RAK Unity Petroleum to pay N5.6m interim dividend

The management of Rak Unity Petroleum last Friday proposed 10 kobo interim dividend to shareholders. According to a release by Alsec Nominees Limited, company secretary, shareholders of Rak Unity Petroleum whose names appear in the register of member as at the close of business on Friday August 9, 2019 will be paid 10 kobo interim dividend per 50 kobo ordinary share on August 23, 2019. This amounts to N5.66 million based on the existing shares outstanding.

“Rak Unity Petroleum Company wishes to notify the Nigerian Stock Exchange, its shareholders and other stakeholders of the company that the 10 kobo per share interim dividend reflected in the company’s unaudited accounts for the first quarter ended March 2019 and the second quarter accounts for the period ended June 30, 2019 relates to one and the same dividend.

“In view of this, please be informed

that the dividend would be paid as an interim dividend out of the second quarter account to members whose names appear in the register of members as at the close of business on Friday 9, August 2019”, according to a release from the company.

At half year ended June 2019, Rak Unity Petroleum made N2.91 billion as gross revenue which was significantly lower than N5.26 billion made in comparable period in 2018. Gross profit of N120.88 million was 37 percent lower than N166.93 million made same period in 2018.

The firm recorded more operating loss to the tune of N39.6 million compared with an operating loss of N8.3 million in June 2018. Loss after tax at half year 2019 rose to N32.7 million compared to loss after tax of N5.6 million in June 2018.

Rak Unity Petroleum closed last Friday at 40 kobo per share and it is presently worth N22.65 million by market capitalisation.