EEI income declines 58% to P209M

YUCHENGCO-led EEI Corp. posted a 58% decline in its attributable net income to P209.21 million in 2022 from P489.7 million in 2021 as revenues decreased.

Last year, the company recorded P14.65 billion in revenues from contracts with customers, 9.3% lower than its top line in 2021 of P16.15 billion.

Around P12.53 billion of the revenues came from construction contracts, which declined by 16.1% in 2022 from P14.94 billion in 2021.

Power sales jumped by more than nine times to P882.81 million in 2022 from P97.05 million in 2021, while revenues from manpower services climbed by 10% to P624.79 million from P568.01 million.

Merchandise sales were lower by 29.6% to P271.52 million last year from P385.87 million in the previous year, while real estate sales declined by 71.6% to P3.98 million from P14.03 million.

The company’s revenues from other sources grew by more than two times to P340.33 million from P142.18 million.

The company also booked an equity loss from investments in associates and joint ventures amounting to P105.85 million in 2022, a reversal of an equity earnings of P925.17 million in 2021.

EEI’s associates are Saudi Arabia-based Al-Rushaid Construction Co. Ltd., PetroSolar Corp., Rice Integrated Commercial Enterprises, Inc. Its joint ventures are PetroWind Energy, Inc., Shinbayanihan Heavy Equipment Corp., and BEO Distribution and Marketing Corp. It also has Shimizu-Fujita-Takenaka-EEI and Acciona-EEI joint ventures.

EEI is a subsidiary of House of Investments, Inc., which is part of the Yuchengco Group of Companies.

On Wednesday, shares in EEI went up by a centavo or 0.33% to P3 each. — Justine Irish D. Tabile