash generated from operations (unlabelled subtotal) 1,818,696 1,131,031 1,415,488
Income taxes paid (94,914) (43,693)1 (65,448)
Employee benefits paid2 (12,612) (8,125) (103,602)
Net cash generated from operating activities 1,711,170 1,079,2133 1,246,438
Acquisition of property, plant and equipment (609,325) (478,575) (533,908)
Acquisition of right-of-use assets4 (145,171) (61,737) (58,363)
Acquisition of intangible assets (29,417) (17,203) (2,363)
Proceeds from sale of property, plant and equipment 97 382,842 –5
Interest received 136,634 6,910 1,483
Net cash used in investing activities (647,182) (167,763) (593,151)
Dividends paid (334,048) (257,694) (190,885)
Principal repayment of borrowings (112,088) (314,391) (541,798)
Interest repayment of borrowings (7,976) (52,216) (52,990)
Repayment of lease liabilities6 (62,998) (57,917)7 (8,451)
Net cash used in financing activities8 (517,110) (691,328) (152,673)
Net increase in cash and cash equivalents 546,878 220,1229 500,614
Cash and cash equivalents at the beginning of the year 1,367,989 1,119,488 590,167
Effects of movement in exchange rates on cash held 77,821 28,37910 28,707
Cash and cash equivalents at the end of the year 1,992,688 1,367,989 1,119,488
Proceeds from loans and borrowings Not reported in this filing11 –12 650,000
Interest repayment of lease13 Not reported in this filing14 (9,110) (8,549)
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  2. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (12)
  1. Annual report dated 2026-06-30 prints (43,692) (thousands, p28) for this line and year.
  2. “Employee benefits paid” is an issuer-specific line, not mapped to a shared definition: Operating activities, note 23b(iii).
  3. Annual report dated 2026-06-30 prints 1,079,214 (thousands, p28) for this line and year.
  4. “Acquisition of right-of-use assets” is an issuer-specific line, not mapped to a shared definition: Investing activities, note 21.
  5. Printed under different labels across filings: “Principal repayment of leases”; “Repayment of lease liabilities”.
  6. Annual report dated 2026-06-30 prints (67,027) (thousands, p28) for this line and year.
  7. Printed under different labels across filings: “Net cash (used in)/generated from financing activities”; “Net cash used in financing activities”.
  8. Annual report dated 2026-06-30 prints 220,123 (thousands, p28) for this line and year.
  9. Annual report dated 2026-06-30 prints 28,378 (thousands, p28) for this line and year.
  10. Not reported in this filing: Not printed: the FY2026 statement of cash flows (p28) has no 'Proceeds from loans and borrowings' line; its financing lines are 'Dividends paid', 'Principal repayment of borrowings', 'Interest repayment of borrowings' and 'Repayment of lease liabilities' (subtotal 'Net cash used in financing activities' (517,110)). Checked on the page image (p28).
  11. “Interest repayment of lease” is an issuer-specific line, not mapped to a shared definition: Financing activities, note 20: interest paid on lease liabilities.
  12. Not reported in this filing: Not reported separately: included in 'Repayment of lease liabilities' (62,998) (p28). The FY2026 statement of cash flows no longer prints 'Interest repayment of lease' and 'Principal repayment of leases' as separate lines; its 2025 comparative on that line, (67,027), is the sum of the two lines printed separately in the FY2025 report. Checked on the page image (p28).

Per share and shares

Per share and shares. Columns: FY to 31 Mar 2026 — annual report (signed / final), as reported for the year; FY to 31 Mar 2025 — annual report (signed / final), as reported for the year; FY to 31 Mar 2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY to 31 Mar 2026Annual reportreported for the yearFY to 31 Mar 2025Annual reportreported for the yearFY to 31 Mar 2024Annual reportcomparative in FY to 31 Mar 2025 filing
Earnings / (loss) per share (per share)1 0.61 0.57 0.36
Profit / (loss) attributable to shareholders (NGN thousands)2 585,259 546,521 343,003
Notes and alternative reported figures (2)
  1. Earnings / (loss) per share: printed as “Basic earnings per share”.
  2. Profit / (loss) attributable to shareholders: printed as “Profit attributable to ordinary equity holders”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
31 Mar 2026 Dividends paid (cash flow statement) Dividends paid (334,048) NGN thousands Annual report, p28
31 Mar 2025 Dividends paid (cash flow statement) Dividends paid (257,694) NGN thousands Annual report, p28
31 Mar 2024 Dividends paid (cash flow statement) Dividends paid (190,885) NGN thousands Annual report, p28

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • Red Star Express Plc Annual Report 31 March 2026

    Year ended 31 March 2026 · Annual report · signed / final

    Audit: KPMG Professional Services (Chartered Accountants), unmodified opinion · signed

    Auditor's sign-off: Dunni D. Okegbemila, FCA, for KPMG Professional Services

    Final status: Independent auditor's report of KPMG Professional Services to the shareholders of Red Star Express Plc (opinion PDF p20) closes on PDF p23 with 'Signed:' and the handwritten signature of Dunni D. Okegbemila, FCA (FRC/2012/PRO/ICAN/004/00000000411), for KPMG Professional Services, 30 June 2026, Lagos, with the ICAN stamp (page image). Statement of financial position (PDF p24): approved by the Board of Directors on 27 June 2026 and signed by the chairman, the group managing director/CEO and the CFO (three handwritten signatures, page image). PDF p18-p19 is a separate limited-assurance report on internal control over financial reporting.

    Document date
    30 Jun 2026
    Auditor's report
    30 Jun 2026
    Board approval
    27 Jun 2026
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY to 31 Mar 2026
    Basis
    consolidated statements · NGN thousands (printed “in thousands of naira”)
    • Interest received is printed within investing activities and interest paid on borrowings within financing activities (p28).
    • The OCI section is printed 'Other comprehensive loss, net of tax' although the 2026 figure is a gain (21,907; 2025: (80,088), p25). The re-measurement line keeps its printed label 'loss' although 2026 is a gain.
    • The plain pypdf text of p25 holds the figures of cost of sales, administrative expenses and the defined-benefit re-measurement out of row order (some at the foot of the page), and the plain text of p24 splits two comparative amounts with an inner space ('2,811, 340'; '113, 306'). Both pages are read from the text layer re-read by word position ('text_cells'), where each row's figures stand in place; checked on the renders.
    • The segment note (p78) says the prior-year segment information was restated (IFRS 8 presentation of non-cash items); the primary statements' 2025 columns are not labelled restated.
    • EPS printed in naira (basic 0.61; 2025: 0.57, p25; diluted printed identically).
    Technical details
    File
    95 pages, with a text layer
    SHA-256
    e199812d909ff1e4546f06c5f81f847475383c4359de0662e75374878eb495c1
    Entity as printed
    Red Star Express Plc (the Company) and its subsidiaries (together, the Group)
    Exchange copy
    retrieved 2026-10-08T17:51:14Z

  • Red Star Express Plc Annual Report 31 March 2025

    Year ended 31 March 2025 · Annual report · signed / final

    Audit: KPMG Professional Services (Chartered Accountants), unmodified opinion · signed

    Auditor's sign-off: Dunni D. Okegbemila, FCA, for KPMG Professional Services

    Final status: Independent auditor's report of KPMG Professional Services to the shareholders of Red Star Express Plc (opinion PDF p20) closes on PDF p23 with 'Signed:' and a handwritten signature above Dunni D. Okegbemila, FCA (FRC/2012/ICAN/00000000411), for KPMG Professional Services, 30 June 2025, Lagos, with the ICAN stamp (page image). Statement of financial position (PDF p24): approved by the Board of Directors on 27 June 2025, three handwritten signatures above the chairman, the group managing director/CEO and the CFO (page image). PDF p18-p19 is a separate limited-assurance report on internal control over financial reporting.

    Document date
    30 Jun 2025
    Auditor's report
    30 Jun 2025
    Board approval
    27 Jun 2025
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY to 31 Mar 2025, FY to 31 Mar 2024
    Basis
    consolidated statements · NGN thousands (printed “in thousands of naira”)
    • Cash and cash equivalents at the beginning of the year in the cash-flow statement (1,119,488) differ from the 2024 statement of financial position (1,119,291) and the printed 2024 closing cash in the cash-flow statement is 1,119,488; the difference (197) matches the 'Impairment (reversal)/losses on short term deposits' line (p28). Figures kept as printed.
    • Interest received is printed within investing activities and interest paid on borrowings and leases within financing activities (p28). The cash-flow statement heading reads 'for the year ended 31 March 2024' while its columns are 2025 and 2024 (p28).
    • The plain pypdf text of p25 holds the figures of cost of sales, administrative expenses and the defined-benefit re-measurement out of row order (at the foot of the page). Pages 24 and 25 are read from the text layer re-read by word position ('text_cells'), where each row's figures stand in place; checked on the renders.
    • EPS printed in naira (basic 0.57; 2024: 0.36, p25); no diluted EPS line is printed.
    Technical details
    File
    92 pages, with a text layer
    SHA-256
    36fa6e126ee550cc519d1e95ef34d2c8106414f0e4a30e4700002b114b10489a
    Entity as printed
    Red Star Express Plc (the Company) and its subsidiaries (together, the Group)
    Exchange copy
    retrieved 2026-10-08T17:52:01Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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