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Latvenergo retains its place as the most valuable company in Latvia with its value at historic high

Today, November 24, the TOP101 list of the most valuable companies in Latvia in 2021 was published by its creators Nasdaq Riga and Prudentia. The total value of the most valuable companies in Latvia which were included in this year’s list reached EUR 22.5 billion, an increase by 37% compared to the last year. The entrance threshold has grown up by 48% compared to the last year, with the lower threshold of EUR 72.9 million.

JSC Latvenergo retains the most valuable company status in Latvia with its value at historic high of EUR 2.062 billion. Since last year, when the company also topped TOP101, its value has increased by 25%.

For the second year in a row, JSC Latvijas Valsts Meži retains 2nd place on the TOP101 list with the company value of EUR 1.5 billion and an increase by 26% since last year.

Privately held information technology company LLC Mikrotīkls was ranked with the 3rd place, with the company value of EUR 1.24 billion. It is the first privately held company to surpass the EUR 1 billion valuation milestone in Latvians TOP101 history.

It should be noted that JSC ELKO Grupa, a wholesaler of IT products, consumer electronics and solutions, has also experienced a breakthrough upon EUR 432.2 million value, showing a 71% change in value increase compared to its last years’ value. JSC ELKO Grupa has achieved the highest turnover of all TOP101 list.

“The rapid growth of TOP101 total value and the increase in the proportion of Latvian privately held companies on the list leads us to believe that private companies, which are the cornerstone of the Latvian economy, and are able to provide competitive sales of goods and services on a global scale, will continue to increase Latvia's prosperity and soon become the most valuable TOP 101 companies,” stressed Prudentia's founder and Partner Ģirts Rungainis.

At an award ceremony for the most valuable company in Latvia, Guntars Baļčūns, the Chairman of the Board of Latvenergo, said: “Thank you to Latvenergo's employees and customers. For the 14th time, Latvenergo has been recognised as the most valuable company in Latvia in the TOP 101 list of the most valuable companies in Latvia jointly made by Prudentia and Nasdaq Riga. That is a testament to our stability, and a very good result in a rapidly changing market. However, we are now at the start of a new phase of pursuing excellence and plan to achieve even more ambitious growth under the new strategy of Latvenergo Group. This will enable us to reach the top of the most valuable companies in the Baltics.”

Despite the significant increase in the threshold value, this year the TOP101 list includes 13 new entrants. JSC MADARA Cosmetics and JSC Virši-A, which are listed on the Nasdaq Riga stock exchange, are among them.

“The value of a company is most accurately determined on the stock exchange, as a result of investor demand and supply. I hope that this year's TOP101 new entrants Virši-A and MADARA Cosmetics will inspire more and more Latvian companies to choose to raise development capital directly on the stock exchange, thus, growing in terms of national capital, and using the stock exchange's visibility to make known their achievements and growth ambitions,” says Daiga Auziņa-Melalksne, the CEO of Nasdaq Riga and Head of the Nasdaq Baltic Market.

Along with the TOP101 most valuable companies in Latvia, this year, for the first time, the list of Baltic TOP30 most valuable companies was published, which was prepared in cooperation with Confidentus. Vilniaus Prekyba UAB was recognised as the most valuable company in the Baltics with a value of EUR 4.7 billion.

"Covid-19 has rapidly changed business and the economy, but Vilniaus Prekyba, which is recognized as the most valuable company in the Baltics, has turned the challenges into opportunities. According to the Baltic TOP30 results, despite the limitations of 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,” notes Confidentus Partner Kristupas Kukarskas.

Thermo Fisher Scientific Baltics UAB ranks 2nd in the Baltics, while Swedbank Group retains the 3rd place.

The lists of the TOP101 most valuable Latvian and Estonian companies and the Baltic TOP30 are available on

The list of the TOP101 most valuable companies in Latvia has been compiled by Prudentia and Nasdaq Riga since 2005. Starting from 2020, Prudentia in cooperation with Nasdaq Tallinn also offers the public the TOP101 most valuable companies in Estonia. The rankings of the most valuable companies offers entrepreneurs, industry experts and the general public comprehensive insights into Latvian and Estonian companies’ growth, compliance with the principles of corporate governance, business development and competitiveness. The TOP101 list of the most valuable companies in Latvia has been prepared in cooperation with information support from To find out more, visit


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