Oman: Galfar order book position stands at $1.9bn
The parent company has made net profit of $2.5m (OMR1m) for the first quarter of 2016
Omani contractor Galfar Engineering and Contracting Company announced that the parent company continues to maintain an order book position in the range of over $1.9bn (OMR750m).
“We are expecting award of some more projects, which are already tendered,” the company said in its first quarter results on the Muscat bourse.
The company bagged projects worth $493m (OMR190m) during the first quarter of 2016, including Yibal Khuff On Plot Construction project worth $296m (OMR114m) in oil and gas sector.
“Currently, we have significant works in upstream oil and gas for Petroleum Development Oman (PDO), British Petroleum (BP) and Occidental. Major road works are ongoing in Taqa –Mirbat, Barka- Nakhal, Jibrin–Ibri and Al Batinah Expressway.”
Also, major civil jobs include a hospital and sewage plant and network. In addition, some 132kV substations are under construction as well as two harbours.
The company is also executing operation and maintenance contracts for water supply.
The parent company has made net profit of $2.5m (OMR1m) for the first quarter of 2016 as against $3.1m (OMR1.2m) for the same period of 2015.
However revenues decreased to $207m (OMR80m) as compared to $220m (OMR85m) in the same period of 2015.
The company’s strategy consultant, Roland Berger, is working closely with the management for the company’s organisational, operational and financial transformation.
A new organisation and work processes have been agreed upon and are now being implemented. There is a significant drive on cost reduction and increasing output of resources, i.e., people and plants.
Galfar Engineering and Contracting said that the company has mandated Bank Muscat’s investment banking for financial advisory and fund raising services.