Mutuares doubles turnover but Efacec still in the red
Revenues at Portuguese transport and electrical systems company Efacec doubled in 2024 to around €300 million compared to the €150 million posted in 2023 since it was taken over by German asset management fund Mutuares. Nevertheless, the troubled company that was privatised by the State is still in the red.
Says business daily Negócios, the company was bought on November 1, 2023, with the aim of being financially solvent at some time this year having to abandon some of the projects that Efacec didn’t have the cash flow to complete on time. The company has not revealed the current level of indebtedness.
However, the new owners say they are “optimistic” that they can return Efacec to financial health after redefining its core business strategy (transformers, equipment, transport, automation, and electric mobility), creating a healthy balance between costs and revenues, meaning reducing excessive general expenses and improving margins.