Today, October 17, 2024, TOP101 of Latvia's most valuable companies was published by Prudential and NASDAQ Riga. AS Swedbank Baltics obtained the status of the most valuable company in Latvia for the third year in a row, AS Latvenergo took second place, while AS Latvijas valsts meži came in third.
When creating the 2024 TOP101, several hundred Latvian companies were evaluated. The results of this year's TOP101 reflect the slowing down of Latvia's growth rate, marking the stagnation of Latvia's economy and business environment. The total value of the TOP101 compared to last year has grown by only 3.7%, which was mainly contributed by the companies that took the first two places in the top. Their contribution to the total value of the top reached 2 billion euros.
Swedbank Baltics AS has ranked at the top of the list of the most valuable companies in Latvia for the third year in a row. Compared to the previous year, the company has been able to increase its value by almost 950 million euros or 28 percent.
The 2nd place in the TOP101 list is kept by AS Latvenergo , presenting its highest so far 4.023 billion euro company value, which is 38% higher than last year.
The third most valuable company is another state capital company, Latvijas valsts meži, with a 1.657 billion euro value assessment, which, after the increase in value last year, has fallen by a quarter this year.
TOP101 has 20 newcomers, of which 9 companies, improving their indicators, have returned to the most valuable list. The total value of all these companies is 1.784 million euros, which is more than half a million euros more than the value presented by last year's newcomers. Three of these companies are listed companies – AS Virši-A , AS Amber Latvijas Balzams and IPAS Indexo .
"The TOP101 of 2024 is compiled for 19 years, next year will be a round anniversary! The financial sector has played a significant role in the increase in value - both banks and insurance companies, as well as other non-bank lenders and financial technology companies.
Their total value has reached EUR 6.5 billion, or approx. 23.6% of the total TOP101 value. This is a significant increase compared to 17.8% a year ago. ", says Kārlis Krastiņš, managing partner of AS Prudentia, creator of TOP101.
Upon receiving AS Swedbank Baltics award for the most valuable company in Latvia, the representative of Swedbank Latvija, chairman of the board Lauris Mencis , emphasizes: "We are grateful to receive this important award for the third year in a row. The establishment of Swedbank holding in Latvia was a confirmation of Latvia as an open and supportive environment for investors. Unfortunately, in the last two years, our policymakers have charted the country's course in the opposite direction, subjecting one industry – banking – to which one of the largest proportions of foreign investors, to a disproportionate, incomprehensible, and unpredictable tax regime. Continuing in this way, the country does not promote the attraction of new investors and Latvia's competitiveness. However, this is the moment when we celebrate what has been achieved, so I want to congratulate the other members of the top companies and wish them to grow - especially whose operations are linked to growth in external markets and opportunities arising from the sustainability transformation.”
"The value of the company is determined not only by the financial indicators of today's business, but also by open, responsible and sustainable management of the company. Therefore, the stock exchange, as one of the creators of the TOP101, focuses its research on assessing aspects of companies' openness and corporate governance. The obtained results mark a positive wind in the field of management - the desire and ability of companies to be more open and efficient is growing. Mainly, it applies to listed companies, whose transparency and corporate governance indicators are almost 3 times higher than the rest of the companies in the top. We are particularly pleased with the impressive number of new entrants to the list , three of which are our listed companies. Ambition, the desire to grow and the courage to be open with their investors are hallmarks of quality listed companies that pay off,” says Nasdaq Riga CEO Liene Dubava.
The TOP101 list of the most valuable companies in Latvia has been compiled by Prudentia and Nasdaq Riga with the informative support of Firmas.lv since 2005. Starting in 2020, Prudentia, in cooperation with Nasdaq Tallinn, also offers the public the TOP101 of the most valuable companies in Estonia. The top of the most valuable companies provides entrepreneurs, industry experts, and the public in general with an opportunity to gain a comprehensive insight into the growth, adherence to corporate governance principles, development, and competitiveness of Latvian and Estonian companies.
To learn more, visit top101.lv.
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