NGX Lauds Red Star Express’ Efforts to Improve Earnings

December 16, 2022
Red Star Express

By Aduragbemi Omiyale

The management of Red Star Express Plc has been commended by the Nigerian Exchange (NGX) Limited for striving hard to improve its earnings.

This applause was given by the Divisional Head of Capital Markets at the NGX, Mr Jude Chiemeka, during a closing gong ceremony to commemorate the 30th anniversary of the company.

At the event, Mr Chiemeka said the logistics firm had shown resilience in the face of a harsh operating environment, which was made worse by the COVID-19 pandemic of 2022.

However, he advised the management of the organisation to leverage the robust platform offered by the exchange’s Facts Behind the Figures to talk directly with stakeholders in the stock market.

According to him, regular market engagement activities help investors and the investing community with their decisions as they will have first-hand information about the company.

Mr Chiemeka said most investors would be interested in Red Star Express because of how it has successfully weathered the challenges of the Nigerian business environment while delivering value for shareholders.

“I will encourage you to leverage the platforms set up by the exchange, like the Facts Behind the Figures to further engage the market, tell the story behind your performance and update on your strategy and objectives.

“NGX provides the platform of choice for raising capital and, with our international collaborations, opens you up to a wide range of domestic and international investors to achieve your goals and visions,” he said.

Mr Chiemeka added that the bourse had various investment products, including but not limited to green, social and sustainability bonds that issuers like Red Star could take advantage of and also leverage capacity-building initiatives handled by NGX’s knowledge platform, X-Academy.

In his remarks, the Group Managing Director and Chief Executive Officer of Red Star Express, Mr Auwalu Babura, spoke about the enhanced structure of the business and a renewed partnership with their major partner, Federal Express.

“FedEx has decided to increase its investments in Nigeria and have upgraded their relationship with us, opening us up to bigger opportunities,” he stated.

Mr Babura promised to embrace the Facts Behind the Figures platform to engage the capital market community and leverage other opportunities provided by the exchange to boost its growth.

Aduragbemi Omiyale

Aduragbemi Omiyale is a journalist with Business Post Nigeria, who has passion for news writing. In her leisure time, she loves to read.

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