Turner & Townsend’s headcount increases by 22% as economic diversification boosts the Construction sector in the Middle East
Global professional services company, Turner & Townsend has reported a strong set of annual financial results across all its regions, as the business continues to pursue its strategy for long-term growth.
Overall net revenue in the Middle East has risen by 12 percent in 2022 to $98.7m, boosted by robust growth in the tourism and infrastructure sectors. The growth has been fuelled by increased investment in economic diversification in the Middle East, where countries are implementing major development strategies to transform key Middle Eastern capitals into major global city economies. The business has also grown its Middle East headcount, investing in new talent with a 22.0 percent increase in employees, reaching a total of 666.
The Kingdom of Saudi Arabia (KSA) is in the midst of a period of transformation, and a range of projects have been commissioned which will change the country’s landscape. Investment in megaprojects across the Middle East is booming, particularly large-scale real estate, cultural developments, and city infrastructure. This investment has helped Turner & Townsend to achieve real estate sector revenue growth of 16.5 percent (up to $64.8m).
Globally, Turner & Townsend’s turnover and net revenue have risen to $1,201m and $1,058m – increases of 21.6 percent and 20.6 percent respectively – while global EBITA grew to $164m. The success of the results supports the business’ strategy of investment in its people, increased digitalisation, and sustainability initiatives.
The twelve-month period also saw progress on Turner & Townsend’s own commitment to achieve net zero by 2030. This year the business scored above average for professional services worldwide in an audit by the Carbon Disclosure Project.
This year has brought new opportunities for the business as part of its strategic partnership with CBRE, which acquired a 60 percent majority stake of Turner & Townsend in November 2021. The firm continues to be operationally independent, with its own board, and to develop its own service offer as well as pursuing new markets. In line with the new partnership and their common goals, the two companies work together to pursue joint briefs where they can leverage the experience of both parties – including working with clients as they transition to net zero.
Vincent Clancy, Chairman and CEO at Turner & Townsend said:
“Global economies have emerged from the COVID-19 pandemic but still face challenges from rising inflation and disrupted supply chains, especially as a result of the ongoing conflict in Ukraine. These present-day threats coincide with an urgent drive to boost economic growth, creating social value, and delivering sustainable, green investment, continue to grow louder, and it is our sector that continues to be called upon to ensure we deliver on these needs.
“This strong set of results is a testament to the wealth of talent, vision, and creativity in our team to drive the positive change we need to meet these challenges in every country and community we operate in. We will continue to enable and deliver real innovation – pursuing our purpose to transform performance for a green, inclusive and productive world.”