LISTED builder EEI Corp. is beefing up domestic and international expansion efforts via investments totaling P3.85 billion into four units.
In a disclosure on Monday, the company said that its board last Friday approved a proposal to invest 36.75 million Saudi riyals, equivalent to P550 million, into its wholly owned subsidiary EEI Ltd.
Incorporated in the British Virgin Islands, EEI Ltd. is engaged in labor supply, project management and international joint ventures.
The board also approved an "additional investment of P600 million in subscribed capital to its wholly owned subsidiary, EEI Construction and Marine, Inc., to fund business expansion opportunities," the company said.
Also approved were additional investments by way of subscribed capital, amounting to P1.0 billion and P1.7 billion each, to subsidiaries EEI Ventures Inc. and EEI Power Corp. in support of their business expansion opportunities.
For the first nine months of 2024, EEI Corp. posted a consolidated net income of P62.76 million, rebounding from a P292.3-million net loss incurred in the same period last year.
The nine-month bottom line was boosted by a 600-percent increase in other income on gains booked on the disposal of EEI Construction and Marine's property in Silang, Cavite, and EEI Realty's property in Tanza, Cavite, the company said in its third-quarter financial report.
Gross revenues from January to September, however, declined by 7 percent to P11.3 billion from P12.2 billion in the previous year.
"At the end of the third quarter of 2024, the company's unworked portion of existing contracts remains strong at P42.25 billion. In addition, the company has been preparing for a robust inflow of additional projects that it expects to secure and be awarded within the last quarter of 2024 towards 2025," it said.
EEI shares on Monday finished 1.16 percent firmer at P3.50 each amid a marginal 0.02-percent dip for the benchmark Philippine Stock Exchange index.