Modernity, consistency and trust

The company José Avelino Aguiar Farinha e Francisco da Paixão de Agrela was established in the municipality of Calheta. Now known as AFAVIAS – Engenharia e Construções, S.A., it laid the foundations for what is today AFA Group. Construction remains the Group’s main business pillar.

The company obtained its first public works contractor’s licence on 12 December. AFAVIAS was the first company in Portugal to have a project approved under the Regional Incentives Scheme — Sistema de Incentivos de Base Regional (SIBR) — enabling it to invest in equipment and infrastructure and strengthen its competitive position.

AFAVIAS completed its first urban development project in Pico da Cruz, Funchal, for a private developer. A few years later, it built the first prestressed reinforced concrete bridge in Laranjal, São Vicente.

The Onda Azul restaurant opened in Calheta, marking the Group’s first investment outside the construction sector.

AFAVIAS took part in a major infrastructure project as a member of the consortium awarded the contract to build the Quinta Grande–Ribeira Brava expressway.

The Calheta Beach hotel was built, helping to boost tourism and the wider economy of the municipality of Calheta, on the west coast of Madeira.

The company commercially known as AFAVIAS Açores began operating in 2000. In 2009, following its full acquisition by AFA Group, it adopted its current corporate name: AFAVIAS – Engenharia e Construções – Açores, S.A.

AFA Group began its international expansion into three new countries — Mauritania, Senegal and Angola — securing road projects extending over 100 kilometres in each market. Angola remains the Group’s most significant construction market outside the Autonomous Region of Madeira.

AFAVIAS was named Best Company in the construction sector in Exame magazine’s 500 Biggest & Best Companies ranking.

AFA Group opened a new hotel, Saccharum. That same year, the Group acquired SIET SAVOY, S.A. and, with it, three further hotel properties in Funchal: Savoy Palace, which was still at the project stage, Royal Savoy and Gardens.

Alongside its investment in Rádio Calheta and Rádio Santana, AFA Group acquired a 50.5% stake in EJM, the company that owns Rádio JM and Jornal da Madeira.

The new identity of the Savoy Signature hotel collection was unveiled, followed by the opening of Savoy Palace on 1 July, the only hotel in Madeira to be a member of The Leading Hotels of the World. The Savoy Residence brand was also launched with Savoy Residence | Casa Branca in Funchal, introducing a premium real estate concept in prime locations.

Following the restructuring of AFA Group, Verbum Media – Comunicação, Lda. consolidated all of the Group’s holdings in media companies and acquired a 36.8866% stake in EDN, the company that owns Diário de Notícias da Madeira.

In June, work began on the first phase of the Central and University Hospital of Madeira. AFAVIAS excavated and transported more than 1.2 million cubic metres of material using only its own resources. The Savoy Signature collection also continued to grow with the opening of NEXT in Funchal on 1 July.

AFAVIAS was named the 2021 Best Company in the construction and real estate sector by Exame magazine. Savoy Residence | Insular was also completed, regenerating a landmark city block in central Funchal.

Savoy Residence | Monumentalis was completed, creating a new residential and commercial hub in Funchal. The Reserve was also officially opened, introducing Savoy Signature’s personalised luxury hospitality concept.

Construction began on three new developments: Lodge | Torrinha and Savoy Residence | Gardens in Funchal, and Savoy Residence | D’Ávila, the first Savoy Residence project in mainland Portugal.