Nass Proposes 5 Per Cent Dividend

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Nass Proposes 5 Per Cent Dividend

May 3, 2017 9:27 AM

Nass Proposes 5 Per Cent Dividend

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Nass Corporation board of directors yesterday recommended a dividend of five fils per share i.e. five per cent of issued share capital.

The board met yesterday and reviewed financial results for the year ended December 31.

Chairman Sameer Abdulla Nass said the company has achieved a gross turnover of BD135.818 million (BD99.284m for 2015), up by 37pc year on year. It has achieved a net profit of BD3.044m (BD2.668m for 2015), up by 14pc YoY.

The gross turnover for the fourth quarter 2016 was BD44.376m (BD26.702m for the same period in 2015), up by 66pc. It has incurred a net loss of BD1.141m in the fourth quarter (net profit of BD1.086m for the fourth quarter 2015).

“The year 2016 was challenging as turnover growth translated into only a marginal growth in profit in view of the challenges posed by adverse macro-economic factors,” Mr Nass said.

“As a demonstration of our commitment to the shareholders, I am pleased to announce that the board of directors are recommending a dividend of five fils per share i.e. 5pc of issued share capital, subject to approval of shareholders in the annual ordinary general assembly meeting and regulatory approval,” added Mr Nass.

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