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Galfar Engineering and Contracting   (GEC.MSM)
Also known as: GEC, Galfar, Galfar Group
Last Trade
0.600 OMR
+ 0.50%
 
 
 
 
 
 
 
 
 
 
 
 
 
Company Updated: Jun 17, 2009
 
Joint Stock
 
 
Engineering, procurement and construction to the oil and gas, infrastructure, environmental and building industries; electromechanical engineering; leasing of construction equipment and engineering consultancy services.
1975 (August)
N/A Company, 25,872 Group (As of Jun 16, 2009)
2,753
98
Oman (18)
 
 
 
 
GECS 
Ordinary 
OMR 
 
 Key Officers
Salim Saeed Hamad Al Fannah Al Araimi
Chairman
Dr Hans Erlings
Chief Executive Officer and President
 
 Contact Details
Address:
Building 760
Al Omaran Street
Ghala Industrial Area
P.O. Box 533
Muscat 100
Oman
 
+968 24-591055
+968 24-525000
 
+968 24-591676
 
galfar@omantel.net.om
 
www.galfar.com

 
  Latest Headline
SICO: Galfar Engineering and Contracting - Result Update 3Q09 (09-Nov-09) - Securities & Investment Company
 
  IPO Details
Listing Date:
24Oct07
Size of Offering:
$156.364M
Equity Offering:
40%
Lead
Managers:
The Financial Corporation Company
 

  Business Overview
The Oman-based Galfar Engineering and Contracting provides engineering, procurement and construction services for the oil and gas sector; it also specializes in electrical, mechanical and civil contracting for infrastructure, environmental, residential and commercial buildings, and leases construction equipment, through a subsidiary.

The company’s core activity, onshore contracting for the oil and gas sector, generated 51% of its total 2008 revenues of OMR363 million (USD948.8 million). Most of its important onshore contracts were carried out in partnership with international oil and gas companies like the UK-based PetrofacPetrofacLoading..., with whom it constructed the Kauther Gas Plant, valued at OMR95.4 million (USD248 million), and completed in February 2009. Galfar and PetrofacPetrofacLoading... joined forced again to develop phase 2 of Petroleum Development Oman’s Harweel Cluster Facility. Estimated at OMR370.2 million (USD960 million), the project consists of developing the gas field facilities, including a new oil and gas processing station, with a gas enrichment/sweetening plant, and associated facilities for a capacity of 10,000 cubic meters, per day. It is expected to be completed in 2010.

The company’s secondary focus is civil works for infrastructure, the most significant project of which is the Southern Expressway, a project aimed at easing traffic by linking several residential and industrial areas. The project valued at OMR127 million (USD330 million) was due to be completed in September 2009. The company also specializes in environmental, commercial and residential construction for industries including oil and gas, as well as public authorities.

Galfar is the largest construction company in Oman and the second largest publicly listed Omani company in terms revenues, as of the close of 2008. It underwent an IPO on the Muscat Securities MarketMuscat Securities MarketLoading..., in August 2007, which raised OMR60.2 million (USD156.7) for 40% of its shares. The proceeds were spent for financing its ongoing operations and expansion plan.

Traditionally focusing solely on the Omani market, the company acquired a subsidiary in India, in 2009, Galfar Engineering and Contracting (India), and plans to widen its footprint across the MENA region specifically focusing on Abu Dhabi and Libya.
 
 
 Major Shareholders
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 Available to subscribers only. Information in this section includes Shareholder Names and their corresponding Holding Percentages. » More Details
 
  Organization Structure and Related Entities 
Subsidiaries/Associates/Affiliates
 
Name  Country  Holding
Galfar Engineering and Contracting (India) India 100.00%
Al Khalij Heavy Equipment and Engineering Oman 52.17%
Sister Companies
 
Name  Country  Holding
Al Dastoor Contracting and Trading Oman -
Caledonian College of Engineering Oman -
Galfar Engineering and Contracting - UAE UAE -
 
 
  Representatives
Auditors
 
Ernst and Young Oman
 
Banks
BankMuscat
Oman Arab Bank
National Bank of Oman
Law Firms
 
N/A
 
 
 Summary Financials
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 Available to subscribers only. Information in this section includes key financials data such as Total Revenues, Net Profits, Totals Assets, Shareholder Equity, etc. » More Details
 
Company information provided by © 2009 ABQ Zawya Ltd.
 
 
    
 
 
 
 
 

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