Galfar books OMR439,000 in losses before minority in 1Q18
Galfar Engineering and Contracting (Galfar) has announced its unaudited financial highlights for 1Q18. Revenues came in at OMR71.3mn (-11.7% Y-o-Y, -4.4% Q-o-Q, -23% vs. EFGe), while net loss before minority interest came in at OMR439,000 (1Q17: OMR71,000 in net profit; 4Q17: OMR2.1mn in net loss; EFGe: 36,000 in net profit). Galfar secured OMR82.1mn-worth of awards in 1Q18, according to published releases, in addition to settling two disputes that had been under arbitration for a sum of OMR5.6mn. Income from these disputes had already been recognised.
Galfar: OMR0.103 as of 15 Apr. 2018, Rating: Sell, TP: OMR0.069/share, MCap: USD113mn, GECS OM/GECS.OM
Mai Attia
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