Bahrain’s Nass Corporation, the publically listed construction firm, announced on Wednesday that it had recorded a net profit of $5.11m for the first quarter of 2012, compared to $4.77m from last year.

Chairman Abdulla Ahmed Nass explained that the construction firm, which is working on a number of major projects, including Diyaar Al Muharraq and the US Navy Waterfront Development Programme, had achieved a slightly lower gross turnover of $63.14m in Q1. In 2011, the firm had achieved a gross turnover of $66.02m, but had a lower net profit.

“Despite extremely adverse market conditions, the company has been able to achieve a reasonable growth in profit and is confident of carrying forward its successful track record in the period to follow,” he explained.

Established in 2005, Nass Corporation is part of the Nass Group and specialises in delivering turnkey installations and provides clients with a convenient single source of multiple construction services, including electrical, plumbing, mechanical and contracting.

Earlier this year, the it was announced that the shareholders in Public Joint Stock Company would get a cash dividend of 15% for the year 2011. The company will pay a cash dividend at 15% of paid up capital, amounting to $8.55m on its 215.077m shares (excluding treasury shares of 4.923m) held by the  shareholders whose names appear in the Register of Members of the company.