Rak Unity Petroleum Plc, one of the leading retailers of petroleum products also listed in the Nigerian Stock of Exchange have declared of a total dividend of N16,987,468 or 30kobo per share for the 56,624,893 issued shares, representing a 20 per cent payout ratio of Profit After Tax to her shareholders in its 2015 Annual Reports account.
The company also recorded 89 per cent growth in its revenue despite the fluctuations in the petroleum industry.
Speaking at the 12th Annual General Meeting, Muhammad Buba, Executive Director, Rak Unity Petroleum stated that:
“The Oil and Gas industry is currently experiencing some turbulence with the drop in the price of crude oil, highly volatile prices of refined petroleum products. However the company is optimistic about its ability to respond swiftly and also proactive to the dynamics of the industry.”
The company’s Gross Revenue rose to N7.2billion compared to the N3.8billion recorded in the preceding year. Profit before Tax hit N132.3million compared toN53.9million recorded in 2014.
The company’s earnings per share for the year ended 31st March, 2015 was N1.59 as at 95 kobo for last year and shareholders fund rose to N470million as against N380million for last year.
In a bid to boost revenue and meet the demand of the market, Muhammadu revealed that the company is planning to expand its network of stations to meet the large market size.
“Plans are ongoing to expand the company’s retail network by adding two additional stations in the East and West to the existing five stations in the next financial year.”
GENEVIEVE ANINGO
