Nass Corporation's net profit surged 57.93 per cent last year as compared with 2007, it was declared yesterday.

Chairman Abdulla Ahmed Nass said the company achieved a gross turnover of BD121.515 million ($322.25m) as opposed to BD77.599m in 2007.

"On this turnover, we earned a net profit of BD13.031m ($34.56m), as opposed to BD8.251m in 2007," he said after a meeting of the company board of directors.

"The turnover shows an increase of 56.59pc over the previous year whereas the net profits have risen by 57.93pc," he said.

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

He said the board of directors has recommended a cash dividend of 14 fils per share to and issue of 10pc bonus shares in the ratio of one share for every 10 shares held, subject to approval of the shareholders during the annual general meeting to be held on March 16.

Source: Gulf Daily News