Mota-Engil profits up 37% to €27 million in 1Q
First quarter profits at Sino-Portuguese construction giant Mota-Engil stood at €27 million – up 37% like-for-like on 2024.
According to a note sent to Portugal’s securities market commission CMVM the company will pay out gross share dividends of €0.1497 per share on June 12.
According to a trading update, Mota-Engil posted a business turnover of €1.365Bn, up 1% like-for-like and an EBITDA of €215 million, up 10% on the first quarter of 2024.
And according to the group 1Q was the “best performance ever for a first quarter” but despite the performance, shares opened the day in the red following the release of the results with a fall of 2%.
In its statement to the market, Mota-Engil reported that “in terms of the performance of the various business areas, a 60% growth in turnover in Africa to €506 million stands out” with an EBITDA of €119 million, “driven by a two-fold increase in Industrial Engineering segment activity, which currently places Mota-Engil as the largest Contract Mining operator in the entire African continent”.
The company’s business turnover fell in Europe by 10% in like-for-like terms with its “decreased performance caused exclusively by its decision to pull out of the Polish market in 3Q of 2024 – a market that had provided the company with a €33 million turnover in the first quarter of 2204”, it states.
Latin America, in turn, continued “to make the largest contribution to the turnover of the Engineering and Construction business” with €557 million – “a 22% decrease due to the completion of the largest railway project executed in Latin America in recent years, the Tren Maya in Mexico, and changes in the consolidation method of some Mexican concessions”.
The group highlighted an order book with €15Bn worth of projects, “reflecting the contracts signed in the first quarter, which totaled €515 million, most coming from its core markets of Angola (23%), Mexico (17%) and Nigeria (13%)”.
The company also stressed that its “resilient turnover reflects the strong contribution of Africa, which represents 60% of its Engineering and Construction portfolio”.
