Omani contractor makes $75m loss

17 March 2016

The statement said the board is deeply concerned with the declining financial performance of the company

Oman’s Galfar Engineering and Contracting has attributed a sharp fall in earnings to delays in receipt of payments, according to a statement on the Muscat Securities Market (MSM).

The Muscat-based firm made a loss of RO28.9m ($75m) in 2015 from RO197,000 ($511.690) in the previous year.

The company recorded total revenues of RO345.2m in 2015, down from RO372m ($966.24m) in 2014.

“The Company is deeply concerned with its declining performance over the last few years, which has largely arisen from unprecedented delays in closing out projects and delays in payment of receivables from clients, mainly the Governmental entities,” said the statement.

The company also said it expects government infrastructure and services projects aimed at stimulating growth will ensure the company has enough work in the next 12-18 months. “In addition the oil and gas downstream projects are at an all-time high,” according to the statement.


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