Latvian state-owned company Latvian State Forests (LVM) reports that it has been declared the third most valuable company in the country. This is confirmed by the TOP 101 rating composed by Prudentia and Nasdaq Riga.
LVM value has reached EUR 2.206 billion. Swedbank Baltics JSC was declared as the most valuable company in Latvia in 2023. Its value us estimated at EUR 3.398 billion. Latvenergo JSC is the second most valuable company in Latvia – its value is estimated at EUR 2.912 billion.
Compared to the year before, the value of LVM has grown by 64%,
which is one of the biggest increases among the companies on the TOP 101 list. Nasdaq Riga manager Liene Dubava notes: the growth of this company’s value came from good corporate management, the ability of shareholders and the management to clearly define and accomplish ambitions goals.
“Since the foundation of the company in 1999, LVM has been responsibly managing the nature capital entrusted to it, balancing economic, environmental and social goals. By sustainably managing forests, we have ensured the stores of lumber in Latvia’s forests go up every year, contributing a great deal to the reduction of climate change.
At the same time, LVM plays an important role in each region’s and national economy’s growth –
this year LVM is the biggest payer of dividends among state companies,
paying a total of EUR 162.5 million to the state budget in 2022 and EUR 40.6 million in the form of corporate income tax for dividends.
In the coming years the company will have to overcome many challenges, because the Russian-Ukrainian war has shaken up Europe’s economy by a great deal, creating serious consequences for Latvia’s wood-working industry in its various export markets, causing product prices, production and export volumes to go down,” LVM board chairman Pēters Putniņš stresses in the report.
Swedbank Baltics JSC value went up by 7% over the course of the year, and the value of Latvenergo JSC value went up by 19%. The TOP 101 list has
Mikrotīkls LLC in fourth place with a value of EUR 1.182 billion,
followed by Maxima Latvija LLC – its value is estimated at EUR 646.7 million.
The list of the most valuable companies is composed every year since 2005. It provides businessmen, industry experts and society in general to have a look at the growth of Latvian (and Estonian) businesses, compliance with corporate management principles, development and competitiveness.
Also read: Latvian minister says the time of cheap money is over
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