Mota-Engil profit jumps 24% on Africa, Latam growth; backlog hits record
Portugal's largest construction company, Mota-Engil, said on Thursday its first-half net profit rose 24% on robust growth and higher margins in Africa and Latin America, while its global order book climbed to an all-time high.
The builder, which operates in 23 countries across Africa, Europe and Latin America, posted a net profit of €74-million ($86.25-million) in the period, up from €59-million last year.
Sales rose 6% to €2.9-billion, driven by 11% growth in Africa to €1.16-billion and a 7% increase in Latin America to €1.17-billion, offsetting a 20% decline in Europe.
Earnings before interest, taxes, depreciation and amortisation (Ebitda) rose 10% to €487-million, with the Ebitda margin widening to 17% from 16% a year earlier.
Africa remained the group's most profitable market, with Ebitda up 12% at €287-million and the margin rising to 25% from 24% a year earlier, while Ebitda in Latin America increased 14% to €120-million, with the margin unchanged at 10%.
Ebitda in Europe fell 20% to a modest €15-million, although the margin held steady at 8%.
The company said in a statement its order backlog reached a record €17.7-billion, up from €14.7-billion a year earlier, driven by large projects in Mexico, Angola and Brazil.
It said the backlog did not include additional contracts worth €2.5-billion signed after June.
The builder on Wednesday won a 30-year concession to modernise and operate a railway in the Democratic Republic of Congo, linking its copper and cobalt mining regions to Angola's US-backed Lobito Corridor, in a deal worth $1.8-billion.
Mota-Engil is 40%-owned by the Mota family and 32.41% by China Communications Construction Company
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