Performance Analysis of Listed Construction and Real Estate Companies in Nigeria

Amidu, Abdul‐Rasheed; Tajudeen, Aluko Bioye

doi:10.1080/10835547.2006.12089755

Cited by 13 publications

(6 citation statements)

References 6 publications

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“…Low (1997) examined the performance of property companies in the Singapore stock exchange over a period of twenty one years and concluded that their performance was not better than the stock market and was highly correlated with the property market itself. Other researchers yielded the same findings in different countries (Abdul-Rasheed and Tajudeen 2006). On the contrary, Balatbat et al (2011) reported that the performance of thirty Australian Securities Exchange (ASX) listed construction firms operating in civil infrastructure, residential and non-residential sectors over a 10 year period performed better than the All Ordinaries Index and a pool of blue chip companies.…”

Section: Introductionmentioning

confidence: 70%

“…Recent studies (Abdul-Rasheed and Tajudeen 2006, Chen 2009, Balatbat et al 2010, Balatbat et al 2011 have excluded building material suppliers and real estate investment trusts (REITs) in the review of financial performance, ignoring their importance within the building construction industry. An industry report estimates about 6,100 establishments to be operating in the materials supply sector in 2010-11 generating an estimated AUD20.5 billion in annual revenues (IBISWorld 2011b).…”

Section: Introductionmentioning

confidence: 99%

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The effects of the global financial crisis on the Australian building construction supply chain

Thangaraj

Chan

2012

CEB

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This study involves a financial analysis of 43 publicly listed and large private companies in the building and construction supply chain from 2005 to 2010; straddling the period of the global financial crisis (GFC); and examines the impact of the GFC on the performance of these companies. The construction supply chain was divided into four sectors – material suppliers, construction companies, property developers and real estate investment trusts (REITs). The findings indicate that the impact was minimal for both material suppliers and construction companies, but especially severe for the more leveraged property developers and REITs. Building material suppliers and construction companies have benefitted substantially from the building economic stimulus package provided by the Australian government to mitigate the effects of the GFC. Decreases in the valuation of assets have, to a large extent, reduced the profitability of property developers and REITs during the GFC but these companies have recovered quickly from these adverse conditions to return to a sound financial position by the end of the 2010 financial year. The results will inform investors, managers and construction professionals in devising strategies for prudent financial management and for weathering future financial crises.

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Section: Introductionmentioning

confidence: 70%

Section: Introductionmentioning

confidence: 99%

The effects of the global financial crisis on the Australian building construction supply chain

Thangaraj

Chan

2012

CEB

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“…He noted that residential property investment is more secured than investment in ordinary shares. In a study to examine the investment performance and listed property and construction companies relative to stock on the Nigerian stock market, Amidu & Aluko (2006) showed that stock outperformed both property and Construction Company stocks on a risk-adjusted basis. Oyewole (2006) study examined direct and indirect property investments in Lagos and compared the performance of eight direct listed property companies and UACN property development company shares from 1999 -2004.…”

Section: Literature Reviewmentioning

confidence: 99%

Measuring Performance of Risk-Return in Residential and Commercial Real Estate Investments in South-South, Nigeria

Effiong

Ogbuefi

2021

EIJBMS

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The study measures the risk-return performance of residential and commercial real estate investments in South-South, Nigeria from 2009 to 2018. The study adopted the survey research design and purposive sampling technique was used to select estate surveying and valuation firms. Data was analysed using mean total returns, standard deviation and analysis of variance. The test of the first hypothesis indicates that residential real estate investment in Port Harcourt has the highest mean total return and performed better than Calabar and Uyo and implies that total returns of residential real estate investments are significantly different in the study area. For commercial property, Uyo outperformed that of Calabar and Port Harcourt in terms of return. The second hypothesis results indicate that location of property is a significant determinant of risk. The result shows that the mean risk in Port Harcourt for residential real estate investment is significantly different from the risk in Calabar and Uyo. This implies that there is significant difference between risks of residential properties in the study area. For commercial property investment risk, the result shows the risks of investment in offices are higher than shops. For location, Uyo commercial properties produced the highest risk.

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“…A company's financial performance, as measured by ratios, may not be in agreement with share price performance (Wagle, 2006; Abdul‐Rasheed and Tajudeen, 2006), and some investors may choose to not consult financial ratio information before investing. Poor share market price does not imply poor financial standing of a company.…”

Section: Introductionmentioning

confidence: 99%

“…And since many investors perceive that investing in construction carries risk, particularly with fluctuating economies, the disagreement between share price and ratios may be greater with construction companies than for companies in other industries (Hood et al , 2006). However investing in construction company shares has an advantage of offering diversification within a share portfolio (Abdul‐Rasheed and Tajudeen, 2006).…”

Section: Introductionmentioning

confidence: 99%

Management efficiency performance of construction businesses: Australian data

Balatbat

Lin

Carmichael

2011

Eng, Const and Arch Man

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PurposeConstruction businesses are perceived uncertainly by investors, and are generally assumed to represent more risk than other businesses. Added to this is the perception of poor business management practices being adopted by construction companies, sometimes resulting in business‐failure. Fluctuations in construction workload contribute to investor anxiety. In this light, the paper aims to present a study of the comparative management efficiency performance of construction companies.Design/methodology/approachPublicly listed Australian construction companies over the ten‐year period 1998‐2007 are examined. Performance is compared with a select number of “blue chip” companies as a benchmark. In total, 19 management efficiency measures are used including asset management ratios, debt and safety ratios, and cash flow ratios. The construction companies used in the study engage in work covering the full range of construction activities.FindingsThe results indicate that construction companies perform as well as, and in some cases better than, other businesses, dispelling some of the misconceptions about construction businesses.Originality/valueThe paper's finding will be useful to those investing in the construction industry, and will lead to a better public perception of construction businesses.

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Performance Analysis of Listed Construction and Real Estate Companies in Nigeria

Cited by 13 publications

References 6 publications

The effects of the global financial crisis on the Australian building construction supply chain

The effects of the global financial crisis on the Australian building construction supply chain

Measuring Performance of Risk-Return in Residential and Commercial Real Estate Investments in South-South, Nigeria

Management efficiency performance of construction businesses: Australian data

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