Portugal's Mota-Engil reports 51% profit jump, record order book

Reuters2024-11-19

Portugal's Mota-Engil reports 51% profit jump, record order book

LISBON, Nov 19 (Reuters) - Portugal's largest builder Mota-Engil said on Tuesday its nine-month net profit jumped 51% on strong sales and said its order book hit a record high 14.8 billion euros ($15.66 billion).

The construction company, which operates in more than 20 countries across Africa, Europe and Latin America, booked a consolidated net profit of 77 million euros for the January to September period, up from 51 million a year earlier.

Overall sales rose 3% to 4.15 billion euros, with Latin America, which is the main driver of the group's growth, increasing 11% to 2.2 billion euros. Sales in Europe fell 8%, while sales in Africa dropped 3%.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 11% to 609 million euros.

Mota-Engil's order backlog was bolstered by large projects related to roads and railway infrastructure mainly in Mexico, Angola and Nigeria.

The builder, which is 40% owned by the Mota family and 32.41% by China Communications Construction Company Ltd 601800.SS, said the record backlog supports a "positive future evolution".

($1 = 0.9450 euros)

(Reporting by Patrícia Vicente Rua; editing by Inti Landauro and Jason Neely)

((patricia.rua@thomsonreuters.com; Reuters Messaging: patricia.rua.reuters.com@reuters.net))

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