Oman's Galfar wins $224m Rusail-Nizwa road construction contract
Contract spans 912 days and is expected to deliver "reasonable income", contracting giant's CEO, Dr Hans Erlings, says
Oman-headquartered construction company Galfar Engineering & Contracting has been awarded a contract worth $224m (OMR86.3m) for the construction of two additional lanes as part of the Dualisation of Al Rusail-Nizwa Road project by the sultanate’s Ministry of Transport and Communications.
In a statement on Muscat Securities Market, Galfar’s CEO, Dr Hans Erlings, said the project’s completion period is 912 days.
Another 60 days will be required by the contractor for mobilisation work.
“The Ministry of Transport and Communications will inform us [about] the date of work commencement later,” the statement adds.
“We expect reasonable income from this project.”
Galfar group reported a profit of $5.7m (OMR2.2m) for 2018, which marks a steady improvement over 2017’s loss of $16.8m (OMR6.5m).
Accumulated losses amount to $43.1m (OMR16.6m), better than 2017’s corresponding figure of $47.8m (OMR18.42m), and revenues reached $751m (OMR289.1m) last year.
The engineering, procurement, and construction contractor is divesting its Indian investments, and entered an agreement with PMA International on 18 February to start the sale, worth $44.6m (OMR17.2m).