Builder Mota-Engil gets $1 billion in new Angola, Mexico deals, shares rise

LISBON (Reuters) – Portugal’s largest builder Mota-Engil has signed four contracts worth a total 975 million euros ($1.06 billion) in Angola and Mexico, strengthening the order book in Africa and Latin America – its main markets – and causing its shares to rise on Tuesday.

The company said late on Monday its new contracts with the Angolan government included the Corimba waterfront construction and social housing in the capital Luanda, as well as a border post on Angola’s frontier with the Democratic Republic of Congo.

The three Angolan contracts are worth around 875 million euros.

In Mexico, the builder will participate in the construction of a road on the outskirts of Mexico City worth around 100 million euros.

Mota-Engil shares, which nearly tripled in value last year as post-pandemic construction activity boomed, were 2% higher in early trading, outperforming the broader market in Lisbon, down 1%.

The construction company, which operates in 20 countries across Africa, Europe and Latin America, posted overall sales of 4.02 billion euros ($4.30 billion) in the first nine months of 2023 and was on track to achieving its full-year turnover goal of 5 billion euros.

($1 = 0.9183 euros)

(Reporting by Patrícia Vicente Rua; Editing by Andrei Khakip)