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Revenues for the top 250 international contractors are the highest since 2015, rising to $499.7 billion last year. Overall, new project contract value for the top 250 international contractors increased by 15.1%. Of the 237 international contractors who submitted surveys for both the 2023 and 2024 rankings, 63% said revenue increased. Among contractors ranked in 2024 that reported on the backlog, 54% said it had increased, and of the 165 companies that reported profit-loss trends in international construction, 92.7% said that their businesses were profitable.
With the effects of regional conflicts, supply chain disruptions and escalating costs intensifying, projects walk a fine line between shovel-ready and stalled. To reduce risks and diversify operations, contractors proactively support key markets with resource investments.
The top 250 contractors increased their revenue in almost every region, including the Middle East (28.8%), the US (27.9%), Latin America (27.3%) and Australia (21%). but Canadian earnings were virtually flat at 0.3%. % growth
Cover images of the ENR Archives; Top 225 rendering by Binyan Studios, courtesy of Arcadis; Top 250 Photo courtesy of Arab Contractors (Osman Ahmed Osman & Co.)
Following the COVID-19 pandemic, construction costs have “increased significantly worldwide,” says Mustafa Toprak, CEO of Istanbul-based contractor Esta Insaat Sanayi Lojistik ve Dis Ticaret AS. In response to the higher prices, he says the company’s “construction markets have contracted dramatically” and that “getting quality labor … has been more difficult than before.”
Urbacon Trading and Contracting, at number 42, named Iraq, Kazakhstan, Libya and Latin America as some of its emerging markets.
“In these regions, [the firm] has ventured into the sectors of comprehensive infrastructure development, oil and gas, energy and hospitality,” says Mohd Sabri, CEO of UCC Holding. “As a contractor but also as an investor, this dual role stands out [our] commitment to long-term growth and regional development.”
The global design firms add that proximity and regional expertise remain the main drivers of the project’s success.
Overall, the revenue of the top 225 international design firms increased by 12.7%. Part of that increase can be attributed to the return of TechnipEnergies to the list, which added $2.08 billion. Excluding Technip, Top 225 revenue rose 9.9%.
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Median revenue was $59.8 million in 2023, up 27.5% from last year. Of the 214 companies that submitted surveys this year and last, 75.2% reported higher revenues. The increase is slightly higher than the equivalent number last year, but 55.1% saw income increase by 10% or more.
In relation to how inflation and changing economic conditions have affected the types of projects they take on, the top 225 companies shared that some sectors have been more vulnerable to economic conditions than others.
The largest revenue increases for the top 225 companies were seen in the Middle East, up 30.4%; Africa, 28.4% more; and Latin America, 23.8%. The Middle East region has its highest total since 2018, with many companies attributing this growth to Saudi Arabia’s Vision 2030.
“Saudi Arabia continues to offer the best opportunity,” adds Matt Squires, CEO of SSH. “With our growth path that began six years ago…we have increased our investment and commitment to this key market and positioned SSH as a partner of choice, supporting customers in delivering their exciting program of work”. However, for the top 225 companies, Asian revenue fell by 7.4% in 2023, while Australia and Oceania fell by 1.7% in revenue. All geographic markets had generated more revenue for companies between 2022 and 2023.
For Royal HaskoningDHV, growth has been sector-specific: water management, manufacturing and logistics, and renewable energy and industry decarbonisation, says CEO Marije Hulshof.
Overall, the largest increases among the Top 225 companies were in the manufacturing sector, at 32.5%; industrial process, 29.9%; and oil, 26%. Much of the oil growth comes from TechnipEnergies’ return to the list.
A total of 192 companies submitted backlog data in this year’s survey, with 69.3% reporting that it was higher than a year ago, but down from 74.1% who reported a larger backlog in last year’s survey. The top 10 companies combined account for $41.5 billion, just over 50% of the total. About 93.9% of companies that reported their profitability status said they made a profit in 2023.
