Rīga's capital companies upped their turnover 20% last year

Take note – story published 1 year and 4 months ago

Last year, Rīga's capital companies saw a turnover up nearly €120 million or 20% higher than the year before. Investments also rose by nearly 20%. Last year, Rīga capital companies contributed more than €6 million to the capital's budget. The benefits of this should also be felt by residents and city guests, Latvian Radio reported on January 20.

There are 12 capital companies under the heading of the capital, such as “Rīga Traffic” (Rīgas Satiksme), “Riga House Manager” (Rīgas namu pārvaldnieks), “Riga Forests” (Rīgas meži) and “Riga Water” (Rīgas ūdens). They are strategically important companies for the development and security of the municipality. 

The city council announced at a press conference on Friday that there were €662.8 million in turnovers in these companies last year, which is at least 20% more than in 2021 when capital companies had a turnover of €545 million.

However, it should be noted that this was affected by the significant price increases.

Investment has also increased to a total of €120 million, some of which was used to purchase 88 new buses.

One of the most important events of last year was dividends, or money which comes from companies into the municipal budget and consequently influences the city's development. Rīga received more than EUR 6 million. Such dividends are received by the capital for the first time since it was recently decided that companies paid 40% of their profits to the municipality.

One of the most significant plans this year is to continue selecting company boards and councils. This year, the capital company Riga Port is also expected to be established, which was decided by the municipality to form with the State. This company, perhaps unsurprisingly, will be responsible for managing the municipal port.

The municipality has also promised to continue to support Ukraine this year.

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