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Companies in Greater Riga Region generated highest turnover last year
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    Companies in Greater Riga Region generated highest turnover last year

    RIGA, Nov 26 (LETA) - Companies in the regions that generated the highest turnover last year were those located in Greater Riga municipalities - they turned over EUR 50 billion in total, according to Firmas.lv and LETA's Latvian Business Annual Report 2019.

    The report comprises information about companies with annual turnover of over EUR 145,000, and there were 16,829 companies in Greater Riga that met the criterion. These companies' total turnover and profit both increased 7 percent last year, amounting to EUR 50 billion and EUR 3.44 billion respectively.

    Companies in Greater Riga last year employed 406,000 people, or 8,000 employees more than in 2017.

    The largest Greater Riga companies in terms of turnover were Russian fertilizer producer Uralkali's subsidiary Uralkali Trading, retail operator Rimi Latvija, mineral fertilizer wholesaler Uralchem Trading, retail chain Maxima Latvija, and metalworking company Severstal Distribution.

    Companies in Kurzeme province ranked second with turnover at EUR 3.92 billion and profit at EUR 197.97 million. There were 1,988 companies in Kurzeme last year that met the said requirements, which employed 46,100 people.

    The largest companies in Kurzeme by turnover were scrap metal processor Tolmets, construction company UPB, municipal vehicle manufacturer Bucher Municipal, biofuel producer Bio-Venta, and peat producer Pinsdrup Latvia.

    In Zemgale, there were 1,892 companies with annual turnover of over EUR 145,000 last year, which posted EUR 3.58 billion in combined turnover and employed 39,100 people in total.

    The largest Zemgale companies last year were agricultural services company Latraps, fuel retailer Virsi-A, grain processor Dobele Dzirnavnieks, grain trader Elagro Trade, and agricultural product distributor Linas Agro.

    The largest companies in Vidzeme posted EUR 2.39 billion in turnover and EUR 152.3 million in profit last year. There were 1,613 companies in Vidzeme with individual turnover of more than EUR 145,000 in 2018, which employed 31,300 people.

    In terms of turnover, the largest Vidzeme companies last year were retailer Firma Madara 89, logging company Stora Enso Latvija, brewery Cesu Alus, agricultural services company VAKS, and liquor distributor Aldar Latvia.

    Latgale had 1,407 companies with individual turnover of EUR 145,000 and higher last year. Their combined turnover amounted to EUR 1.76 billion and profit to EUR 102 million. These Latgale companies employed 34,700 people in total.

    The largest companies in Latgale were dairy company Preilu Siers, Daugavpils Locomotive Repair Plant, wood processing company Verems, meat processing company Rezeknes Galas Kombinats, and liquefied natural gas seller Intergaz.

    The number of large companies last year increased the most in Kurzeme - 12 percent, followed by Vidzeme (8 percent), Greater Riga Region (7 percent), Latgale (6 percent), and Zemgale (4 percent).

    In the meantime, the number of companies with annual turnover of EUR 145,000 and more increased the most in Zemgale and Kurzeme (16 percent), Latgale (15 percent), Vidzeme (3 percent). In Greater Riga Region, the number of large companies remained unchanged last year.

    • Published: 26.11.2019 15:49
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