This year Swedbank Baltics JSC made it to 1st place among Latvia’s TOP most valuable businesses index composed by Nasdaq Riga and Prudentia. Latvenergo is second and Latvian State Forests is third.
Although the Top 3 includes two state companies, the number of private capital companies included in this year’s Top 101 Most Valuable Companies has increased by nearly 20% when compared with state companies. It should be mentioned, however, that the lion’s share (54.5%) of companies included in this year’s list have foreign capital behind them.
The total value of companies included on the list of Latvia’s most valuable companies reached EUR 25.2 billion in 2022.
Compared with last year’s list, the total value of businesses has increased by 12%. Additionally this year’s Top101 has 16 newcomers with a shared value of EUR 4.6 billion. Among them is the recipient of the Latvia’s Most Valuable Company Award. Having consolidated all Swedbank operations in Baltics under the same ‘roof’ in Latvia, Swedbank Baltics JSC with its EUR 3.17 billion composes 68% of the shared value of newcomers to the Top101 list.
Latvenergo demonstrates a total value of EUR 2.45 billion, which is 19% higher when compared with 2021. Latvian State Forests (EUR 1.34 billion) suffered an 8% drop in value this year.
It is worth mentioning IT company Mikrotīkls LLC, which overcame the EUR 1 billion barrier last year. Now the company has a new record – 5% value increase to EUR 1.31 billion.
The Top101 also includes the mention of the biggest breakthrough:
Gaujas Koks LLC managed to grow its value by 150%, reaching EUR 231 million.
Despite the increase of shared value of Top101 companies, the threshold for entry was reduced by EUR 7.27 million or 10%, minimal company value dropping to EUR 65.6 million. This trend indicates the weakening of the economic growth rate in Latvia and Europe, authors of Top101 list explain.
The list of Latvia’s most valuable companies, which was published on Wednesday, 30 November, is composed annually since 2005.
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