Portuguese builder Mota-Engil's order book hits record $15 billion
LISBON, May 21 (Reuters) -Portugal's largest builder Mota-Engil MOTA.LS reported on Tuesday a 54% jump in first-quarter profit on strong sales and said its order book hit a record 14 billion euros ($15.21 billion).
The construction company, which operates in 20 countries across Africa, Europe and Latin America, said net profit totalled 20 million euros for January to March, up from 13 million euros a year earlier.
Overall sales rose 7% in the first quarter to 1.35 billion euros, and earnings before interest, taxes, depreciation and amortisation (EBITDA) jumped 22% to 196 million euros, "driven by better profitability in all business segments", it said.
The EBITDA margin rose to 15% from 13% in the same period in 2023.
Sales in Latin America, which is the main driver of the group's turnover, grew 9% to 713 million euros, while sales in Africa rose 6% to 356 million euros and in Europe increased 5% to 141 million euros.
The company's order backlog reached an all-time high of 14.2 billion euros, up from 12.9 billion at the end of 2023, bolstered by large projects mainly in Angola, Mexico and Nigeria related to railway infrastructure.
The company said the record backlog "anticipates good visibility on future revenue."
Mota-Engil is 40% owned by the Mota family and China Communications Construction Company Ltd 601800.SS owns a 32.31% stake.
($1 = 0.9206 euros)
Reporting by Patrícia Vicente Rua; Editing by Inti Landauro and Susan Fenton
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