The company is regaining ground after heavy losses in 2024, which were largely due to pandemic-era wage and lodging support for idle workers during prolonged lockdowns.
In 2024, the company’s gross revenue fell by 27.3 percent to P13.63 billion, while it swung to a massive net loss of P4.42 billion from a P149.67 million profit the previous year.
Management’s view
“Sometimes, we need to take a step back if we want to take care of our employees, particularly during the most difficult times,” Henry D. Antonio, EEI president and CEO, said in a statement.
“We believe that profitability is not the only metric for responsible corporate governance, and that the measures we took in the past were necessary for the long-term future of EEI,” he said.
“Now that we have momentum back in obtaining new projects, we are confident that we will have the full support of the workforce that we took care of during those times of uncertainty,” he added.
Who’s backing EEI now?
Antonio-led HDA Holdings is the single-largest stockholder of EEI after buying the 20 percent stake held by the family of House Speaker Martin Romualdez.
Industry Holdings and Development Corp., led by Leyte tycoon Francis Lloyd Chua, is the second-biggest stockholder with 14.34 percent, followed by the Yuchengco family’s House of Investments, with 15 percent.
Singapore-based Shenton Resources Pte. Ltd. owns another 6 percent.
New projects
Among its newest wins are two South Commuter Railway Project (SCRP) contracts worth a combined P1.8 billion.
EEI will build the P1.7-billion earthworks package in Banlic, Laguna and a P188-million underpass segment under its joint venture with Lotte and Gulermak.
The SCRP is part of the wider North-South Commuter Railway plan aimed at cutting travel time between Metro Manila and Laguna.
—Edited by Miguel R. Camus