Home Business Red Star to payout N236m as dividend in 2018

Red Star to payout N236m as dividend in 2018

by Business News Report

Red Star Plc has declared a dividend payout of N236million that is 40 kobo gross per share. The company in its financial report ended 31st March 2018 said the declared dividend  is subject to approval by shareholders at the Annual General Meeting. It also said that the payment of the dividend is subject to a withholding tax at 10 per cent. Red Star Group in its 2017/2018 financial year generated a total revenue of N8.407 billion as against the N7.2 billion it made in 2017. This represent an annual income growth of 15.1 per cent. In the same vein the company reported a rise in revenue from N4.049 billion in 2017 financial year to N4.406 billion in the year ended March 2018. This also represent an increase of 8 per cent in revenue. 

According to the report cost of sales for the group rose from N5.11 billion in 2017 to N5.625 billion in the reporting period. This represent a 10 per cent rise in cost of sales. In the case of the company, cost of sales inched up from N2.733 billion in 2017 to N2.932 billion in 2018 reporting period, a 7 per cent increase in cost. 

Gross profit for Red Star as a group rose from N2.187 billion in 2017 to N2.782 billion in 2018. This represent a 27 per cent rise in gross profit. For Red Star as a company gross profit rose from N1.316 billion in 2017 to N1.473 billion in 2018. As a result the company’s profit after tax stood at N334. 772 million in 2018 as against the figure of N314.677 million in 2017. The group earning per share stood at N0.59 per share. Red Star Group total assets rose from N1.19 trillion in 2017 to N1.32 trillion in 2018 while that of Red Star as a company rose from N900 billion in 2017 to N1.055 trillion in 2018.

According to the financial statement of the company total equity rose from N2.43 trillion in 2017 to N2.5 trillion in 2018. The Company’s equity also improved marginally from N1.791 trillion in 2017 to N2.5 trillion in 2018. The company’s initial authorised share capital was N7million comprising 7 million ordinary shares of N1.00 each. The shares were subdivided into ordinary shares of 50 kobo each in 2006. The company’s authorised 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. 

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