EEI bags $12-M contract in Qatar

Construction giant EEI Corp. has bagged a $12-million onshore project for GAMA Qatar Co., the company said yesterday.

In a disclosure to the Philippine Stock Exchange, EEI, a member of the Yuchengco Group of Companies, said the project involves pipe erection works of inlet facilities.

“The winning of this project affirms our strategy of increasing focus and allocation of resources in the overseas markets,” said EEI president and chief executive officer Roberto Jose L. Castillo

EEI said it would be deploying about 1,500 workers in the next few months for the 10-month duration of the project which starts in January next year.

More than half of EEI’s total worforce of 18,000 people are deployed overseas. About 1,400 are in the Goro Nickel Mining project in New Caledonia and around 8,000 are in various projects of Al Rushaid Construction Co. in the Kingdom of Saudi Arabia (KSA).

Currently, more than half of EEI’s manpower complement is deployed overseas.

As of end-September 2008, EEI’s order backlog for foreign projects stands at $391 million.

EEI reported a 76 percent rise in net income during the nine months ending September this year to P363 million on robust construction activity overseas. This translates to an earnings per share of 35 centavos as against 20 centavos a year earlier.

Consolidated revenues grew 41 percent to P7.77 billion compared with P5.52 billion a year earlier as production from construction contracts went up 13 percent to P4.59 billion.

Revenues from services, principally attributable to EEI’s 100-percent-owned company EEI New Caledonie (NC), amounted to P2.09 billion or more than twice the P790 million recorded a year ago.