Galfar’s order book position stands at OMR750m

Muscat: Galfar Engineering and Contracting Company said that the parent company continues to maintain an order book position in the range of over OMR750 million.
“We are expecting award of some more projects, which are already tendered,” the company said in its first quarter results.
The company bagged projects worth OMR190 million during the first quarter of 2016, including Yibal Khuff On Plot Construction project worth OMR114 million in oil and gas sector.
Galfar also noted that the period of the Off Plot Delivery Contract (ODC) of North Oman has been extended for a further two years till March, 2018.
“Currently, we have significant works in upstream oil and gas for PDO, 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 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.
The parent company has made net profit of OMR1 million for the first quarter of 2016 (OMR1.2 million for the same period of 2015) on revenue of OMR80 million (againstOMR85 million in the same period of 2015) and the consolidated net profit was OMR0.4 million (against OMR1.3 million in the first quarter of 2015) on revenue of OMR84 million (against OMR90 million in the same period last year).
Galfar Engineering and Contracting on Monday said that the company has mandated Bank Muscat’s investment banking for financial advisory and fund raising services. The board of directors in its meeting held on Sunday has ratified the agreement concluded with Bank Muscat.
“In this respect, we would also like to inform that our earlier disclosure dated March 9 2016 to retain Oman Arab Bank stands withdrawn and the scope of services has been consolidated and assigned to Bank Muscat,” a company disclosure statement said.