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Oman's Galfar confirms exit of C-level officer

Gerard Hutchinson is leaving the company for personal reasons, with his resignation effective from 15 October, 2017, it has been confirmed

Galfar's CFO is exiting the company, it has been confirmed.
Galfar's CFO is exiting the company, it has been confirmed.

Oman's Galfar Engineering and Contracting has confirmed that a chief-level (C-level) officer is exiting the company.

At a board meeting held on 17 September, Gerard Hutchinson's resignation from his post of chief financial officer (CFO) was accepted. 

READ: Galfar awarded $6.3m substation contract in Oman

Hutchinson's resignation will be effective starting 15 October, 2017. 

In a missive issued to the Muscat bourse, Galfar said Hutchinson was leaving the company for personal reasons. 

READ: Oman's Galfar records $397m in H1 2017 revenues

The company has started looking for a replacement to fill the role of CFO. 

Earlier this week, Galfar announced it has been awarded a $6.3m (OMR2.4m) contract to design, supply, and build a substation in Oman. 

The contract for the project, located west of Muaskar Al Murtafa'a, was awarded to Galfar by a government entity. 

Galfar has 21 days to complete mobilisation works for the project, which is due to be completed within a year. 

READ: Galfar Engineering wins $68m road works contract in Oman

Dr Hans Erlings, the chief executive officer (CEO) of Galfar, said the company expects "reasonable income" from the project.

The contractor  recorded consolidated total revenues worth $397m (OMR152.9m) during the first half of 2017, a drop compared to corresponding figures for H1 2016, worth $452.5m (OMR174.2m).

READ: GCC's top 20 construction firms disclose H1 2017 financials

Meanwhile, Galfar’s parent company recorded total revenues worth $376.6m (OMR145m) in H1 2017.

According to a statement released with Galfar's H1 2017 financials – signed by company chairman Majid Salim Said Al Fannah Al Araimi – Galfar has "been significantly affected by the delays in receiving its dues of the projects and the pressure on its payments to suppliers and subcontractors".

 

 

 

 

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