The Board of Directors of RAK Unity Petroleum Company Plc has reviewed its financial year calendar from March 31 to December 31. The firm hinged its decision on the advice of its external auditors Akintola Williams Deloitte, in a letter filed with the Nigerian Stock Exchange.
The company said the move would ease reconciliation of its accounts with those of other downstream entities to which the company relates, and for best practices. The company board had, by virtue of a written resolution dated December 7, 2016, approved the change of the company financial year end.
The firm had reported a gross revenue of N6.7bn for the year ended March 31, 2016 amid plans to expand operations to enhance performance, efficiency and sustainability. Listed on the Alternative Securities Market of the NSE, RAK Unity recently said it had its sights on delivering value to its customers and shareholders through cost and operational efficiencies.
RAK Unity Chairman, Mr. Edo-Abasi Ukpong, was quoted to have said the company braved the slump in the sector to record profit before tax of N80.8m, noting that RAK management had since unveiled a growth strategy that would involve continuous investment and partnerships to deliver value to all its stakeholders.