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Galfar wins RO46mn contract for Izki-Nizwa road

27 Oct 2024 By GULAM ALI KHAN

Muscat – Galfar Engineering and Contracting Company, the largest construction firm in Oman, has been awarded a contract by the Ministry of Transport, Communications and Information Technology for the construction of the Izki-Nizwa road.

‘We are pleased to inform our esteemed shareholders that the ministry has awarded Galfar the contract for the dualisation of the Izki-Nizwa road. Both parties accepted the letter of award on Sunday,’ Galfar stated in a disclosure submitted to the Muscat Stock Exchange.

The project is valued at approximately RO46mn, with an execution period of 36 months from the commencement date, the company reported.

Galfar noted that this contract award will further enhance its order-book and sustain its market share within Oman’s infrastructure sector.

‘We take this opportunity to express our appreciation to the Ministry of Transport, Communications and Information Technology for the confidence placed in Galfar through this award,’ the company added.

According to Galfar’s initial financial results, the company reported total revenue of RO207.05mn for the first nine months of 2024, an increase of nearly 12% compared to RO184.97mn reported for the same period in 2023. However, the company recorded a net loss of RO4.2mn for the January-September period of this year, in contrast to a net profit of RO1.52mn in the corresponding period of 2023.

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