The largest builder in Portugal, Mota-Engil, has signed four contracts in Angola and Mexico worth a combined total of 975 million euros ($1.06 billion). This has strengthened the company’s order book in its primary markets of Latin America and Africa and caused its shares to climb on Tuesday.
The company announced late on Monday that it has signed new contracts with the Angolan government for the building of social housing and the Corimba waterfront in the capital Luanda, as well as for the establishment of a border post on Angola’s border with the Democratic Republic of the Congo.
The approximate value of the three Angolan contracts is 875 million euros.
Laptops 1000The builder will contribute to the about 100 million euro development of a road in Mexico City’s suburbs.
Mota-Engil shares were up 2% in early trade, outperforming the Lisbon market as a whole, which was down 1%. The shares virtually tripled in value last year as a result of the post-pandemic construction activity boom.
The construction business reported global revenues of 4.02 billion euros ($4.30 billion) in the first nine months of 2023 and was on track to meet its full-year turnover goal of 5 billion euros. The corporation operates in 20 countries across Africa, Europe, and Latin America.
