We've come to this! Only one Latvian company in the top 10 largest companies in the Baltics. And that is Latvenergo

Only 7 companies from Latvia are included in the top 50. The international risk management company Coface has published an updated ranking of the 50 largest companies in the Baltic countries for 2024. The list includes enterprises with an annual turnover of at least 300 million euros. Revenue, profit, and employee numbers were taken into account in the ranking, while banks, insurance, and leasing companies were not included in the study.

According to the results, out of the 50 largest companies,

28 represent Lithuania,

15 - Estonia,

and only 7 - Latvia.

Compared to last year, Latvia's positions have weakened - there were 8 Latvian companies in the ranking then.

Lithuanian Leadership and Modest Representation of Latvia

The total turnover of the Baltic Top 50 in 2024 amounted to 69.7 billion euros, and the total profit exceeded 1.7 billion euros.

The top positions in the ranking are confidently held by companies from Lithuania:

the trading group Vilniaus prekyba,

the holding Maxima Grupe,

energy companies Orlen Lietuva and Ignitis grupe,

as well as the retailer Maxima LT.

Two enterprises from Estonia made it into the top ten:

the transportation service Bolt Technology - 6th place,

the energy company Eesti Energia - 7th place.

The only representative of Latvia in the top 10 was the energy company Latvenergo, which took 8th place.

All 7 Latvian Companies in the Ranking

In addition to Latvenergo, Latvia is represented in the Baltic Top 50 by:

Rimi Latvia - 19th place,

Maxima Latvija - 21st place,

Elko grupa - 22nd place,

Air Baltic Corporation - 36th place,

Orlen Latvija - 40th place,

Depo DIY - 48th place.

In total, these seven Latvian companies generated 7.04 billion euros in turnover and 282 million euros in profit, accounting for 10.1% of the turnover and 16.3% of the total profit of the Baltic Top 50. The total number of employees is nearly 17,700.

Profits and Losses of Latvian Companies

Latvenergo: turnover of over 1.7 billion euros, profit - 273.7 million euros (a decrease of 22%),

Rimi Latvia: profit increased by 31% to 38 million euros,

Maxima Latvija: profit - about 51 million euros (–10%),

Elko grupa: profit increased by 9.5% to 13.05 million euros,

airBaltic finished the year with losses of 118 million euros,

Orlen Latvija earned about 3.2 million euros in profit,

Depo DIY increased turnover by 9.4%, but profit decreased by 21.5%.

The Baltic Economy is Recovering Unevenly

The head of the credit risk department at Coface Baltics, Mindaugas Valskis, noted that the recovery of the Baltic economies after the energy crisis and the war in Ukraine is proceeding unevenly.

In 2024:

the GDP growth of Lithuania was +2.8%,

the GDP of Estonia was –0.1%,

the GDP of Latvia was –0.4%.

According to Coface forecasts, GDP growth is expected in 2026:

Latvia - 2.1%,

Lithuania - 3.3%,

Estonia - 2.6%.

At the same time, weak consumer demand, inflation, and high tax burdens continue to restrain economic growth in all three countries.