Portuguese builder Mota-Engil's order book hits record $15 billion

Mota-Engil, SGPS

21/05/2024 09:56

LISBON, May 21 (Reuters) - Portugal's largest builder
Mota-Engil  MOTA.LS  reported on Tuesday a 54% jump in
first-quarter profit on strong sales and said its order book hit
a record 14 billion euros ($15.21 billion).
    The construction company, which operates in 20 countries
across Africa, Europe and Latin America, said net profit
totalled 20 million euros for January to March, up from 13
million euros a year earlier.
    Overall sales rose 7% in the first quarter to 1.35 billion
euros, and earnings before interest, taxes, depreciation and
amortisation (EBITDA) jumped 22% to 196 million euros, "driven
by better profitability in all business segments", it said.
    The EBITDA margin rose to 15% from 13% in the same period in
2023.   
    Sales in Latin America, which is the main driver of the
group's turnover, grew 9% to 713 million euros, while sales in
Africa rose 6% to 356 million euros and in Europe increased 5%
to 141 million euros.
    The company's order backlog reached an all-time high of 14.2
billion euros, up from 12.9 billion at the end of 2023,
bolstered by large projects mainly in Angola, Mexico and Nigeria
related to railway infrastructure. 
    The company said the record backlog "anticipates good
visibility on future revenue."
    Mota-Engil is 40% owned by the Mota family and China
Communications Construction Company Ltd  601800.SS  owns a
32.31% stake.
    
 ($1 = 0.9206 euros)

 (Reporting by Patrícia Vicente Rua; Editing by Inti Landauro
and Susan Fenton)
 ((patricia.rua@thomsonreuters.com; +351 21 123 2775; Reuters
Messaging: patricia.rua.reuters.com@reuters.net))