Trans-Nationwide Express posts N59.85m annual loss

Trans-Nationwide Express Plc has reported a loss after tax of N59.85 million for the 2020 financial year, compared with a profit after tax of N14.92 million a year earlier.

The company posted a loss before tax of N74.40 million last year, compared with a profit before tax of N22.52 million in 2019, according to its financial statements.

Its revenue fell by 15 percent to N668.62 million in 2020 from N790.53 million a year earlier.

The directors of the company did not recommend the payment of dividend to shareholders for the financial year ended Dec. 31, 2020.

TRANEX provides courier services, freight services, logistics, mail room management, haulage and e-commerce from its headquarters in Lagos and 38 branches nationwide, according to the financial statements.