Shanghai Electric (601727.SS and 02727.HK) announced the Company has been ranked 51st on the 2021 Top 250 International Contractors list published by Engineering News-Record (ENR), a world-renowned publication for engineering and construction news and analysis. With a total of 22 overseas projects, Shanghai Electric saw the biggest jump in rankings among its Chinese peers this year, despite the lingering impact of the COVID-19 pandemic on global large-scale engineering projects.
Widely considered the industry barometer, the ENR list ranks global construction companies based on revenue generated by their overseas projects. According to the annual list, 2020 marked another difficult year for global infrastructure construction firms, filling the market with uncertainties and short-term risks. ENR reports that the total international contracting revenue for the Top 250 dropped 11.1% to $420.4 billion in 2020, from $473.1 billion in 2019, which is the largest single-year drop recorded in ENR international contracting data going back to 2003. Amid the complex and challenging market climate, Shanghai Electric implemented proactive business strategies at home and abroad, in an effort to protect onsite employees while maintaining a high growth rate of revenue for its major international projects, including Dubai CSP, Pakistan’s Thar Block-1 Integrated Coal Mine and Power Project, Serbia’s Pančevo, Vietnam’s Forte, Greece’s photovoltaics, and Iraq’s Huashide maintenance projects.
Looking back in 2020 along which Shanghai Electric rebounded from the COVID-19 pandemic, a spokesperson of Shanghai Electric, stated that Shanghai Electric has once again shown its resilience in difficult times for the global engineering industry. “In the face of a constantly shifting business environment and uncertain industry outlook over the past year, Shanghai Electric has taken swift actions to minimize construction delay, address onsite worker safety and shortages, and ensure a high turnover of its overseas projects. The recognition from ENR is another testimony to the exceptional efforts we made, as well as our efficient management and the industry-leading product quality as a result of our unwavering pursuit of excellence,” he said.