NASS Corp profit up 21pc, recommends dividend

Nass Corporation said it has achieved a full year 2018 net profit attributable to equity holders of the parent of BD4.262 million (BD3.525m for the year 2017) up by 21 per cent YoY. The increase was attributed to gross turnover of BD182.770m (BD173.404m for the year 2017) up by 5pc YoY. Board of Directors recommended a dividend of 5 fils per share i.e. 5pc of issued share capital. Earnings per share for the year 2018 was 19.81 fils compared to 16.39 fils in 2017.

The total comprehensive income was BD5.178m compared to BD4.465m for the year 2017 up by 16pc YoY. Announcing the results, the Nass Corporation, Chairman, Sameer Abdulla Nass said, “Despite the challenges faced in the construction sector, the company could achieve a marginal growth both in turnover and net profit.” For the fourth quarter, net profit attributable to equity holders of the parent was BD2.551m (BD0.761m for Q4 2017) up by 235pc QOQ.

Gross turnover achieved was BD49.644m (BD47.200m for Q4 2017) up by 5pc The total comprehensive income was BD2.674m compared to BD1.119m for Q4 2017 up by 139pc QoQ. Earnings per share during Q4 2018 was 11.85 fils compared to 3.54 fils in Q4 2017. The total assets as of the end of December 2018 was BD158.629m compared to BD157.965m as of the end of December 2017 up by 0.4pc YoY.