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Thu 1 Mar 2012 11:30 AM

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Sales slump 17.5% at Bahrain's Nass Corp

Revenues fell from US$286.2m in 2010 to US$236m last year

Sales slump 17.5% at Bahrain's Nass Corp
Nass is currently working on Bahrains biggest private urban development

Bahrain construction firm Nass Corporation suffered a 17.5% slump in revenues last year, reporting a gross turnover of BD88.8m (US$235m) compared with BD107.6m (US$286.2m) in 2010.

The publicly listed company, which is currently working on the Kingdom’s biggest private urban development Diyar Al Muharraq, also saw profits for fall from BD17.8m in 2010 to BD13.2m last year.

Deputy chairman Samir Abdulla Nass, said the company had maintained its track record of earning “reasonable” profits for the year, despite “extremely challenging economic and market conditions”.

The company’s board had recommended a cash dividend of 15 fils per share to shareholders, subject to their approval in the annual ordinary general assembly meeting to be held this month.

Total assets for the company declined in value from BD102.4m to BD 99.4m.

Analysts say the Bahrain construction industry is likely to pick up in 2012, as government projects take off.

“Whilst the issues underpinning the unrest in Bahrain have yet to be fully resolved, the situation has calmed,” said Mike Williams, senior director for research and consultancy at CBRE in Bahrain.

“The government has committed to a wide array of infrastructure and housing projects and the private sector is dusting off many of the projects that have been on the ‘to do’ pile for the last couple of years.”

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