$222m road dualisation deal for Galfar
01 June 2019
Oman-based Galfar Engineering & Contracting Company says it has won a major road project contract worth RO86 million ($222 million) from the Ministry of Transport and Communications.
The scope of work on the project includes the addition of two lanes for the dualisation of Rusail–Nizwa Road from the interchange of MEW to the interchange of Al SharqiyaRoad (Part One) in the sultanate.
The ministry is currently working on finalising the contractual procedures and work on the project is likely to start in the last quarter of this year.
Galfar says the mobilisation work will be completed within two months after it gets the go-ahead from the ministry. The entire project will be completed within two-and-a-half years.
Meanwhile, Galfar Engineering & Contracting Company said its consolidated net profit fell to RO465,000 during the first quarter from RO1.448 million recorded for the same period last year.
This was mainly because of the lower revenues recorded by the company owing to the payment delays on certain projects in the sultanate, according to the company.
Galfar’s revenue dropped by more than eight per cent to RO64.18 million in the first quarter compared to RO70.19 million in the same period of last year.
The company has overdue receivables of more than RO40 million as of date from the government and its related entities, it states.
The company’s order book as of date is around RO434 million, it adds.
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