Portugal’s Edifer group wants to reduce dependence on Angola and enter new markets

6 May 2010

Lisbon, Portugal, 6 May – Edifer is seeking to reduce its dependence on Angola and grow in new markets such as Equatorial Guinea, Senegal, Mozambique and Brazil, the head of the construction group, Vera Peres Coelho, said on Wednesday in Lisbon.

Following on the company’s presence in Angola, Libya, Algeria, Spain and Cape Verde, “we are studying Senegal, Equatorial Guinea, Brazil and Mozambique, which has a major road infrastructure programme under way,” Pires Coelho stated during the meeting to present the 2009 annual results.

She anticipated that turnover would grow from 5 to 10 percent in 2010, due to “diversification of risk and reducing the amount of exposure to the Angolan market.”

Angola owes Edifer more than US$80 million, Pires Coelho said, adding that “we haven’t been paid since December 2008.”

She said she was nevertheless tranquil regarding resolution of the problem, given that the Angolan government has announced that it will begin paying its debts and that “a very large portion of that debt should be paid in May.”

Edifer is also trying to place the projects built for the Angolan government and still not paid for under the scope of the credit line and support for exports by national companies to the Angolan market, sponsored by the Portuguese state.

In 2009 the Edifer group earned profits of 19 million euros, 84.4 percent more than in 2008, and invoiced 466 million euros, 0.75 percent less than in the previous year, of which 50 percent was obtained in the Portuguese market. (macauhub)