Al Hassan holds meeting to seek finance from banks

Muscat: Al Hassan Engineering said that the company has met with the Ministry of Finance, Central Bank of Oman and bankers to seek financial support, after the company incurred losses.

The meeting was held to discuss the company’s financial status, as well as the bank support required to carry out plans and chart a way forward, according to a disclosure statement posted on MSM website. The outcome of the discussions will be disclosed within a month, after they are finalised.

Al Hassan Engineering’s consolidated loss was OMR10.81 million in 2016, against a loss of OMR8.22 million in 2015. The group’s contracting and other income stood at OMR90.14 million for 2016, against OMR102.44 million in the previous year.

Total expenses for the company were OMR100.95 million in 2016, against OMR110.45 million for the previous year. The financial results are subject to review by the audit committee, board and auditors.