Latvia’s Top 101 most valuable enterprises

The total worth of the businesses included on the Top 101 list reached EUR 22.5 billion in 2021. Compared to last year’s list, the total value has increased 37%.
According to Nasdaq Riga, to be put on the TOP101 list a company’s value needs to be EUR 72.88 million when compared to EUR 49.39 million last year.
AS Latvenergo remains on top as the most valuable business in Latvia with historically the highest company value – EUR 2.062 billion. When compared to last year, the company has managed to improve its value 25%.
The TOP101 Latvia’s Most Valuable Enterprises of 2021 Nasdaq Riga and Prudentia on 24 November.
Latvian State Forests remains 2nd on TOP 101, reaching a value of EUR 1.5 billion and demonstrating 26% increase when compared to its value last year.
SIA Mikrotīkls is 3rd on the list, reaching a value of EUR 1.24 billion. This makes it the first private capital enterprise that has overcome the EUR 1 billion barrier in the history of TOP 101 of Latvia’s Most Valuable Enterprises.
It should be noted that AS ELKO Grupa managed a breakthrough of EUR 432.2 million, demonstrating value increase change of 71% when compared to its value last year. This enterprise has also managed to accomplish the biggest turnover among all businesses included on TOP 101.
«The rapid increase of value of all enterprises included on the TOP 101 list, especially among Latvian private capital companies, inspire belief that private companies, which are the cornerstone of Latvia’s economy and continue providing competitive goods and services globally, will not only continue promoting Latvia’s welfare but will also soon become the most valuable TOP 101 enterprises,» stresses Prudentia founder and partner Ģirts Rungainis.
Receiving the prize for the most valuable enterprise in Latvia, Latvenergo board chairman Guntars Baļčūns said: «I want to express my gratitude to Latvenergo employees and clients. For the 14th time Latvenergo was recognized as Latvia’s most valuable enterprise. This affirms our stability, which is a very good result in rapidly changing market conditions. Nevertheless, we are at the start of the path towards excellence. With our new Latvenergo concern strategy we plan to accomplish even more ambitious growth. This will ensure our entry to the top of Baltic States’ most valuable enterprises.»
In spite of the major rise of the entry threshold, this year’s TOP 101 includes 13 newcomers, including Madara Cosmetics and Virši-A.
In addition to the TOP 101 Most Valuable Enterprises of Latvia, this year there was also the publication of the TOP 30 Most Valuable Enterprises of Baltic States. The list was created in cooperation with Confidentus.
Vilniaus Prekyba with a worth equal to EUR 4.7 billion was picked as the most valuable enterprise in Baltic States for the third consecutive year.
«Covid-19 has rapidly changed businesses and the economy. Nevertheless, Vilniaus Prekyba was recognized as the most valuable enterprise in Baltic States. The businesses managed to turn challenges into opportunities. Data from Top 30 of Baltic States shows that in spite of restrictions imposed for limit Covid-19, Vilniaus Prekyba has increased its value by one billion euros – from EUR 3.6 billion in 2020 to EUR 4.7 billion in 2021,» according to Confidentus partner Kristupas Kukarskas.
For the first time the Baltic Top 30 includes Thermo Fisher Scientific Baltics in 2nd place. Swedbank Group remains in 3rd place.
The full list of the most valuable enterprises in Latvia and Baltic States is available at