Muscat – Galfar Engineering & Contracting Company, the largest contracting and construction firm in Oman, has been awarded a major road construction contract worth RO53mn by Muscat Municipality, the company announced on Tuesday.
‘Galfar has received the letter of acceptance from Muscat Municipality for the Dualisation of Al Ansab-Al Jafnain Road. The value of this project is approximately RO53mn,’ Galfar said in a disclosure to the Muscat Stock Exchange.
The execution period for this road project is 30 months plus 120 days for mobilisation from the date when the works are to be commenced, the company said.
‘We take this opportunity to express our appreciation to Muscat Municipality for the confidence vested in Galfar by awarding this project,’ Galfar added.
Galfar has been highly successful this year in terms of winning major contracts and growing its project pipeline significantly.
In June, the company was awarded a massive contract worth RO280mn by Petroleum Development Oman (PDO) for an execution period of seven years. The PDO contract also includes an additional three-year extension option worth RO120mn.
Galfar had also won a RO29mn engineering, procurement, and construction (EPC) contract from OQ Exploration & Production Company, a subsidiary of Oman’s global integrated energy group OQ.
Galfar’s total consolidated revenues grew by more than 51% to RO185.43mn during the first nine months of 2023, compared to RO122.53mn in the same period of 2022, according to the company’s initial unaudited financial results.
On the back of higher revenues, Galfar’s net profit for the January-September period of 2023 surged to RO1.458mn from just RO110,000 recorded in the corresponding period of 2022.
Galfar’s project pipeline grew to RO644mn by the end of June 2023, supported by major project awards worth RO323mn during the first half of this year, according to the company’s second quarter financial report.
Galfar expects to maintain a solid project pipeline in excess of RO500mn in the future, with a significant number of tenders under evaluation across a diverse array of sectors and clients.