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Oman’s Al Hassan wins $11m project

Oman’s Al Hassan wins $11m project
Photo Credit: Arabianeye-Reuters
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Oman – Mubasher: Al Hassan Engineering Co. Abu Dhabi LLC, which is 49% owned by Al Hassan Engineering Co. - Oman, said it received a letter of intent from Hyundai Engineering & Construction for electrical work for Satah al-Razboot (SARB) Package 4 Project, according to a filing to the Muscat Securities Market (MSM).

The project worth $10.65 million spans a 20-month period starting June 2015.

“We expect reasonable income from this project,” the company said.

Unaudited financials for Al Hassan for the fiscal year 2014 showed a loss worth OMR 1.7 million ($4.5 million) against a net profit of OMR 655,000 ($1.7 million) in 2013.

Al Hassan’s capital amounts to OMR 7.5 million divided on 75.2 million shares.