Red Star Express Plc has announced its third quarter results for the period ended December 31, 2018 and its financials show it has the potential to make investors happy by March 2019.
Revenue rose by 22 percent from N6.20 billion in December 2017 to N7.56 billion in December 2018. The cost of goods sold hit N5.74 billion in 2018 as against N4.6 billion in corresponding period in 2017, representing an increase of 25 percent during the period. It also implies that the cost of goods sold relative to revenue in the current period was 76 percent as against 74 percent in 2017.
Profit before tax increased to N534 million as at December 2018 compared with N428.2 million in December 2017. Profit after tax increased by the same margin from N291.2 million in December 2017 to N363.1 million same period in 2018. The company posted 6.89 percent and 13.7 percent as returns on asset and equity respectively.
Investors traded 229,144 shares of Red Star Express worth N1.15 million on Friday last week, consequent upon which the stock gained 4.17 percent on that particularly day and 19 percent year to date.
Tripple Gee and Company Plc improved its third quarter results, particularly as its turnover and profit after tax rose by 10 percent and 202 percent respectively. Turnover at the end of December 2018 stood at N546.3 million in contrast to N494.8 million in the previous period. Profit before tax rose by 122 percent from N10.25 million in 2017 to N22.76 million in 2018.
Profit after tax in the current period was better than the previous period by 202 percent as it rose to N16 million in December 2018 up from N5.3 million in December 2017.
TELIAT SULE
