Galfar’s order book rises to RO579mn on new contracts

Galfar’s order book rises to RO579mn on new contracts

Muscat – Driven by new contract awards, Galfar Engineering & Contracting Company, the largest construction firm in Oman, has recorded significant growth in its order book, which rose to RO579mn at the end of 2023 compared to RO517mn a year ago. The order book improvement came as a result of new project awards worth RO397mn […]Muscat – Driven by new contract awards, Galfar Engineering & Contracting Company, the largest construction firm in Oman, has recorded significant growth in its order book, which rose to RO579mn at the end of 2023 compared to RO517mn a year ago.

The order book improvement came as a result of new project awards worth RO397mn to the company during 2023, according to Galfar’s yearly financial statement submitted to the Muscat Stock Exchange.

Galfar generated significantly higher sales revenue during 2023 and continued to achieve positive operating results. The company’s sales revenue jumped by 43.7% year-on-year during 2023 to reach RO239mn, supported by a robust order book with a positive operating profit.

However, the parent company’s net profit dropped to RO0.57mn in 2023 compared to RO4.63mn recorded in the previous year. The parent company continues to make 96% of Galfar’s entire consolidated business.

‘The main factors for the decline in