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FINANCIAL NEWS
Oman’s Galfar orders surge to over USD1.81b in H1
12 Aug 2015
(MENAFN) Omani contractor Galfar Engineering and Contracting has logged orders’ surge to over USD1.81billion, boosted by contracts worth USD341.69 million secured during the first half of 2015.
However, the firm’s net profit dropped to USD0.517 million, down from USD6.2 million a year ago. Revenue earned by the parent company also declined to USD421.94 million in the January-June period.
Combined net profit decreased to USD0.025 million this year, down from USD5.17 million for the same period of 2014. Consolidated revenues dipped to USD442.65 million this year from USD504.77 million on-year.
Vice Chairman attributed the decline in revenues to delays in the issuance of contract commencement orders by clients in a number of projects, including the Barka, Nakhal and Taqa, and Mirbat road projects.
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