Only six Latvian companies among 50 biggest in Baltic

The risk management company Coface has published its top 50 ranking of the largest businesses in the Baltic. Among the 50 companies, only 6 are Latvian, according to the ranking.

The ranking includes Latvian, Lithuanian, and Estonian companies whose turnover was at least EUR 300 million in 2022, excluding banks, insurance companies, brokers and lease companies.

27 companies on the list are Lithuanian, 17 Estonian and only six are Latvian.

Overall, the turnover of the 50 largest companies in the Baltic States amounted to 74 billion euros last year and profit – 2.78 billion euros. Contribution of Latvian companies among the largest Baltic Top50 companies: 9.4% in terms of turnover and 10.6% in terms of profit.

The top five spots are held by Lithuanian companies.

This year's top 50 rating leader is energy company Orlens Lithuania, with a €7.6 billion turnover in 2022, up 77.12% from a year earlier when the company took the 3rd place.

Retail store and pharmacy network manager “Vilniaus Prekyba” comes second; Lithuanian retail network company group “Maxima grupė” ranked third this year, fourth place was taken by Lithuanian energy company group parent company “Ignitis grupė”, while fifth place this year went to electricity supplier “Ignitis”.

This year, only six Latvian companies entered the top 50, which were also previously in this rating.

Only Latvenergo (11th place, 14th last year, turnover increased by almost 73% to 1.84 billion euro in 2022) and Orlens Latvia (18 th place, was 44 th last year, with turnover growing by nearly 122% to 1.1 billion euros) managed to improve their performance in the rating..

Other companies' places in the rankings fell: this year, “ELKO Group” ranks 13th (last year was 7th, turnover dropped nearly 23% to 1.4 billion euros), 22nd - “Rimi Latvia” (was 15th last year, turnover grew 1.2% to 1.03 billion euros), 25th - “Maxima Latvia” (was 18th, turnover increased 6.5% to 975 million euros) and 49th - “Circle K Latvia” (was 48th, turnover rose 35% to 623 million).

The full ranking with details is available here.

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