MANAMA: Nass Corporation yesterday announced a gross turnover of BD113.060 million ($299.906m) and a net profit of BD13.746m last year.

This was in comparison to BD121.515m and BD13.031m, respectively, for 2008, company deputy chairman and managing director Sameer Nass said after a meeting of the board of directors.

He said though the gross turnover had declined last year, the company's overall performance had shown significant improvement with the net profit going up.

"The net profit shows an increase of five per cent over the previous year," he said.

"The earnings per share increased from 60 fils to 64 fils per share of 100 fils each."

Mr Nass said despite adverse market conditions experienced by the economy in general and the construction sector in particular last year, the company's performance is a reflection of its strong fundamentals and leadership.

"The board of directors have also recommended a cash dividend of 20 fils per share, subject to approval at the annual ordinary general assembly meeting to be held on March 16.

Source: Gulf Daily News » Thursday, February 25, 2010