Oman's Galfar wins $78m water network government contract
The Muscat-listed construction giant has 993 days to complete works in Al Dakhiliyah's Al Hamra and Bilad Sait
Oman construction giant Galfar Engineering & Contracting has secured a $77.8m (OMR26.9m) government contract relating to the sultanate’s water infrastructure.
Under the deal, awarded by Oman’s Public Authority for Water, Galfar will build water networks in Al Hamra and Bilad Sait, both of which are located in Oman’s northeastern governate of Al Dakhiliyah, according to a filing on the Muscat Securities Market.
Galfar is due to complete the project in 993 days, which includes 90 days for commissioning, and 60 days for mobilisation, effective “from receipt of the engineer’s instructions”. The contractor said it “expects reasonable income from this project”.
The win comes as the Muscat-based firm reported its initial unaudited financial results for 2018.
Consolidated profit for last year after tax stood at $6.8m (OMR2.6m) – a marked improvement on 2017 when it reported a hefty $15m (OMR5.8m) loss.
Total revenue for last year also stood at $763.6m (OMR294m), a slight dip on the $769.1m (OMR296.1m) in cash that the firm brought in during 2017.
The contract win comes just one month after Galfar won Saipem’s contract to deliver sire preparation work at Ras Markaz for Duqm refinery, one of Oman biggest construction projects. The $13.9m (OMR5.3m) contract includes site preparation work for offsite facilities at the upcoming 230,000 barrel per day refinery.