EEI upbeat this year as new projects pile up

Yuchengco-led construction firm EEI Corp. is upbeat on its prospects for 2021 due to new contracts secured overseas and domestic projects with a combined value of P60 billion.

In a statement yesterday, EEI said the new contracts from abroad and continued work on domestic projects are expected to provide the company a financial lift this year.

Al Rushaid Construction Co. Ltd. , a joint venture between EEI and Al Rushaid Petroleum Investment Corp. in Saudi Arabia, secured new contracts amounting to P17.38 billion last year.

Meanwhile, EEI’s local projects covering building, infrastructure and electromechanical projects have a remaining contract value of around P43 billion.

EEI said construction operations have resumed at major infrastructure projects, which include the Malolos Clark Railway Package 4 being undertaken through a joint venture with Spanish firm Acciona Construction Philippines Inc., and in Package 5 which was awarded to Korea’s POSCO Engineering and Construction Co. Ltd., as well as in the Metro Manila Subway Phase 1 and Metro Manila Skyway Sucat-Alabang viaduct expansion.

In addition, EEI is fulfilling work for existing building projects, including The Seasons Residences, the Light 2 Residences, the iMET BPO Towers, and the Grand Midori Ortigas.

“We are confident because our healthy backlog will be good for at least two years’ worth of work,” EEI president and chief executive officer Roberto Jose Castillo said.

He said the company is also bidding for bigger projects both in the domestic and overseas markets.

“We have our health and safety programs in place for our workers, and we are utilizing leading-edge digital technology to help us with remote work supervision and improve operational efficiency. This is the kind of resilience our clients can expect from us.”

He added the firm’s AAAA license from the Philippine Contractors Accreditation Board gives the company an advantage through its participation in large projects, particularly those part of the government’s Build Build Build program for infrastructure development.

He said EEI is likewise focused on being future-ready in line with the Yuchengco Group of Companies’ thrust.

“EEI is in a good position to recover from the interruptions caused by the lockdowns because of our experience and expertise in the industry, both locally and abroad. Projects will always come in, and we are always ready,” he said.