(Bloomberg) -- Mota-Engil SGPS SA, Portugal’s biggest construction company, said its order book is expected to climb to a record level at the end of 2024 as it continues to benefit from large railway and road projects in regions including Africa and Latin America.
The order book rose to a record €13.7 billion ($15 billion) at the end of the first half. Angola accounted for one fourth of the backlog, followed by Mexico and Nigeria.
“We expect a slightly higher backlog at the end of the year,” Chief Executive Officer Carlos Mota Santos said in a telephone interview. “But the most important thing is that it’s a healthy backlog — in line with our commercial policy of being more selective with the work we undertake.”
The Lobito railway corridor in Angola, a $1.8 billion railway line in Nigeria and a $1.2 billion fertilizer plant in Mexico are among Mota-Engil’s biggest projects. The company is also bidding in tenders to build several stretches of a high-speed railway line in Portugal, linking its capital Lisbon to the city of Porto.
“We plan to be as competitive as possible,” said Mota Santos, referring to his firm’s proposals to build the railway line in Portugal. “Our expectation is that we will win” some of these contracts, he said.
China Communications Construction Company became Mota-Engil’s second-biggest shareholder after agreeing to buy a minority stake in the builder in 2020. It currently holds 32% of Mota-Engil, who’s biggest shareholder is the Mota family with a 40% stake.
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