Galfar Engineering and Contracting Co posted a profit of about 8.85 million rials ($22.99 million) in the fourth quarter, up 26.3 percent from the year-earlier period.

The company earned profit after tax of 24.647 million rials in 2008 compared with 22.331 million rials in 2007, it said in a statement on the Oman bourse website.

Galfar did not provide quarterly data, which Reuters calculated based on previous financial statements showing it made profit attributable to shareholders of 15.793 million dirhams in the first nine months of 2008.

The company's fourth-quarter 2007 profit was about 7.01 million rials.

For 2008, Galfar's total expenditures rose to 343.02 million rials for the year from 244.737 million rials a year earlier, it said. - Reuters