Latvenergo keeps the status of Latvia’s Most Valuable Enterprise showing a material increase in value

October 18, 2017

Today on 18 October the annual TOP101 Latvia’s Most Valuable Enterprises made by Prudetia and Nasdaq Riga was announced during the press conference. Also this year, AS Latvenergo was recognized as the most valuable company of Latvia that showed an increase of value of 34% in top 2017 when compared with the previous year.

 

“Energy is very dynamic and a clearly defined and evident concern strategy – diversify the operation, acquire new markets and business areas by becoming a modern energy company – is very important in such circumstances. In other words, the essence of our strategy is – a step further. If previously we consolidated our positions in our traditional business segments that are traditional in the Baltic States, then now we are looking to the diversification of products, innovations, digitalization and new technologies. This is the way we have marked to further development and success,” said Aris Zigurs, Chairman of the Board of AS Latvenergo.

With a material increase of value, AS Latvenergo almost twice pulls ahead of the second most valuable company in TOP101 list – AS Latvijas valsts meži. First time in the history of TOP101 Latvia’s Most Valuable Enterprises, AS Latvijas valsts meži has moved to 2nd place reaching the assessment of EUR 893,1 Mio.

3rd place in TOP101 list is occupied by the leader of increase of value this year – SIA Mikrotīkls with the evaluation of  689,3 million euro that is by 65% more than in the previous year. SIA Mikrotīkls can be called the most rapidly growing company in Latvia because it has managed to step from 51st place to the 3rd one in the TOP101 Latvia’s Most Valuable Enterprises during 10 years, more than 11 times increasing its value.

“We make TOP101 already for 12 years and we are glad for such events in Latvian economics that have positively influenced also the total value of TOP101 Latvia’s Most Valuable Enterprises. During the last year it has increased from 15,7 billion euro to 17,6 million euro or by 12%. The increase in the processing industry in the field of industrial products of 34% must be especially highlighted. Latvenergo with a considerable increase of value has consolidated its position in the status of the most valuable company in Latvia and at the same time has become the third most valuable company in the Baltic States,” so with satisfaction said Karlis Krastins, Chairman of the Board of Prudentia.

 

“Long-term development of the company is closely related with the management practice and successful work of company’s council,” emphasised Daiga Auziņa-Melalksne, Chairman of the Board of Nasdaq Riga valdes priekšsēdētāja Daiga Auziņa-Melalksne. “During the last year, a considerable improvement in the management area of state-owned enterprises is achieved.  Transparency of companies, amount of the available information and consequently the reposting to society about the achieved results has improved. This, in turns, has facilitated more responsibility at council’s level and distancing of the government from these companies because independent members of the council must form at least half of the council in the largest state-owned companies. I think that the mentioned changes have facilitated a discussion about the importance of good management also in the private sector that increases the competitiveness of Latvia in general.”

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