Yuchengcos expect another profitable year for EEI on strong order backlog
Business

Yuchengcos expect another profitable year for EEI on strong order backlog

The Yuchengco family’s EEI Corp. is looking forward to another strong performance this year as it continues to bid for various construction projects.

EEI said it remains upbeat on its prospects amid a healthy level of backlog of projects, which will continue to keep the construction giant busy in the next two to four years.

At the end of 2021, the company’s unworked portion of existing contracts stood at P54 billion including its overseas unit’s backlog of P24 billion.

EEI expects an overall better performance from its domestic operations driven by the current buildings, infrastructure, electromechanical, and industrial projects in its pipeline as production continues to pick up.

Overseas operations are also expected to grow as Al Rushaid Construction Co. Ltd. , EEI’s joint venture in Saudia Arabia, continues to win contracts from major engineering, procurement and construction companies abroad.

EEI is uniquely positioned as one of the few local firms with a quadruple-A license and with the expertise to participate in large projects.

The company bounced back strongly in 2021 with a P489.7 million profit, reversing the P2.05 billion loss it incurred the previous year.

Revenues from contracts with customers increased to P16.15 billion from P13.9 billion.

EEI raised ₱6 billion from a preferred share offering last December to fund its current and future infrastructure projects and for new business ventures.

 

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