Latvenergo named Latvia's most valuable company

The result was confirmed in the annual rankings produced by consultancy Prudentia and market operator Nasdaq Riga.

Among the three Baltic states, Latvenergo ranked third behind Swedish banks Swedbank and SEB, which operate in all three markets.

Latvenergo was valued at 1.74 billion euros.

The only other Latvian company in the top ten Baltic rankings was another state-owned concern, Latvian State Forests, in 10th slot and worth 893 million euros.

"Latvenergo solidified its status as the most valuable Latvian company with an impressive growth in value, and at the same time it has become the third most valuable company in the Baltics,” Kārlis Krastiņš, Chairman of the Board of Prudentia pointed out.

As well as the rankings themselves, some interesting commentary was also provided, pointing out that "Despite the 12.2% increase of the companies represented in the TOP101, the GDP of Latvia has grown only by 2.5%, so it must be noted that TOP101 reflects not only the changes in the financial indicators of Latvian companies and the economic situation in Latvia, but also the mood of the European financial markets." 

Āris Žīgurs, Chairman of the Management Board of Latvenergo AS commented on the ranking saying: “While in the past we consolidated our positions in the traditional segments of our business of the Baltics, now we look at product diversification, innovation, digitisation and new technology. This is the path we have mapped out for further development and success.” 

Latvenergo Group is the largest pan-Baltic power supply utility operating in electricity and thermal energy generation and trade, natural gas trade, electricity distribution services and lease of transmission system assets. All shares of Latvenergo AS are owned by the state and held by the Ministry of Economics.

But perhaps the most significant performer in the Latvian list was manufacturing company Mikrotikls which makes, installs and exports routers and wireless ISP systems. It was the third most valuable Latvian company worth 689 million euros. It is also the top privately-owned company and represents precisely the sort of high-tech industry that government and business leaders crave for future growth.

Its value this year has increased by 270 million euros. 

"Mikrotīkls is an outstanding example of a company’s development - the production of innovative, export-oriented products has let the company to grow and boost its value, which has increased more than eleven-fold since Mikrotīkls first appeared in the TOP101 in 2007,'' said accompanying commentary.

TOP101 most valuable companies of Latvia has been running since 2006. You can explore the full findings at a special website HERE.