Rak Unity Petroleum post 40% fall in profit in nine months

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Rak Unity Petroleum plc in its financial report for the nine months ended in 2017 said its profit declined by 40% to NGN57.7 million compared to NGN96.4 million recorded same period in the financial year 2016.

The petroleum company said its revenue dropped to NGN7.7 billion from NGN 7.9 billion posted in the previous year while gross profit was NGN359.5 million against NGN460.9 million in 2016.

operating expenses dropped to NGN275.9 million from NGN328.9 million in the year before while operating profit stood at NGN83.5 million against NGN132.0 million in the fiscal year 2016.

Total assets declared by Rak Unity Petroleum was NGN1.4 billion compared to NGN1.3 billion in the year 2016 while total liabilities was 885.6 million versus NGN835.8 million in the year before.