Rak Unity Petroleum Announces Changes to Financial Year End
RAK Unity Petroleum Company Plc has announced the change of the company’s financial year end from 31st March to 31st December, with effect from the year ended 31st December 2016.
The company in a notice signed by its company secretary Alsec Nominees Limited, to the Nigerian Stock Exchange explained that the decision was taken based on the advice of the company’s external auditors. Akintola Williams Deloitte, for ease of reconciliation with the accounts of the other downstream entities to which the company relates and for best practice.
The company noted that a resolution approving the financial year end was taken by the Board of Directors on the 7th of December 2016.
The company which had released its results for the second quarter of 2017, ended 30th September 2016, reported a gross revenue of N5.2 billion representing a growth of 125.4 percent amidst plans to expand the company’s operations to enhance performance, efficiency and sustainability.
The company, listed on the Alternative Securities Market of the Nigerian Stock Exchange, recorded a Profit Before Tax of N91.7 million growing 65 percent from N55.5 million and a profit after tax of N59.8 million, 54 percent higher than N38.9 million recorded as profit after tax for the corresponding period of 2015.
