The Board of RAK Unity Petroleum Company Plc, a company listed on the Alternative Securities Market of the Nigerian Stock Exchange, has assured its shareholders that it will continue to focus on delivering cost and operational efficiencies for the benefit of its shareholders.
Giving the assurance recently at the company’s 10th and 11th Annual General Meeting held in Lagos, Mallam Muhammad Buba, Chairman, RAK Unity Petroleum Company Plc, further assured shareholders that the company will continue to grow its market share and strategically focus on identified markets with strong growth prospects. “To achieve this, we intend to acquire two additional Retail Stations that will operate under the SO Energy brand, our technical partners. We also intend to further drive the effort to grow our bulk sales volume and to take advantage of the deregulation of the AGO market to enhance our margin on AGO,” Buba said.
He expressed confidence that the measures taken by the new Board and Management of the company will lead to further improvement in the company’s financial performance “to the benefit of all stakeholders.”
The new board and management recently took over RAK Unity Petroleum Company Plc, following almost a decade of inactivity, and have now revived its fortunes after a full year of operations.
At the AGM, shareholders of RAK Unity Petroleum Company Plc received and adopted the Statements of Affairs of the Company as at March 31, 2013 and the Audited IFRS Financial Statements of the Company for the year ended March 31, 2014, together with the reports of the Directors and the Auditors.
In the year ended March 31, 2014, RAK Unity Petroleum plc reported revenue of N3.831billion. The Company commenced operations on completion of its capital restructuring exercise on April 1, 2013. There were therefore no comparative figures for the preceding year.
Its profit before income tax (PBT) was N79.269million against loss before tax (LBT) of N428,000 in the 2013 financial year. The company’s reported N53.873million as profit for the year against N1.613million in the 2013 financial year. Its basic earnings per share (EPS) rose from 3kobo in 2013 to 95kobo in 2014; while net assets per share rose from 576kobo to 671kobo in the financial year under review. Shareholders’ fund was N380.218million as at the end of the financial year and the company’s total asset was N1.186billion.
Despite the challenging operating environment in 2013, the company successfully secured several commercial and industrial LPO customers. It added two Retail Stations at Oju-Ore, (Ota, Ogun State) and on the Lagos-Ibadan Expressway to its portfolio, bringing the number of the Petrol Stations in its portfolio to five. “These stations are experiencing healthy growth in sales volumes,” the Company’s Chairman added.
RAK Unity Petroleum Company Plc is into marketing and distribution of petroleum products –Petrol (PMS), Diesel (AGO), Gas (LPG) and Kerosene (DPK). The company also distributes Engine Oil and Brake Fluid.
Also at the meeting, Timothy Adesiyan, President, Nigeria Shareholders Solidarity Association (NSSA) said, “We shareholders just have to appreciate the present board of RAK Unity Petroleum Company Plc for coming to revive our investment in the company. For having the courage to revive our investment, we say big thank you.” “We appreciate the growth in earnings per share. We have the confidence that our investment is now in the hands of able management. We shareholders will cooperate with you going forward for your commitment to revive this company,” Adesiyan added.
Another shareholder, Robert Igwe said: “We shareholders want to own more shares in this company.”
Igwe urged the board to consider ways of allowing interested shareholders own more equities in the company, saying: “This can be done in form of rights issue.”
S.S. Adebayo, another shareholder said: “I commend the new board for reviving this company. You have done very well, please keep it up. This is evident in the financials that are before us. We expect the new board members to add value to the company.”
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