NASS Corporation shareholders approve 32 per cent divident for 2005

At the meeting, held on 26 March 2006 at Sheraton hotel, the shareholders of the company approved a dividend of 32 % for the year ended 31 December 2005. The company will pay a cash dividend of BD 6.4 million.

The company has recorded a gross turnover of BD 64.436 million for 2005, on which it achieved a gross profit of BD13.358 million (21.74 %) and a net profit of BD 8.376 million (13.63 %).

Adel Abdulla Nass, the Director, Nass Corporation, said:

"We have been very satisfied with the group's performance since its formation last year and are particularly delighted to be able to return shareholders' confidence in us by paying a significant dividend in our first year of operations as Nass Corporation."

Nass Corporation BSC is an industrial and commercial organisation providing construction and contracting solutions for large-scale infrastructure development projects throughout the GCC region. It comprises 4 companies and 6 divisions, which were previously a part of the construction, manufacturing and other related businesses of Nass Group, a family-owned establishment, which celebrated its 40th anniversary in 2004.

Nass Corporation BSC has a paid-up capital of BD 20 million and is listed on Bahrain Stock Exchange. It is 51 per cent owned by its founding shareholders, the Nass family; 24 per cent by a 15-strong group of strategic private and institutional investors from the Kingdom of Bahrain, Saudi Arabia, United Arab Emirates and the Sultanate of Oman. Twenty five per cent of shares are held by public investors from around the GCC.