Kingdom- based construction company, Nass Corporation announced yesterday a 44 per cent surge in its net profits for the first half of the year, posting BD7.776 million compared to BD5.416 million for the same period last year.
Announcing the results Nass Corporation, its Director, Finance, Adel Abdulla Nass said that the company achieved a gross turnover of BD57.688 million for the period (2008 H1: BD49.445 million), on which it earned a net profit of BD7.776 million.
He said that the improved performance represented an increase of 16.67 per cent in the half yearly turnover and an increase of 43.57 per cent in the half yearly net profit over the corresponding period last year.
"Despite the very challenging and volatile economic conditions in the region, the company has performed satisfactorily in the process demonstrating an efficient and vigilant corporate management practices," he maintained.
The public shareholding company, which provides integrated solutions in the construction industry within Bahrain and the Gulf region, posted a net profit of BD3.628 million for the first quarter of the year, up by 22.57 per cent from BD 2.960 million in the first quarter of 2008.
It reported a 58 per cent increase in net profit for the year 2008 to BD13.03 million, compared to BD8.251 million in 2007.
The Bahrain-based family business established and listed on the Bahrain Stock Exchange in 2005 specializes directly and through four subsidiaries in construction, mechanical and electrical contracting, ready mix and pre-cast concrete manufacturing, sand washing and landscaping, import end wholesale trade of frozen foods and ice production.
Nass Corporation's flagship company, the Nass Contracting Company specializes, in civil engineering, construction, drainage pipelines, land reclamation and offshore works such as piling, jetty constructions and dredging.
The company is currently executing the BD 10.1 million Bahrain Map project that spans 260 kilometres (161.5 miles) and aims to facilitate smoother traffic flow between Saudi Arabia and Bahrain through flyovers at Bahrain Map, Umm Al Hassam and Mina Salman.
Another subsidiary, the Delmon Ready Mixed Concrete and Products Company participated in the construction of 13 bridges. Delmon Ready Mixed is a concrete supplier established in 1973, which operates five plants in Bahrain, each producing approximately 80 cubic meter, (104.6 cubic yards) of concrete per hour.
Nass Corporation’s other subsidiaries include Nass Electrical Contracting Company, which undertakes electrical and instrumentation contracting for the energy and construction sectors and the Delmon Precast Company, which produces and sells pre-cast concrete floors and roof slabs to the private and public sectors.
Source: Bahrain Tribune