Mota-Engil Group paid in government bonds in Angola

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Mota-Engil Group paid in government bonds in Angola

6:25 CAT | 31 Aug 2016

Partial view of Luanda waterfront taken on August 30, 2012. The ruling Popular Movement for the Liberation of Angola party (MPLA) of President Jose Eduardo dos Santos, which has been in power since independence 37 years ago, competed on August 31 in the legislative poll against 8 other political parties, including the main opposition Union for the Total Independence of Angola (UNITA). Dos Santos promised that with a new term he would push ahead with his multi-billion-dollar drive to rebuild the country after the civil war that ended a decade ago. MPLA was widely expecting to win the elections and beat the UNITA former rebel movement which does not have the same access to funds or the state-controlled media. AFP PHOTO / STEPHANE DE SAKUTIN (Photo credit should read STEPHANE DE SAKUTIN/AFP/GettyImages)

File photo / Luanda view

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.

Source: Macauhub