(MENAFN- Muscat Daily) Muscat- Voltamp Energy Company on Tuesday announced that its subsidiary Voltamp Oman Transformer Company has been awarded two contracts worth RO34mn for supplying electric transformers to Qatar General Electricity & Water Corporation (Kahramaa).
The contracts have been awarded through Voltamp Energy's agent and representative in Qatar, the company said in a filing to the Muscat Securities Market (MSM).
Following the company's announcement about new contracts, Voltamp Energy shares surged by 8.94 per cent at the MSM on Tuesday.
'The contract confirms the commitment of Voltamp Energy and its subsidiaries to provide customers with high quality products with the latest technologies, which positively reflects the company's reputation among the major competitive companies. Any further developments that require the disclosure of the supply contract will be announced', Voltamp Energy said.
Under the contract, the transformers will be supplied to Kahramaa during 2018 and 2019.
'We believe this is one of the biggest orders the company has ever received in its history, which is commendable. The new RO34mn order to supply transformers over the two years should translate into RO17mn per year, which is likely to boost the revenue and profitability of the company significantly', Gulf Baader Capital Markets (GBCM) said in a note on Tuesday.
Kahramaa is the sole transmission and distribution system owner and operator for the electricity and water sector in Qatar.
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