Galfar posts growth in H1 net profit
Oman’s largest EPC contractor, Galfar Engineering and Contracting Company, has said its net profit for the first six months of 2012 rose 25.6%, thanks to the completion of the Muscat Expressway project. Galfar saw its net income climb to $8.75m in the first half of this year from $6.96m in the same period a year […]
Oman’s largest EPC contractor, Galfar Engineering and Contracting Company, has said its net profit for the first six months of 2012 rose 25.6%, thanks to the completion of the Muscat Expressway project.
Galfar saw its net income climb to $8.75m in the first half of this year from $6.96m in the same period a year earlier.
“A major boost was the completion of the Muscat Expressway project,” Jai K Salvi, vice president of Business Development at Galfar said. “As an old project, adverse market conditions had a negative impact on it. So we have come out of a big area of negativity,” he explained.
Galfar’s order book, which currently stands at $1.82bn, is expected to grow further as the firm expects more projects to be awarded in the near future, he added.
“Our order book remains consistent and we expect some more projects to materialise in the near future,” said Salvi.
