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Enka, Gama among world’s top 100 construction giants
Enka Construction occupied the 37th place while Gama Holding ranked 85th on the list.
Deloitte released its report yesterday in a written statement. The report was a product of a long study compiled from public sources such as company annual reports and Web sites.
Enka achieved its 37th place through its 1.9 billion revenues from contracting in 2008 whereas Gama was able to make it onto the list for the first time after registering a total revenue of 735 million euros from the projects in undertook last year.
Assessing the results of the report, Deloitte’s Turkish partner and the Construction and Real Estate Industry leader, Cem Sezgin, said the economic recession is still being felt in the sector. However, Sezgin noted, the impact of the ongoing economic crisis has not been as radical as to halt the sector’s performance completely.
The list took into account the revenues of the companies for 2008, he said, underlining that the impact of the crisis had commenced by the last quarter of 2008 and thus the actual effects and the depth of the crisis will best be seen in the results of the same report next year.
“Indeed, the economic contraction in the contracting businesses first revealed itself in 2007 with a number of negative signals in the construction industry. In this dim and ambiguous environment, the management of the circulating capital is as important for the contracting business as measuring the costs correctly. The interruption in cash flow during the current ambiguous period is threatening companies which lack strong financial leverage, are heavily indebted and have only a few projects on their books,” Sezgin argued. He went on to say that diminished cash flows may trigger an irreversible instability over which speculation prevails.
On the global scale, however, the Deloitte report was hopeful for a resurrection in the middle run amidst the after effects of the economic meltdown. The construction companies still possess the chance to reap revenues from the demand for the ongoing maintenance and improvement of utility networks, in addition to emerging areas like renewable and carbon capture technologies, water management and energy security. Accelerated government spending was also highlighted in the report as an important source of income for the global construction industry.
French company VINCI continued to lead the pack -- topping the 100 largest European construction companies with construction revenues of over 30 billion euros in the 2008 fiscal year. The company’s revenues for the 2007 fiscal year were 26 billion euros.
As regards other countries, the UK’s dominance was evident with more companies listed than any other country. In fact, approximately one-quarter of all companies in the top 100 list are headquartered in the UK. However, France dictated the top 10 in terms of construction revenue, with three companies listed, followed by Germany, which has two. On the other hand, if total revenue is taken into account, Spanish companies come to the fore.
Overall, 45 companies reported construction growth during the year, compared to 75 companies for the same period last year. STRABAG of Austria reported the largest growth rate, generating a further 3 billion in construction revenues.
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