Nass Corporation posts BD 3.044 m net profit for 2016

Manama : Nass Corporation achieved a gross turnover of BD 135.818 million for the year ended 31st December 2016 (BD 99.284 m for 2015) up by 37 pc year-on-year (YoY). The company, in 2016, achieved a net profit of BD 3.044 m (BD 2.668 m for 2015) up by 14 pc YoY.

The gross turnover achieved for Q4 2016 was BD 44.376 m (BD 26.702 m for Q4 2015) up by 66pc Quarter on quarter (QOQ) on which it has incurred a net loss of BD 1.141 m (net profit BD 1.086 m for Q4 2015) down by 205 pc QOQ.

Nass Corporation B.S.C, Chairman, Mr. Sameer Abdulla Nass announced the results as the Nass Corporation Board of Directors met yesterday to review the financial results of the company for the 2016.

“2016 was challenging as turnover growth translated into only a marginal growth in profit in view of the challenges posed by the adverse macro-economic factors. The Board of Directors are recommending a dividend of 5 fils per share i.e. 5 pc of issued share capital, subject to approval of the shareholders in the annual ordinary general assembly meeting and regulatory approval,” said Nass.