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Mota-Engil goes from losses to 22 million profits – Construction

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Mota-Engil recorded profits of 22 million euros in 2021, compared to losses of 20 million presented a year earlier.

In a statement to CMVM, the group added that revenue increased by 9% to 2,656 million euros, “with a very positive impact on performance in the second half”.

In the second half of the year alone, he says, billings increased by 19%, “a fact for which the recovery of the Africa region was crucial”, growing by 56% over this period, followed by Latin America which “consolidated the growth recovery after the impact of the pandemic in 2020,” he says.

In engineering and construction, the Portuguese market “has become again, after many years, the group’s leading market in this business segment, with an 11% growth in turnover in 2021, overtaking Mexico and Angola,” he said.

For the whole of the Europe zone, sales fell by 2% to 1,020 million euros, with EBITDA up by 23% to 144 million euros, with “an improvement in margins in the construction activity in Portugal and Poland, as well as in the waste management segment, which improved the margin from 25% to 27%, allowing the region’s overall margin to rise to 14%”, he adds in the same note.

In Africa, over the year as a whole, the group headed by Gonçalo Moura Martins recorded growth in its turnover of 20%, to 910 million, and in its EBITDA of 4%, to 199 million. euros, with a margin set at 22% in the region.

According to Mota-Engil, the order book in Africa reached a record of 4.8 billion euros (64% of the total), “which makes it possible to anticipate the significant growth of activity in this region in the years future”.

In Latin America, the group recorded growth of 15% in its turnover, to 685 million euros, and 8% in its EBITDA, to 92 million, with a margin of 13%, “a fact that is due to the strong recovery of the Mexican market (23% growth) where the group is developing one of the sections of the Tren Maya, the largest rail project in Latin America,” he explains.

Highlighting the “historically high production levels, supported by an order book at record levels and with projects of a higher average size which will drive expressive growth from 2022”, the group underlines that the order book has once again reached record values ​​of 7.6 billion euros.

Regarding the future prospects of the activities, Mota-Engil recalls that in 2022 it obtained new contracts in markets such as Uganda, Mexico and Peru, which “currently place the order book for the first times in its history, above $8 billion. euro”.

In 2021, investments (Capex) amounted to 213 million euros, of which 51% related to growth investments and medium and long-term contracts, the group highlighting investments in Portugal, Mexico and in new contracts in Africa which started in the second half of 2021.

Net debt was reduced by €125 million to €1,118 million, improving the net debt to EBITDA ratio to pre-pandemic levels, “increasing the sustainability of the balance sheet, and thus strengthening the conditions to start the implementation of the New Strategic Plan (Building’26), which will run between 2022 and 2026”, he underlines.

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