Riga, 2 November 2023

Press release

Photo: Patriks Pauls Briķis, Delfi

Swedbank Baltics named Latvia's Most Valuable Company for the second year in a row

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.

"The TOP101 of Latvia's Most Valuable Companies 2023 shows that, despite various crises and global instability, Latvian companies continue their development. Conflicts and pandemics have tested the resilience and adaptability of our entrepreneurs. Latvian private equity companies in particular have shown a strong performance, continuing to provide a competitive range of goods and services both inside and outside their domestic markets. These companies not only contribute to the growth of the Latvian economy, but also strengthen their positions as TOP101 Most Valuable Companies, making us hope for an even stronger and more viable business environment in the future", says Kārlis Krastiņš, Managing Partner of Prudentia AS, the creator of TOP101. 

On receiving the award of Latvia’s most valuable company, the representative of Swedbank Baltics Lauris Mencis, CEO of Swedbank Latvia, underlines: “Last year, when I was invited to accept the award of the most valuable company in Latvia on behalf of Swedbank Baltics, I was very happy to say that this recognition was not only for us as a brand, but also for us as a country. Latvia had clearly demonstrated itself as the Baltic regional financial services hub. Unfortunately, I cannot say that this year, when policymakers, out of poor financial literacy or a deliberate attempt to boost their own ratings at the expense of the country's long-term growth, are seeking to regulate prices and impose public functions on the private sector. Swedbank has always been an advocate of a fair, transparent, and predictable business environment as a basis for economic growth – we see it as a matter-of-course that taxes must be paid, laws must be obeyed and the terms on which an investor invests its funds must be clear and equal among all companies. Swedbank will remain a reliable financial partner for our customers, as our operations are based on a long-term responsible business model.”

I am very grateful for the honor of being once again presented with this award, and I hope that the coming year will be one of greater understanding and cooperation for all of us. A strong financial sector benefits both society and the economy as a whole because it can finance growth, support businesses and households through economic cycles, foster innovation, and enhance customer experience.

 "Good corporate governance and the ability of shareholders and management to clearly formulate and implement ambitious development goals contribute to the value of companies. Good corporate governance is an integral part of the business strategy of the listed companies, and this can be confirmed not only by words but also by numbers – the corporate governance indicators of the listed companies are almost 2 times higher than those of the other companies in the list," says Liene Dubava, CEO of Nasdaq Riga.

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.

Information prepared by:

Sanita Gailāne

Head of Corporate Communications, Nasdaq Riga

P: 252 777 33 | sanita.gailane@nasdaq.com