ONEIC wins TANWEER’s $7.4m contract to build substation

Muscat Securities Exchange-listed (MSM) Oman National Engineering and Investment Company (ONEIC) has been awarded a construction contract worth $7.4m (OMR2.9m) by Rural Areas Electricity Company (TANWEER).

In a stock market missive undersigned by the CEO, Rahsid Bin Mohammed Alghailani, the company said that the contract covers construction of a 3*20 MVA primary substation for light industries and showroom area in the Wilayat of Duqm within the Al Wusta governorate. 

ONEIC added in the filing, the contract has been awarded for a 14-month period that starts on 17 March 2020.

In January, ONEIC secured an operations and maintenance (O&M) contract worth $10.9m (OMR4.2m) from the sultanate’s Ministry of Health. The contract was awarded on 3 March 2020 for The Royal Hospital for a three-year period, starting from 1 April 2020 to 1 March 2023.

ONEIC posted a net profit of $3.9m (OMR1.5m) in 2019 that dropped by 25% from $5.2m (OMR2m) in 2018.

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