EEI Posts 17% increase in Net Income
Construction giant EEI Corporation posted an audited consolidated net income of P657 Million for 2010, a 16.7%
improvement compared to its net income in 2009. "We are very pleased that we exceeded our own targets," declared
EEI President and CEO Roberto Jose L. Castillo. "This is another banner year for EEI."
Revenues from domestic construction contracts increased by 30% from P4 Billion in 2009 to P5.2 Billion in 2010. In 2010, Al Rushaid Construction Corporation, EEI's 49% joint venture in the Kingdom of Saudi Arabia entered into several significant projects.
To date, EEI's orders backlog, which represents the value of workable production from existing contracts, amounts to P27 Billion, 64% of which will be generated from the Company's foreign projects.
In the last few months, EEI was awarded several new projects amounting to about P2.5 billion in the Philippines. In Saudi Arabia, EEI's joint-venture company Al Rushaid Construction Corporation is completing work on the Shuqaiq Independent Water and Power Plant and the Qurayyah Power Plant, both under Mitsubishi Heavy Industries; and the NCP Ethylene Plant and the Manifa Gas Oil Separation Plants, both under JGC. Last December, it was announced that ARCC was chosen to construct two major components of the Saudi Aramco-Mobil Refinery Clean Fuels Project. Even more recently, it also won a Tube Upgrade project for Saudi Aramco Shell Refinery and some construction work for Saudi Acrylic Monomer Company.
The current political upheavals in the Middle East and North Africa have not had any significant impact on the operations of EEI in the Kingdom of Saudi Arabia. The King of Saudi Arabia recently announced US$100 Billion worth of projects for the benefit of the Saudi Nationals who have not fully benefitted from the largesse enjoyed by the royal family from the Kingdom's oil revenues.
Other EEI overseas projects include additional works for the Goro Nickel Mining Plant in New Caledonia and for carry over works for the Olefins Recovery Project in Singapore under Shaw Stone and Webster. The natural disaster in Japan has no significant impact on the operations of EEI.
EEI's Board of Directors has approved the declaration of cash dividends of P0.10 per share, payable in four equal installments of P0.025 to common stockholders on record as of April 8, June 6, September 6 and December 6, 2011.
EEI is a member of the Yuchengco Group of Companies and its shares of stock are listed and are currently trading at the Philippine Stock Exchange. Based on the closing price of EEI's shares at the end of December 2010, its price to earnings (P/E) ratio was 6.2 times. Book value per share as of December 31, 2010 stood at P3.61, 15% higher than the previous year's P3.14 per share.
Revenues from domestic construction contracts increased by 30% from P4 Billion in 2009 to P5.2 Billion in 2010. In 2010, Al Rushaid Construction Corporation, EEI's 49% joint venture in the Kingdom of Saudi Arabia entered into several significant projects.
To date, EEI's orders backlog, which represents the value of workable production from existing contracts, amounts to P27 Billion, 64% of which will be generated from the Company's foreign projects.
In the last few months, EEI was awarded several new projects amounting to about P2.5 billion in the Philippines. In Saudi Arabia, EEI's joint-venture company Al Rushaid Construction Corporation is completing work on the Shuqaiq Independent Water and Power Plant and the Qurayyah Power Plant, both under Mitsubishi Heavy Industries; and the NCP Ethylene Plant and the Manifa Gas Oil Separation Plants, both under JGC. Last December, it was announced that ARCC was chosen to construct two major components of the Saudi Aramco-Mobil Refinery Clean Fuels Project. Even more recently, it also won a Tube Upgrade project for Saudi Aramco Shell Refinery and some construction work for Saudi Acrylic Monomer Company.
The current political upheavals in the Middle East and North Africa have not had any significant impact on the operations of EEI in the Kingdom of Saudi Arabia. The King of Saudi Arabia recently announced US$100 Billion worth of projects for the benefit of the Saudi Nationals who have not fully benefitted from the largesse enjoyed by the royal family from the Kingdom's oil revenues.
Other EEI overseas projects include additional works for the Goro Nickel Mining Plant in New Caledonia and for carry over works for the Olefins Recovery Project in Singapore under Shaw Stone and Webster. The natural disaster in Japan has no significant impact on the operations of EEI.
EEI's Board of Directors has approved the declaration of cash dividends of P0.10 per share, payable in four equal installments of P0.025 to common stockholders on record as of April 8, June 6, September 6 and December 6, 2011.
EEI is a member of the Yuchengco Group of Companies and its shares of stock are listed and are currently trading at the Philippine Stock Exchange. Based on the closing price of EEI's shares at the end of December 2010, its price to earnings (P/E) ratio was 6.2 times. Book value per share as of December 31, 2010 stood at P3.61, 15% higher than the previous year's P3.14 per share.