Mota-Engil, the largest construction company in Portugal, has recently entered into four agreements totaling 975 million euros ($1.06 billion) in Angola and Mexico. These contracts, announced on Monday, contribute to the company’s growing order book in Africa and Latin America, its primary markets, leading to a rise in its share value on Tuesday.
The newly secured contracts with the Angolan government encompass significant projects such as the construction of the Corimba waterfront and the development of social housing in the capital city, Luanda. Additionally, Mota-Engil will undertake the construction of a border post on Angola’s frontier with the Democratic Republic of Congo.
The trio of contracts in Angola holds an estimated value of approximately 875 million euros. Meanwhile, in Mexico, Mota-Engil is set to engage in the construction of a road on the outskirts of Mexico City, with a value of approximately 100 million euros. The company’s shares, having experienced nearly a threefold increase in value last year due to a surge in post-pandemic construction activity, saw a 2% rise in early trading. This performance surpassed the broader market in Lisbon, which was down by 1%.
Operating in 20 countries across Africa, Europe, and Latin America, Mota-Engil achieved an overall sales figure of 4.02 billion euros ($4.30 billion) in the initial nine months of 2023. The company is well on track to meet its annual turnover target of 5 billion euros.
