Swedbank Baltics named Latvia’s Most Valuable Company

02.11.2023 RIG, TLN, VLN

Today, on 2 November, the TOP101 of the Most Valuable Companies in Latvia 2023 has been published, created by Nasdaq Riga and Prudentia. For the second year in a row, Swedbank Baltics AS was awarded the status of Latvia’s Most Valuable Company, with Latvenergo AS, the usual leader, in second place, and Latvijas valsts meži AS in third place.

Eighteen years ago, Prudentia and NASDAQ Riga published their first TOP101 of Latvia’s Most Valuable Companies. Despite the war in Ukraine and the surge in energy prices, which had a negative impact on large parts of the economy, the total value of TOP101 is up 5% on last year to €26.6 billion. The overall increase in the value of the top 100 is mainly driven by the increase in the value of the top three companies, demonstrating the focus around the largest companies in the TOP101.

Swedbank Baltics AS has been ranked at the top of the list of the most valuable companies in Latvia for the second year in a row. Compared to the previous year, the company has managed to increase its value by almost EUR 300,000, or 7 percent.

The 2nd place in the TOP101 list is maintained by the annual leader Latvenergo AS, with its highest ever company value of EUR 2.912 billion, which is 19% higher than last year.

The top three of the most valuable companies is finished by another state-owned company, Latvijas valsts meži, with a value of EUR 2.206 billion, which, after a drop in value last year, marks a significant 64% increase this year.

The biggest breakthrough of this year is AirBaltic Corporation AS, which has managed to increase its value by 115% this year, reaching a company value of EUR 299.82 million. 

The TOP101 has 16 newcomers with a total value of €1.27 billion. Compared to the previous year’s top, the distribution of value among the newcomers is more dispersed. The most valuable newcomer, Discover Car Hire AS, accounts for 11% of the total value of newcomers.

Since 2005, the TOP101 list of Latvia’s most valuable companies has been compiled by Prudentia and Nasdaq Riga with the informative support of Firmas.lv. Starting in 2020, Prudentia, in cooperation with Nasdaq Tallinn, will also provide to the public the TOP101 Most Valuable Companies in Estonia. The Most Valuable Companies list provides an opportunity for entrepreneurs, industry experts and the general public to gain a comprehensive insight into the growth, corporate governance, development and competitiveness of Latvian and Estonian companies. For more information, visit top101.lv.