Portuguese builder Mota-Engil more than doubles 2023 profit
March 05, 2024 at 04:36 am EST
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LISBON (Reuters) - Mota-Engil more than doubled its 2023 net profit on record high sales, Portugal's largest builder said on Tuesday, while demand boosted its order book to an unprecedented 13 billion euros ($14.1 billion).
Net profit reached 113 million euros on sales up 46% to a 5.55 billion euros, said the company, which operates in more 20 countries across Africa, Europe and Latin America.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 55% to 837 million euros, while its EBITDA margin rose to 15% from 14%.
It saw strong momentum in its engineering and construction business especially in Latin America, where sales jumped 81% to 2.75 billion euros.
Its project order book includes railways in Mexico, oil and gas in Brazil and mining in Peru. It rose 3% to 13 billion euros following large railway projects awarded mainly in Mexico, Nigeria and Angola.
Turnover in Africa rose 28% to 1.5 billion euros. In Europe, sales increased 31% to 666 million euros, 69% of which were in Portugal, where the company was awarded subway expansion works, the construction of a new hospital in Lisbon and is in the running for a high-speed train project.
The builder added it had agreed to sell its operation in Central Europe for about 90 million euros.
Mota-Engil is 40% owned by the Mota family and 32.41% by China Communications Construction Company Ltd.
($1 = 0.9219 euros)
(Reporting by Patrícia Vicente Rua; editing by David Latona and Jason Neely)
Mota-Engil, SGPS, S.A. is a group organized around 6 sectors of activity:
- Engineering and Construction: Mota-Engil, SGPS, S.A. has developed construction projects in some fifty countries and is present on three continents (Europe, Africa and Latin America) where it has asserted its technical competence and reputation, excelling in the construction of various infrastructures such as roads, freeways, airports, ports, dams and railroads ;
- Industrial Engineering Services: the group has capitalized on its recognized presence and experience since 1998, with a proven ability to operate in numerous markets, reflected in medium-term contracts of between three and eight years;
- Environment: Mota-Engil, SGPS, S.A. began its activities in the environmental sector in Portugal in 1995, through the company SUMA in the urban waste management and collection segment, and added its skills to those of the company EGF, a leader in waste treatment and recovery. Internationally, Mota-Engil is increasingly developing its activities in this sector, in markets such as Angola, Mozambique, Cape Verde, Brazil, Oman and Côte d'Ivoire;
- Mota-Engil Capital: a business unit whose aim is to optimize value creation for the group through investment diversification, underpinned by integrated management of a range of assets and projects complementary to the Engineering, Construction and Environment segments.
- Mota-Engil Mext: unit responsible for differentiated areas such as Real Estate, Agroforestry Production and Energy. It also aims to strengthen investment in innovation and accelerate global transformation;
- Concessions: Mota-Engil, SGPS, S.A. operates, through Lineas and its subsidiaries, a network of some 2,500 km of roads and freeways, including the two bridges of the city of Lisbon. The business extends to international markets, mainly in Latin America.
MOTA-ENGIL, SGPS, S.A. 
