Leading Omani construction firm Galfar Engineering & Contracting says it has been awarded a contract valued at around RO 9 million for the maintenance and operation of the electrical and mechanical equipment at Sultan Qaboos University (SQU), as well as overall civil maintenance work for a period of two years.
The announcement came in a filing to the Capital Market Authority on Wednesday. The award is the latest in a string of contracts won by the publicly traded company over the course of 2022, buoying its order-book.
“The company financial position continued to be positive supported by a robust order backlog with stable operating profit but impacted by some margin pressure,” commented Majid Salim Said al Fannah al Araimi, Chairman, in the Directors’ Report for Q3 2022.
“The parent company can sustain a positive margin due to various initiatives taken by the Company as part of its turnaround strategy to re-organize, improve projects performance and implement stringent cost controls. The positive bottom-line results came despite various challenges, such as a drop in revenues by approximately 20 per cent compared to the same period last year, a reduction in the scope of work, and delay in commencement of new orders,” he stated.
For the period ended September 2022, Galfar maintained a significant projects pipeline of RO 498 million supported by new project awards worth RO 189 million, the company said.