RAK Unity Petroleum to wind up business, appoints liquidator

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RAK Unity Petroleum

The proposed voluntary winding up of RAK Unity Petroleum Company has been approved by shareholders of the organisation.

The major distributor of petroleum products in Nigeria announced the folding up of the company at its 18th Annual General Meeting (AGM) held on Friday, June 4, 2021, at the Shell Hall, Muson Centre, Onikan, Lagos.

  1. THAT the Company be wound up voluntarily in accordance with the provisions of the Companies and Allied Matters Act 2020 subject to the approval of the members of the Company in the general meeting; and
  2. THAT Mrs Chinwe Chiwete of the law firm of EPIC Legal of Block 74, Plot 22B, Emma Abimbola Cole, Lekki Phase 1, Lagos be appointed liquidator for the purposes of winding up of the Company, subject to the approval of the members of the Company in the general meeting.

In its 2021 FY results, Rak Unity Petroleum Company Plc reported total revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier. The company saw its operating expenses during the year was N149.65 million in 2020 compared to N221.89 million in 2019. –32.56% YoY.

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RAK Unity Petroleum

The company reported a loss after tax of N63.02 million in 2020 compared to a N14.52 million loss after tax in 2019 while it reported a loss per share of N1.11  in 2020 compared to N0.26 loss per share reported in 2019. No dividend announcement was made in their press release. The company share price of N0.30 unchanged YTD.

Rak Unity Petroleum Company Plc sells and distributes a range of petroleum products in Nigeria and has business interests in storing oil, gas and kerosene. The company’s Bulk division sells petroleum products in bulk which includes premium motor spirits, automotive gas oil, dual-purpose kerosene and lubricants.

The Retail division sells petroleum products through a network of retail outlets in the major towns and cities of Nigeria. The Dump division sells petroleum products through dumpsites at customers’ premises. Lubricants are marketed in partnership with an international lube manufacturer.

RAK Unity Petroleum