Biggest contracting firms worldwide achieve revenue of USD499.7B in 2023
Date
9/18/2024 5:12:05 AM
(MENAFN) In 2023, the world's largest contracting firms achieved a remarkable revenue of USD499.7 billion, marking an eight-year high, according to the Engineering News-Record (ENR) magazine’s Top 250 International Contractors list, compiled by a Turkish news agency. This substantial increase, up 16.6 percent from the previous year, comes despite challenges such as inflation, supply chain disruptions, climate change, and regional conflicts.
The revenue figures for these contractors have experienced significant fluctuations over the years. In 2015, the combined revenue of the top 250 contractors was USD501.1 billion. However, this figure dropped to USD468.1 billion in 2016 but saw a recovery to USD482.4 billion by 2017. The trend continued with revenues of USD487.3 billion in 2018 and USD473.1 billion in 2019. The pandemic hit hard, with revenues falling by approximately USD75 billion to USD420.4 billion in 2020 and further to USD397.9 billion in 2021. The sector began to rebound in 2022 with revenues rising to USD428.5 billion and continued to grow to USD499.7 billion in 2023.
Regionally, European contractors led with USD130.8 billion in international revenue for 2023, followed by Asian contractors at USD89.6 billion and US contractors at USD71.5 billion. The Middle East saw the most significant increase, with a 28.8 percent rise in international revenue, totaling USD64.3 billion. African contractors generated USD52.4 billion, while Latin American contractors brought in USD34.7 billion. Australian contractors earned USD30.7 billion, Canadian firms USD24 billion, and Caribbean contractors USD1.7 billion.
In terms of sector-specific revenue, transportation-related projects, including airports, bridges, railways, and tunnels, led with USD154.6 billion. The construction of commercial buildings, hotels, hospitals, and apartments contributed USD97 billion. Oil sector constructions, such as refineries and pipelines, brought in USD81.1 billion, while energy contractors, including those building thermal and hydroelectric power plants, earned USD52 billion.
Factories for various industries, including automotive and textiles, saw revenues of USD32.7 billion. Turkish contractors played a notable role, with 43 firms listed, generating a total revenue of USD30.8 billion, USD18.5 billion of which came from international business, making up 60 percent of their total revenue. These contractors will be honored with an overseas service award at a ceremony attended by President Recep Tayyip Erdogan and Trade Minister Omer Bolat.
MENAFN18092024000045015839ID1108686836
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.