FIRM DECLARES N7.2BILLION PROFIT IN OIL MARKETING

FIRM DECLARES N7.2BILLION PROFIT IN OIL MARKETING

BY ABDULMUMINI ADEKUTHERE HAS BEING A SERIOUS FUEL SHORTAGE NATIONWIDE AS AT PRESS TIME WITH FEELERS SUGGESTING THE SITUATION IS IN ITS 5TH DAY IN JALINGO,TARABA STATE.

Petroleum distribution bluechip,RaK Unity Petroleum Company Limited has declared it pulled up a fantastic profit of around N7.2billion in the 2014/2015 financial year.

Checks by  the News Office Desk of  Paedia Express Multimedia in Lagos,Nigeria  during the firm’s annual general meeting[A.G.M.],shows that the company was now fully up its feet despite a troubled past.

In his address to the gathering at the event which took place at the posh ,Ostra Hall in Marwa Garden area of Ikeja,Lagos,The Chairman of the firm,Mallam Muhammed Lawan Buba said that profit before tax was  put at N132.3million as compared to N79.3million  for last year and profit after tax was N89.8million compared to N53.9million recorded  in 2014.

He noted that the firms earnings per share for the year ended 31^st march ,2015 was N1.59compared to .95kobo for last year and shareholders  fund was N470.0Million compared to N380.2Million for last year.

He explained to the company’s shareholders that the directors have now recommended the declaration of a total dividends of N16,987,468 which translates to 30 kobo per share for the 56,624,893 issued shares of the company ,representing a 20 percent pay- out ratio of profit after tax.

He assured that the dividend warrants will be sent to all the shareholders whose names appear on the register of members of the company as  at the close of business on 20^th October,2015,subject to the deduction of the appropriate withholding tax.

At the beginning of the meeting,there was  an introduction of the representatives  of the financial services industry regulatory agencies and the principal officers of Rak Unity Petroleum Plc to the audience made up mainly of shareholders.

An official from Akintola Williams Deloitte read out a statement to the delight of the hearing of the gathering which showed that the audited reports of the firm was in agreement  with  what has now being made public.

Shareholders of the firm at the event  praised the Directors of the company for been able to turn things around while  helping it to profitability after a turbulent start to corporate life.

A Shareholder ,Chief Timothy Adeshiyan pleaded with the firm to be very vigilant because of the activities of fraudsters as it attempts to go into the manufacture of lubricants in 2016 while praying for more shares to be made available in the years ahead for investors.

The chairman  later stepped aside from his position but a shareholder moved a motion adopting him  and this was promptly seconded.

It was also discovered that the shareholders had to move a motion for the remuneration of auditors  with this also adopted promptly.

It was gathered that the directors of the firm who had served for at least eight years were not receiving any form of salary as at press time.