Galfar secures RO 100 million contract for PDO’s Qarn  Alalm Project galfar February 7, 2024

Galfar secures RO 100 million contract for PDO’s Qarn  Alalm Project

Muscat: Leading Omani engineering firm Galfar Engineering and Contracting SAOG has been awarded a five-year contract valued at approximately RO 100 million to undertake project delivery services for Petroleum Development Oman’s (PDO) Qarn Alam project.

The formal Letter of Award (LoA) was accepted by both parties on January 30, 2024, and confirmation for public disclosure was received yesterday, February 6, 2024.

“We are pleased to inform our esteemed shareholders of this significant contract award,” Galfar stated in a press release. “The project is expected to have a positive impact on the company.”

This news follows a period of positive developments for Galfar, including recent contract wins in the infrastructure and industrial sectors. The Qarn Alam project further strengthens Galfar’s position as a leading engineering and contracting player in Oman and the wider region.

In unaudited financial results for the year 2023 announced recently, Galfar recorded total revenue of RO 238.565 million for the parent company (up from RO 166.120 million a year earlier).

Consolidated revenue for the group totalled RO 250.009 million in 2023, up from RO 177.621 million in 2022. Net profit slumped to RO 577K for the parent company in 2023, down from RO 4.628 million a year earlier. Net profit for the Group totalled around RO 50K, down from RO 1.283 million in 2022.