Mr. Nass, third from right, presides over the meeting

MANAMA: Nass Corporation shareholders are to get a 24 per cent dividend for last year, it was revealed yesterday.

The announcement was made during the company's annual ordinary general meeting held at Bahrain Conference Centre, Crowne Plaza.

"The company will pay a cash dividend of 14pc of paid-up capital amounting to BD2.737 million on its 195,524m shares, excluding treasury shares of 4.476m and 10pc as bonus shares - one share for every 10 shares held," said company chairman Abdulla Ahmed Nass.

The meeting approved the increase of issued and paid-up capital from BD20m to BD22m as a result of approval for issue of bonus shares.

Mr Nass said that the company achieved a gross turnover of BD121.515m last year over BD77.599m in 2007.

The company earned a net profit of BD13.031m against BD8.251m in 2007.

"The turnover shows an increase of 56.59pc over the previous years whereas the net profit has risen by 57.93pc compared to 2007," he said.

"The earnings per share increased from 41 fils to 66 fils per share of 100 fils each," he said.

Source: Gulf Daily News