16 May 2011
MUSCAT -- Well-known Omani firm Galfar Engineering and Contracting's order book has soared to RO 600 million as of end-March 2011, Chairman Shaikh Salem Said Hamed al Fannah al Araimi said in the Director's Report of the company's performance during the first quarter.
The improved order book position stems from the company's continuing success in bagging new contracts. Major contracts awarded during the January-March 2011 time frame include the upgrading of substations in Mudhaibi, Rustaq and Izki, refurbishment of the southern Al Khuwair transformer station, civil works for an oil well of Petronas Carigali (Oman), operation and maintenance of a number of sewage treatment plants, and the laying of ducts for Omantel, Nawras and Haya Water.
"With various projects which are already tendered and likely to be tendered, we expect to consolidate and maintain our market position, and are poised for a better performance and financial results during the second and subsequent quarters of the year 2011," the Chairman stated.
Galfar recorded a total income of RO 79.5 million during the first quarter of 2011 as compared to RO 89.6 million during the corresponding period last year.
The company achieved a net profit after tax of RO 1.4 million during Q1 2011, as compared to a loss of RO 0.8 million during the corresponding quarter last year.
Describing the economic outlook at "bright", Shaikh Salem said the company would continue to focus on opportunities in oil and gas services, EPC projects, roads, ports, airports and buildings for institutional establishments such as hospitals, hotels and convention centres, in addition to future rail-related schemes. Through its wholly owned subsidiaries, Galfar has also begun exploring opportunities in India and the MENA region, the Chairman added.
Galfar's Indian operations continue to burgeon. The company's first venture, the Indore-Ujjain road project, has been successfully completed. The project has since entered the 25-year toll collection phase.
Meanwhile, Galfar India and its associates have commenced work on the Ghaziabad-Aligarh road project. Galfar has also taken over the operation and maintenance of the Chandikole-Bhubaneshwar road on a contract that would last the duration of the concession.
"Galfar India Pvt Ltd, a wholly owned subsidiary of Galfar Oman, has been concentrating on infrastructure projects. Galfar India will execute part of all these projects. With mega projects in the range of RO 500 million soon to be tendered out, Galfar has positioned itself to be a key player in India's infrastructure development," the Chairman stated.
MUSCAT -- Well-known Omani firm Galfar Engineering and Contracting's order book has soared to RO 600 million as of end-March 2011, Chairman Shaikh Salem Said Hamed al Fannah al Araimi said in the Director's Report of the company's performance during the first quarter.
The improved order book position stems from the company's continuing success in bagging new contracts. Major contracts awarded during the January-March 2011 time frame include the upgrading of substations in Mudhaibi, Rustaq and Izki, refurbishment of the southern Al Khuwair transformer station, civil works for an oil well of Petronas Carigali (Oman), operation and maintenance of a number of sewage treatment plants, and the laying of ducts for Omantel, Nawras and Haya Water.
"With various projects which are already tendered and likely to be tendered, we expect to consolidate and maintain our market position, and are poised for a better performance and financial results during the second and subsequent quarters of the year 2011," the Chairman stated.
Galfar recorded a total income of RO 79.5 million during the first quarter of 2011 as compared to RO 89.6 million during the corresponding period last year.
The company achieved a net profit after tax of RO 1.4 million during Q1 2011, as compared to a loss of RO 0.8 million during the corresponding quarter last year.
Describing the economic outlook at "bright", Shaikh Salem said the company would continue to focus on opportunities in oil and gas services, EPC projects, roads, ports, airports and buildings for institutional establishments such as hospitals, hotels and convention centres, in addition to future rail-related schemes. Through its wholly owned subsidiaries, Galfar has also begun exploring opportunities in India and the MENA region, the Chairman added.
Galfar's Indian operations continue to burgeon. The company's first venture, the Indore-Ujjain road project, has been successfully completed. The project has since entered the 25-year toll collection phase.
Meanwhile, Galfar India and its associates have commenced work on the Ghaziabad-Aligarh road project. Galfar has also taken over the operation and maintenance of the Chandikole-Bhubaneshwar road on a contract that would last the duration of the concession.
"Galfar India Pvt Ltd, a wholly owned subsidiary of Galfar Oman, has been concentrating on infrastructure projects. Galfar India will execute part of all these projects. With mega projects in the range of RO 500 million soon to be tendered out, Galfar has positioned itself to be a key player in India's infrastructure development," the Chairman stated.
© Oman Daily Observer 2011
