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Galfar secures RO68mn deals from Diam

10 Feb 2021

Galfar Engineering and Contracting Company has been awarded contracts worth RO68mn in total by the Public Authority for Water (Diam).

“We are pleased to inform our esteemed shareholders that Galfar has been awarded contracts for the total value of RO68mn for the operation and maintenance of various Diam networks and facilities in the sultanate’s governorates,” Hamoud Rashid al Tobi, chief executive officer of Galfar Engineering and Contracting Company, said in a disclosure to the Muscat Securities Market.

Galfar shares jumped by 6 per cent at the MSM on Wednesday.

Diam, the regulator for the water sector in Oman, is a direct water service provider, responsible for supplying potable water to all homes and businesses in the sultanate except in the Dhofar governorate.

Galfar said these new contracts from Diam are valid for five years from commencement date which is expected in April or May 2021.

“We expect these contracts to be important in underpinning the company’s revenues and in boosting its endeavours for expansion of its activities. The company would like to extend its sincere appreciation to Diam for their valuable confidence on Galfar towards the award of these contracts,” Tobi added.

Galfar, as per its recently announced initial unaudited financial results, posted a consolidated net loss of RO21.84mn for the year ended December 31, 2020 compared to a net loss of RO6.29mn reported in the previous year. The company’s total revenues for the year 2020 dropped to RO209.81mn as against RO248.8mn recorded in 2019.

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