Galfar Engineer posts lower profit

Muscat: Galfar Engineering and Contracting Company, the Sultanate’s largest contracting firm, said the group’s net profit for the first half of 2017 stood at OMR6,000 against OMR540,000 posted for the same period of 2016.
The group’s total revenue for the January-June 2017 period stood at OMR152.90 million, against OMR174.18 million for the same period of last year, while total expenses were pegged at OMR152.49 million, down from OMR173.23 million during the period under review.
The results are unaudited and are subject to approval by the board, according to a disclosure statement posted on the Muscat Securities Market website.