The business environment in Latvia is proving its resilience and development potential in 2024 - this is clearly reflected in the CrediWeb TOP501 list, which brings together the largest companies by net turnover. Together, these companies form the backbone of the Latvian economy, providing thousands of jobs and making a significant contribution to the national economy. More than half of the companies on the list, or 321 companies, reported an increase in net turnover, while 176 companies reported a decrease. There are also a number of companies that have not yet submitted their annual accounts.

Figures and trends

- Total turnover of the Top 5 companies: €4.732 billion

- Latvenergo AS: highest profit: more than €265 million

- Biggest loss: Air Baltic - €118 million, but with a growth in turnover of 12.36%

- Most employees: MAXIMA Latvija - almost 6 thousand employees

Industry Representation TOP 5

- Retail: 2 companies (RIMI, MAXIMA)

- Energy: Latvenergo

- Aviation: Air Baltic

- Fuel sales: ORLEN Latvija

Turning to the most represented sectors among the TOP501 companies, the largest number of companies is represented in residential and non-residential construction (41.20), where operate 24 companies. There is also a significant presence in the segment of sales of motor vehicles and other light motor vehicles (45.11), as well as in the sector of hospital activities (86.10), with 16 companies operating in each. Computer programming (62.01) and wholesale of fuels (46.71) are also fast-growing segments. (The codes listed correspond to the NACE Rev. 2.0 classification)

Conclusions

The 2024 results of the TOP501 largest companies in Latvia demonstrate the ability of business to adapt to changing economic conditions. Some companies are actively investing in growth and new markets, while others are facing challenges from both industry and external factors. Overall, the 2024 results show the ability of companies to both overcome existing challenges and seize new development opportunities, building a solid foundation for future growth.

This data is a valuable tool for both financial analysts and entrepreneurs seeking to understand market dynamics, assess competitors and seek new opportunities for cooperation.

The full list is available here: https://crediweb.lv/about/top-501