Muscat: Galfar Engineering & Contracting and its subsidiary and associated companies said that for the period ending June 2023, the parent company achieved a net profit of RO 1.245 million compared to a net profit of RO1.737 million for the same period last year.

The company’s financial position continued to be positive supported by a robust order backlog with stable operating profit.

The parent company continues to sustain a positive margin due to various initiatives taken by the Company as part of its turnaround strategy to re-organize, improve the project’s performance and implement stringent cost controls.

For the period ended Jun 2023, Galfar continues to maintain a significant projects pipeline of RO 644 million supported by new project awards worth RO 323 million.

The company continued to explore opportunities to reduce operating expenses to maintain market competitiveness and improve the financial results while strengthening the Company’s financial position.

The company’s resources are optimized continuously to align with the financial situation, and the Company successfully reduced its costs considerably.

Our subsidiary companies in Oman, which include Aspire Readymix, Aspire Projects, and Al Khalij Heavy Equipment, have overall improved their financial performance as the total losses reduced to RO. 0.097 million for the period ended Jun 2023 compared to losses of RO 0.217 million for the same period in 2022. Our associate company in Kuwait made a loss of RO 0.201 million for the year ended

Jun 2023 compared to a loss of RO 0.072 million for the same period in 2022. The Parent Company continues to make above 90% of the entire Group Business.

The Company is determined to turn around and improve its financial performance with a continued focus on implementing the turnaround strategy’s six priorities, including Restructuring & Reorganization, Efficiency & cost savings, financials & liquidity, diversification & capability, technology & innovation, and public relations and stakeholder management.

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