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FINANCE

Turkey named world’s second-largest contractor

The number of Turkish contractors on the list of The Top 250 International Contractors rose to 46 in 2016 from 40 in the previous year. While Turkey followed China, which is the first largest international contractor with 65 contracting companies on the list, the U.S. ranked third with 43 companies.

The total revenue generated by Turkish contracting companies from the projects that they undertook abroad last year was $25.6 billion. Among the Turkish firms, the first three were Rönesans, Polimeks and Enka.

In the recent period, fluctuations in the global economic environment and risk appetite increased its influence on the international construction industry which is on the top of the sectors most affected by the global economic uncertainty. According to Engineering News-Record (ENR), a prestigious American weekly magazine providing news, analysis, data and opinion for the construction industry worldwide, the market size of the world’s largest 250 international contractors dropped to $501 billion in 2015 with a 4.1 percent decline in two consecutive years and to $468 billion in 2016 with a 6.4 percent shrinkage from $544 in 2013. The list is prepared based on the revenue gathered by contractors from their overseas activities in the previous year in consideration of the tightening in global liquidity conditions and the effects of geopolitical issues.

The ENR’s statement said: “Low oil prices and global economic and political turmoil are causing companies to be cautious about market risks and deliveries,” in the introductory sentence of its bulletin titled “A Hard Look at a Challenging Market” summarizes concerns about the global construction sector.

In the conjuncture where the international contracting market has declined by 14 percent in the last three years, the overseas performance of Turkish contractors has risen. Both the number of Turkish companies in the ENR list increased to 46 last year from 40 in 2015 and their market share increased in the same period. The total market share of the listed Turkish companies was 3.8 percent in 2013, 4.3 percent in 2014, 4.6 percent in 2015 and 5.5 percent in 2016. While Turkish contractors’ share of regional revenues decreased somewhat in Europe, it increased all in their main markets. Their market share rose to 9.1 percent from 7.9 percent in the Middle East, to 7.0 percent from 5.5 percent in Asia, and to 5.1 percent from 4.7 percent in Africa.

Following the announcement of the ENR list, Mithat Yenigün, head of the Turkish Contractors Association, said: “Leaving mark on this report, which is closely followed and accepted as a reference throughout the world, with 46 companies, 42 out of which are the members of our association, and ranking second after China for 10 years is a great source of pride for us.” Yenigün said that uncertainties and geopolitical risks have increased dramatically and investments in energy exporter countries have lost momentum due to falling energy prices in the recent period, adding, “Despite the adverse developments in our major markets, it is a tremendous success that our firms have increased their share of total revenue.”(dailysabah)

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