Galfar reports soaring profits for 2010

Galfar's net profits increased by 57% in 2010 compared with 2009

The Halayanit Island project was one of several contracts won by Galfar last year.
The Halayanit Island project was one of several contracts won by Galfar last year.

Oman based construction firm Galfar Engineering & Contracting has reported a 57% growth in net profit for 2010 compared with 2009.

The contractor, which is currently involved in a number of high-value airport projects, reported a growth of OMR 5.91 million in 2010, compared with the year before.

And, although the total revenue for the year fell from OMR371.85 million to OMR 413.77 million, in the fourth quarter, earnings were well above what was expected due to the quick completion of the Muscat Expressway project, and expenses for the year fell by 11%.

Speaking about the results in a research note, EFG Hermes said: “Galfar Engineering's earnings increased by 34.5% on a quarter-on-quarter basis in the fourth quarter and were above our expectation. Better-than-expected execution in the fourth quarter led to the variance in profitability."

On the fourth quarter specifically, the firm added: "Galfar executed OMR105.8 million worth of contracts in the fourth quarter, up 15% on a quarter-on-quarter basis and 20% on year-on-year basis."

Meanwhile, other independent researchers are anticipating strong growth for 2011 based on an increase in government-backed spending.

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