T
he 2014 league table of global contractors is based on
revenues achieved in 2013
. These came to U
S$
1,6
25
billion,
a record total, and the twelfth straight year the Top 200 has
grown.
The graph illustrates the revenue and profitability trend for the Top
100 going back a decade. This year the group had revenues of
U
S$
1,3
8
6
billion, and a margin of 4.7
%
. Although the revenue trend
has always risen throughout the 12-year history of the Top 100,
this year’
s growth of some +
7
.3
%
has been the most pronounced
for two years. The last similar leap –
in the 2011 figures, based on
2010 revenues –
was driven by the Chinese stimulus boom.
This points to a surge in global activity, as does the improvement
in margin to 4.7
%
from last year’
s figure of 4.4%
. W
hile the ebbs
and fl
ows of the global industry seem to be indicated by the siz
e
of the leap in the Top 100’
s revenues, as the graph illustrates,
profitability moves more directly with activity levels.
B
oth the revenue rise and increase in profitability point to an
improvement in industry fortunes last year.
This is not just an indicator. The Top 200 account for a big slice
of the market, so the trend could be taken as a direct refl
ection of
conditions. Global construction output is anywhere between U
S$
7
,5
00 billion and U
S$
8
,5
00 billion per year, so the Top 200 account
for at least 20%
of world-wide activity.
B
ut as ever, this also points to the fragmented nature of the
industry. As vast as top-placed contractor CSCEC has become, at
best it has a 1.4%
market share of the global sector. It is difficult to
think of another area of economic activity where the no.1 player –
and a U
S$
100 billion+
per year company –
would command such a
small slice of the pie.
Global trends
U
p- turn in profitability and revenues
>
15
july-august 2014
international
construction
NEW
S R
EPOR
T
The global top 200
*
=
estimate
1400
1300
1200
1100
1000
900
800
700
600
500
400
300
200
100
0
7%
6%
5%
4%
3%
2%
1%
0%
Sales (US$ Billions)
Operating Margin
2013
1385
2004
2005
2006
927
2007
2009
1096
1242 1291
2011
2012
2010
1048
2008
5.2%
5.8%
6.2%
4.8%
3.7%
579
695
807
3.6%
4.8% 4.5% 4.4% 4.7%
1054
But perhaps the most noticeable gain among a US construction
company in this year’s Top 200 was the 33-place gain for
Chicago Bridge & Iron (35). This was due to its acquisition of
Shaw Group in a deal that was approved at the end of 2012 and
completed in February last year. This added almost a full year of
Shaw’s US$ 5.9 billion per year business to Chicago Bridge &
Iron, driving it up the table.
Another acquisition to note is the merger of two large Italian
Sales
(
U
S$
million)
Company
Country 2013 Change Website
57
655
0
Enka
Turkey 6
5
8
58
6
417
Emcor Group
U
S
5
6
2
59
6333
Petrofac
U
K
6
3
4
60
6
147
D R Horton
U
S
8
4
24
61
6
059
Spie
France 6
9
8
62
6
018
Haseko
J
a pan 5
3
9
63
598
2
VolkerWessels
Netherlands 5
7
6
64
59
44
Lennar
U
S
9
0
26
65
593
0
Guangsha Construction
Group*
China 6
7
2
66
56
01
Pulte Group
U
S
7
7
11
67
5576
Consolidated
Contractors Company
(CCC)*
Greece 6
0
7
68
53
47
Aveng
South
Africa
7
3
5
z
a
69
5
268
Kinden
J
a pan 6
0
9
70
5
213
Carillion
U
K
7
0
Â
71
5
06
0
Whiting-Turner
Contracting*
U
S
9
2
21
72
489
2
Obrascon Huarte Lain
Spain 7
1
1
73
4735
Fayat Group
France 8
3
10
74
4699
Boskalis Westminster
Netherlands 9
1
17
75
4655
Orascom Construction
Industries
Egypt
7
8
3
76
4599
Toda
J
a pan 5
9
17
77
457
0
Chiyoda
J
a pan 7
2
5
78
4485
Kandenko
J
a pan 6
6
12
79
4421
Nippo
J
a pan 7
6
3
80
4363
Misawa Homes
J
a pan 7
5
5
81
425
0
Clark Construction*
U
S
8
1
Â
82
4249
Isolux Corsan
Spain 5
2
3
0
83
4216
NVR
U
S 111
28
84
4176
Tutor Perini
U
S
8
9
5
85
4101
Gilbane Building*
U
S 114
29
86
4098
Ed Züblin
Germany 9
7
11
ueblin.de
87
4077
Barratt Developments
U
K
103
16
88
407
0
Sacyr Vallehermoso
Spain 7
9
9
89
405
1
Maeda Corporation
J
a pan 8
0
9
90
403
0
Walsh Group
U
S 100
10
91
3953
Sigdo Koppers
Chile 13
2
41
92
39
20
Sumitomo Mitsui
Construction
J
a pan 8
6
6
93
39
04
Penta-Ocean
Construction
J
a pan 7
4
19
94
38
02
Hazama Ando
J
a pan 141
47
z
ama.co.jp
95
378
1
Lotte Engineering &
Construction*
South
K
o rea
104
9
96
3779
Tecnicas Reunidas
Spain 102
6
97
3683
Veidekke
Norway 106
9
98
366
4
Mostotrest
R
ussia 115
17
99
3635
Nexity
France 9
4
5
100
359
1
Taylor Wimpey
U
K
123
23
101
3578
Porr
Austria 119
18
102
3575
Murray & Roberts
South
Africa
8
5
17
103
35
05
China State
Construction
International Holding
Hong K
o ng 13
9
3
6
104
3
43
0
Interserve
U
K
13
0
26
105
3395
DEME
B
elgium 144
3
9
106
3369
Kumagai Gumi
J
a pan 109
3
107
3359
Jaiprakash Associates
India 9
9
8
108
33
41
Arcadis
Netherlands 108
Â
109
33
23
PanaHome
J
a pan 9
5
14
110
33
06
Foster Wheeler
U
S 101
9
111
3
297
Implenia
Switz
erland 126
15
112
3
277
Morgan Sindall
U
K
117
5
113
3
263
Persimmon
U
K
140
27
114
3
223
Nishimatsu
Construction
J
a pan 113
1
