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Latvia's largest companies raise aggregate turnover by 7.2% in 2018; their profit grows 34%
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    Latvia's largest companies raise aggregate turnover by 7.2% in 2018; their profit grows 34%

    RIGA, Nov 25 (LETA) - In 2018, the aggregate turnover of Latvia’s largest enterprises grew 7.2 percent against a year before to EUR 61.687 billion, while their aggregate profit expanded 34 percent year-on-year to EUR 4.058 billion, according to the Latvian Business Annual Report compiled by Firmas.lv and LETA.

    The number of companies whose annual turnover exceeded EUR 145,000 rose 3.6 percent from 2017 to 23,721 last year. Such companies made up 18.4 percent of all companies submitting their annual reports, and their aggregate turnover accounted for 95.1 percent of the combined turnover of all companies submitting their annual reports.

    LETA board member Juris Mendzins said that last year Latvia saw the steepest growth in the past seven years - Latvia's gross domestic product (GDP) increased by 4.6 percent from 2017. Investment and construction sector, as well as ICT services ensured the biggest growth.

    He said that turnover of Latvia's largest companies rose steeper than GDP - by 7.2 percent, which means that the largest companies play a significant role in the country's economic development.

    "In the future we hope for a bigger increase of turnover of Latvia's manufacturers, exporters of services, especially knowledge-based companies, and a respective GDP growth because this is the added value created in Latvia," said Mendzins.

    Like a year before, Uralkali Trading, a subsidiary of Russian mineral fertilizers producer Uralkalij, last year was the leader of the manufacturing sector with EUR 1.944 billion in annual turnover, down 5.4 percent year-on-year.

    Rimi Latvia retailer was second with a EUR 893.692 million turnover and Uralchem Trading mineral fertilizers wholesaler was third with a turnover of EUR 885.098 million. 

    The Top-ten of Latvia’s largest enterprises also includes Maxima Latvija retail company with EUR 776.624 million in annual turnover, Severstal Distribution with EUR 675.95 million, Orlen Latvija fuel wholesaler with EUR 560.245 million, Latvenergo power utility with EUR 435.199 million, Circle K Latvia fuel retailer with EUR 425.01 million, Elko Grupa IT wholesaler with EUR 424.915 million, Latvian national carrier airBaltic with EUR 400.363 million in annual turnover. 

    The companies reporting the steepest turnover growth in 2018 included Severstal Distribution (70.3 percent), Orlen Latvija (21.5 percent) and Latvijas Valsts Mezi state forest manager (20.8 percent).

    Of Latvia’s 20 largest companies, four companies reported a turnover drop - Uralkali Trading (5.4 percent), Latvenergo (12.7 percent), Elko Grupa (2.6 percent), and Sadales Tikls (0.1 percent).

    Latvian Business Annual Report offers an overview of leading Latvian companies based on the data in their annual reports as well as commentaries and forecasts by experts.

    • Published: 25.11.2019 09:03
    • LETA
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