EEI optimistic in 2023, names new CEO

EEI Corporation, the Yuchengo Group’s construction arm, announced that its Chief Operating Officer Henry Antonio will be appointed Chief Executive Officer in May.

In a disclosure to the Philippine Stock Exchange, the firm said Antonio will be taking over as incumbent President and CEO Roberto Jose L. Castillo retires after 17 years of service.

EEI said it is approaching the year with cautious optimism amid economic uncertainties in the global and domestic front as it also sees catalysts that present new growth opportunities for construction services in both light and heavy industry.

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“The structural reforms that promote Foreign Direct Investment such as the Public Services Act and the EO (Executive Order) to adopt the Philippine Development Plan, that the government is trying to institute, have the potential to impact growth in the manufacturing, renewable energy and logistics sectors,” said Antonio.

He added that, “we see the continued growth trend in global digitalization as something that would influence the growth in data centers.”

The prospects remain positive for EEI despite potential headwinds in the property sector and delays in the implementation of government infrastructure projects, as its market position allows the company to keep thriving amid a short-term environment with fewer new capital projects.

EEI also continues to pursue international opportunities to maximize its steel fabrication capabilities.

Moreover, Al Rushaid Construction Company, Ltd. (ARCC), EEI’s joint venture in the Kingdom of Saudi Arabia, sees numerous growth opportunities as it wins more contracts from major Engineering, Procurement and Construction (EPC) companies.

Antonio said major transformation and key steps have been implemented to improve overall operational efficiency and consequently improve the companies financial margins.

“Both ARCC and EEI’s domestic construction operation have undertaken a reorganization to improve commercial approach, internal systems and processes as well as project delivery. We are excited at the prospects of EEI moving forward,” he noted.

In terms of backlogs, EEI’s ongoing bids for various domestic projects will keep it at a sustainable level and provide revenue visibility over a longer term.

The firm said it has a healthy level of backlog projects that will keep it active moving forward. At the end of 2022, EEI Corporation’s unworked portion of existing contracts stood at almost P58 billion, which includes ARCC’s backlog of P26.4 billion.

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Antonio added, “our focus now is to build capacity by strengthening our recruitment efforts and expanding our technical capabilities.”

EEI maintains its leadership in the industry with major property development projects that include Season Residences, Light 2 Residences, Air Residences and Grand Hyatt Manila Gold Residences Tower 2.

The firm’s projects also continue to impact the country with landmark projects in infrastructure, viewed as the foundation of the nation’s economy, such as the Metro Manila Skyway Stage 3, Malolos-Clark Railway, Metro Manila Subway packages and the newly awarded South Commuter Railway Project.

“EEI as a leader in the construction industry will continue to grow with the persistent participation and contribution of all its stakeholders; its clients, vendors, and employees included. The inclusive growth of EEI will benefit the communities it serves and ultimately, its own people and their families. We will grow bigger and when we do, we will bring all our stakeholders with us,” Antonio said.

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The article was originally published in Manila Bulletin and written by James A. Loyola.

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