Galfar Engineering’s orders hit $1.2bn in H1-18

Mubasher: Galfar Engineering and Contracting has announced that its orders hit OMR 471 million ($1.2 billion) during the first quarter of 2018.

Despite the strong order volume, the engineering firm posted a year-on-year decline in revenue and operating profit in the same period.

Galfar's revenues fell to OMR 131.2 million ($340.8 million) in H1-18, compared to OMR 145.1 million ($376.9 million) during the year-ago period.

As for operating profit, it went down to OMR 2.9 million ($7.5 million) in the six-month period ended 30 June, versus OMR 2.1 million ($5.5 million) in the same period of the prior year.

The leading Omani construction company said it had “performed well” in all its key focus areas “despite facing delays in bidding and award” processes.  

The firm noted that its orders in the first half of 2018 provided “good revenue visibility” for the rest of the year, according to a statement.

Mubasher Contribution Time: 30-Aug-2018 10:51 (GMT)
Mubasher Last Update Time: 30-Aug-2018 10:59 (GMT)