The contract has been awarded to Galfar by the Ministry of Transport and Communications (MoTC) for essential works for traffic opening at Al Batinah expressway project (package 3), the company said in a filing to the Muscat Securities Market (MSM).
“The contract value is RO26.24mn. The completion period of the contract is 426 days in addition to 30 days for mobilisation. We expect reasonable income from this project,” Dr Hans Erlings, chief executive officer of Galfar said in the company’s disclosure.
He added that the Ministry of Finance has accepted the contract signed between the company and the MoTC vide their letter dated July 17.
The shares of Galfar rose 1.33 per cent at the MSM on Tuesday.
Galfar recently announced its initial unaudited financial results for the six months period ended June 30, 2017. The company reported a consolidated net profit of around RO6,000 for the first half of this year against RO540,000 net profit reported for the same period of 2016.
The parent company’s net profit fell to RO395,000 in the first six months of 2017 from RO1.3mn in the same period of last year.
The company’s total revenue stood at RO152.9mn in the first half of 2017 against RO174.18mn in a year ago period, while total expenses decreased to RO152.49mn from RO173.23mn.