Image by webzer via FlickrMANILA, Philippines - EEI Corp., one of the Philippines’ largest construction companies, secured a contract in Qatar.The company, subsumed under the Yunchengco Group, won a bid for the $12 million Qatargas 3 and 4 Onshore Project for GAMA Qatar Company under the Chiyoda-Technip joint venture, EEI said in its disclosure to the Philippine Stock Exchange (PSE). It is expected to undertake pipe erection work of inlet facilities.
Since construction is expected to begin by January, the company will deploy an estimated 1,500 workers in the next few months.
Currently, more than half of its 18,000 workforce is deployed abroad. An estimated 1,400 are assigned in a New Caledonia nickel mining project while 8,000 are in Saudi Arabia, engaged in various projects under the Al Rushaid Construction Co.
The company’s foreign project order backlogs is estimated at $391 million.
Earnings of EEI reached P363 million for the first nine months, 76 percent higher than profits reported during the same period last year.
Consolidated revenues for the nine-month period hit P5.52 billion, 41 percent higher than last year’s P4.6 billion owing to its overseas business.
Shares of EEI fell P0.02 to P0.72 during Thursday’s trading at the PSE.
12/04/2008 | 06:02 PM
http://www.gmanews.tv/story/137521/EEI-Corp-secures-Qatar-contract
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