Mota-Engil Secures $1 Billion in New Contracts in Angola and Mexico, Boosts Order Book

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Portugal’s leading builder, Mota-Engil, has clinched four contracts valued at a total of 975 million euros ($1.06 billion) in Angola and Mexico. The deals, announced on Monday, contribute to the expansion of the company’s order book in its primary markets of Africa and Latin America, sparking a rise in its shares.

In Angola, Mota-Engil has entered into contracts with the government encompassing the construction of the Corimba waterfront, social housing projects in the capital Luanda, and the development of a border post on Angola’s frontier with the Democratic Republic of Congo. The total value of the three Angolan contracts is approximately 875 million euros.

Additionally, the company will be involved in the construction of a road on the outskirts of Mexico City, valued at around 100 million euros.

Mota-Engil’s shares surged by 2% in early trading following the announcement, outperforming the broader market in Lisbon, which experienced a 1% decline. The construction firm, operating in 20 countries across Africa, Europe, and Latin America,

achieved overall sales of 4.02 billion euros ($4.30 billion) in the first nine months of 2023. It is on track to meet its full-year turnover target of 5 billion euros.

The contracts signal the company’s continued growth, particularly in regions where post-pandemic construction activity is flourishing.