Mota-Engil Group paid in government bonds in Angola

31 August 2016

Portuguese construction group Mota-Engil has received about 21 million euros in Angolan government bonds as payment from Angolan public companies, the group’s head of investor relations said on Tuesday.

João Vermelho said in a conference call with analysts that the group received that amount in the first half of the year and currently has 49.4 million euros in Angolan debt securities on its accounts, according to financial news agency Bloomberg.

The Mota-Engil Group posted net profit of 72.5 million euros in the first half of the year, an increase of 477% over the same period of 2015, despite being driven by the sale of some businesses, according to a market filing.

In the unaudited accounts released by the Portuguese Securities and Exchange Commission (CMVM), the group said earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 3% over the same period, to 149 million euros, reaching a margin of 14% “in line with that achieved in the first half of 2015.”

Net income for the period was “positively affected by gains generated by the sale of the port and logistics business and (water company) Indaqua -Indústria e Gestão de Água” the group said in a market statement. (macauhub/AO/PT)