EEI beefs up project inventory by 40% to P36.86B

EEI Corp. has expanded its project backlog or lineup by 40 percent to P36.85 billion, signaling a potential turnaround from its losses in the previous year.

These represent the unfinished or unfulfilled portions of its existing contracts as of July. A bigger backlog typically translates to higher possible future revenues.

Its most recent contracts include two under the South Commuter Railway Project (SCRP) Package CP S-07. These are worth a combined P1.8 billion.

SCRP is part of the larger North-South Commuter Railway project that is seen to cut travel time between Metro Manila and neighboring provinces.

According to EEI, the scope of its work for the project includes site development, earthworks, sub-base and base course, surface course, structural works, drainage systems, irrigation channels and other related infrastructure.

“These new projects reaffirm EEI’s commitment to delivering world-class infrastructure that not only drives mobility, commerce and community development, but also improves quality of life for Filipinos,” Anna Sheila Figuera, EEI senior vice president and head of commercial and operations division, said in a statement.

Last month, EEI also bagged the P15.7-billion contract to build the largest exhibition and convention center in Southeast Asia.

Once built, the 269,000-square-meter Philippine International Exhibition Center on Pasay Harbor City, a reclaimed island along Manila Bay, will become the Marcos administration’s flagship meetings, incentives, conferences and exhibitions (MICE) project.

This is the second major MICE facility that will be built within the Bay area after SM Prime Holdings Inc.’s SMX Center for International Trade and Exhibitions.

See Also

Strict rules on BIR audits

Last year, EEI said it had suffered “significant losses” due to provisions for claims associated with prolonged pandemic lockdowns.

The company pointed out it “prioritized the safety and well-being of its people above all else and continued to pay full wages, food and lodging to active employees despite the prolonged work stoppages.”

Based on its 2024 financial statement, EEI swung to a net loss of P4.42 billion from a P149.67-million net profit in 2023.

As of the first six months of the year, EEI’s earnings had slipped by 21 percent to P220.08 million due to lower overall revenues.