Gal­far bags RO26mn con­tract for Al Bati­nah ex­press­way pack­age 3

Muscat Daily - - BUSINESS -

Gal­far En­gi­neer­ing & Con­tract­ing Co has been awarded a con­tract worth RO26.24mn in pack­age 3 of Al Bati­nah ex­press­way project.

The con­tract has been awarded to Gal­far by the Min­istry of Trans­port and Com­mu­ni­ca­tions (MoTC) for es­sen­tial works for traf­fic open­ing at Al Bati­nah ex­press­way project (pack­age 3), the com­pany said in a fil­ing to the Mus­cat Se­cu­ri­ties Mar­ket (MSM).

“The con­tract value is RO26.24mn. The com­ple­tion pe­riod of the con­tract is 426 days in ad­di­tion to 30 days for mo­bil­i­sa­tion. We ex­pect rea­son­able in­come from this project,” Dr Hans Er­lings, chief ex­ec­u­tive of­fi­cer of Gal­far said in the com­pany’s dis­clo­sure.

He added that the Min­istry of Fi­nance has ac­cepted the con­tract signed be­tween the com­pany and the MoTC vide their let­ter dated July 17.

The shares of Gal­far rose 1.33 per cent at the MSM on Tues­day.

Gal­far re­cently an­nounced its ini­tial unau­dited fi­nan­cial re­sults for the six months pe­riod ended June 30, 2017. The com­pany re­ported a con­sol­i­dated net profit of around RO6,000 for the first half of this year against RO540,000 net profit re­ported for the same pe­riod of 2016. The par­ent com­pany’s net profit fell to RO395,000 in the first six months of 2017 from RO1.3mn in the same pe­riod of last year.

The com­pany’s to­tal rev­enue stood at RO152.9mn in the first half of 2017 against RO174.18mn in a year ago pe­riod, while to­tal ex­penses de­creased to RO152.49mn from RO173.23mn.

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