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FINANCIAL NEWS
Al Hassan profit down slightly to USD1.53m in Q1
12 May 2011
(MENAFN) Al Hassan Engineering chairman, Hassan bin Ali Salman, stated that the company’s 2011 first quarter net profit went down slightly to USD1,53 million from USD1,54 million year on year, reported Times of Oman.
Salman also said that although net profit went down a bit, revenue climbed 17.2 percent in Q1 to USD36.16 million up from USD30.85 million in the same quarter last year.
The chairman added that the firm saw an increase in expenses in the first quarter as they rose to USD33.85 million from USD28.59 million year on year.
It is worth noting that Al Hassan Group started in 1975 as an electrical trading shop. It has since then developed to a leading Omani engineering company. The group comprises of three strategic business units (SBU), contracting, trading and manufacturing.
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