Teixeira Duarte cuts 800 jobs

 In Companies, Construction, Financial results, News

The Portuguese construction company Teixeira Duarte cut 800 jobs in 2023 when the construction firm posted losses of €3 million.

The company now has 8,689 employees from 42 different nationalities, of which 27% are in Portugal, and almost 50% of these working on construction projects.

However, the share of its activity in terms of employment fell 6% on 2022 with the group emphasising that the staff reduction was mainly in Brazil because of a falling number in projects.

The group led by Manuel Teixeira Duarte today operates in 21 countries worldwide with 85% of its workers concentrated in Angola, Portugal and Brazil.

The company has made losses on the back of taxes (€26 million) and the devaluation of the Kwanza in Angola.

Sales and service provisions fell 8% like-for-like to €767 million, with construction worth two-thirds of the total after a fall of 3.5% at a global level.

That said, the company did well in Portugal, managing to increase its order books by 20.3% for projects mostly for the private sector. The Portuguese market was therefore responsible for 52.8% of its turnover in construction.

The company’s overseas market share fell from 57.8% in 2022 to 47.5% in 2023. It suffered overseas losses of €63.7 million particularly in Brazil and Angola, and after the completion of a mega project in Kuwait where it built 98 structures and buildings for a waste water treatment plant.

Worldwide the company had order books worth €1.079Bn in 2023 and has signed nine building contacts so far this year worth €91 million.

And despite a backdrop of inflation and exchange rate variations in the various overseas countries in which it operates, particularly in Angola, the group expects to achieve consolidated operational revenues of €800 million for 2024.