Thu, 16 August 2012

MUSCAT -- Well-known Omani construction firm Galfar Engineering & Contracting has reported a robust order book position that has soared above the RO 700 million-mark, boosted by the award of a number of major contracts.

In the first half of 2012, Galfar landed projects totalling RO 194.47 million in value, Shaikh Salem Said Hamed al Fannah al Araimi, Chairman, stated in the Directors' Report of the company's financial performance for the six months ended June 30, 2012.

"The Directors have the pleasure to inform you that the company has a good order book position (that) continues in the range of over RO 700 million. As indicated earlier, we are expecting the award of many projects, which are already tendered. Our efforts towards improving performance levels can be seen in the results published this quarter. Galfar will continue to play a leading role in the construction sector both in infrastructure works and Oil & Gas sectors, besides the EPC Projects and buildings for institutional establishments like hospitals, hotels, and convention centres, while awaiting the future railway project," the Chairman said.

Galfar recorded a total income of RO 156.258 million for the first half of 2012, as compared to RO 166.608 million during the corresponding period of last year. The company achieved an after tax profit of RO 3.366 million during the first half of 2012, as compared to a profit of RO 2.680 million during the corresponding period last year.

Commenting on the company's India operations, the Chairman said: "In addition to BOOT road projects, ports and material handling berths, we have already begun to pursue projects in the upstream, mid-stream and downstream sectors of Oil & Gas, which will be made with selected partners having the required capabilities. On the other hand, the construction work on the current projects is continuing in full swing."
Oman's economy, according to the Chairman, witnessed notable growth during the first quarter of 2012. GDP growth was estimated at 18.9 per cent, amounting to RO 7.371 billion.

While oil activities registered a growth of 25.7 per cent, non-oil activities expanded by 12.4 per cent. The construction sector registered a growth of 4 per cent compared to the corresponding quarter of last year.

© Oman Daily Observer 2012