TOP 101 - 2021
Latvia's most valuable enterprises

TOP 2021 TOP 2020 Company name Value 2021 Value 2020 Change Turnover 2020 EBITDA 2020 CorpGov Score   Industry
57 20 OLAINFARM, AS (K), 2 115.61 222.48 -48% 122.2 20.0 56 lv Manufacturing: consumer goods
87 35 STARPTAUTISKĀ LIDOSTA RĪGA, VAS 82.16 134.80 -39% 29.8 -4.1 67 lv Transportation, transit, logistics
34 13 URALKALI TRADING, SIA 171.34 266.37 -36% 1811.0 -67.9 22 Trade: industrial goods
89 37 "VENTSPILS NAFTA" TERMINĀLS, SIA 78.83 116.17 -32% 30.0 7.5 27 Transportation, transit, logistics
98 44 LATVIJAS BALZAMS, AS 2 74.45 100.75 -26% 68.6 10.1 81 Manufacturing: consumer goods
29 19 ALFOR, SIA 190.26 227.17 -16% 36.2 0.5 23 Consumer services
95 50 SIROWA GROUP, SIA (K) 75.17 89.07 -16% 115.5 4.8 11 Trade: consumer goods
20 10 LATVIJAS DZELZCEĻŠ, VAS (K) 307.56 341.01 -10% 253.9 31.4 62 lv Transportation, transit, logistics
91 53 MEGO, SIA (K) 77.89 86.09 -10% 176.4 8.0 4 lv Trade: consumer goods
25 18 OLYMPIC CASINO LATVIA, SIA 211.72 229.24 -8% 29.9 4.0 28 Consumer services
36 26 GRINDEKS, AS (K) 165.48 178.59 -7% 187.0 27.8 24 lv Manufacturing: consumer goods
44 34 JOKER LTD, SIA 134.67 144.53 -7% 20.4 2.4 8 Consumer services
30 25 URALCHEM TRADING, SIA 187.07 195.63 -4% 181.2 14.6 10 Trade: industrial goods
6 3 RIMI LATVIA, SIA 559.06 577.61 -3% 946.5 53.0 37 Trade: consumer goods
93 56 RIGA FERTILIZER TERMINAL, SIA 77.41 78.90 -2% 23.4 9.6 24 Transportation, transit, logistics
3 - MIKROTĪKLS, SIA (K) 1241.27 - - 358.9 84.2 8 lv Manufacturing: industrial products
13 7 LATVIJAS MOBILAIS TELEFONS, SIA (K) 423.67 421.72 0% 227.5 73.7 71 IT and telecommunication services
15 - PRINTFUL LATVIA, AS (K), 3 387.11 - - 47.3 15.9 10 lv Other commercial services
17 - RECIPE PLUS, AS 4 351.43 - - 198.1 23.1 25 lv Trade: consumer goods
26 - JOOM, SIA 208.54 - - 110.6 18.0 10 Other commercial services
51 - VESELĪBAS CENTRU APVIENĪBA, AS 4 121.24 - - 34.7 7.2 27 lv Health care
62 - KARAVELA, SIA 107.56 - - 66.3 8.3 10 lv Manufacturing: consumer goods
63 - TIETO LATVIA, SIA 104.37 - - 49.8 7.2 23 IT and telecommunication services
64 - CENTRĀLĀ LABORATORIJA, SIA 4 104.22 - - 31.9 12.7 13 lv Health care
74 - MADARA COSMETICS, AS (K), 2 94.12 - - 16.1 4.0 67 lv Manufacturing: consumer goods
82 - ZABBIX, SIA (K) 85.98 - - 11.4 5.1 22 lv IT and telecommunication services
84 - VALMIERAS STIKLA ŠĶIEDRA, AS (K) 83.72 - - 95.8 13.4 42 Manufacturing: industrial products
90 - VIRŠI-A, AS (K), 6 78.00 - - 171.4 8.1 72 lv Trade: energy carriers
94 - BYKO-LAT, SIA 75.95 - - 82.7 7.2 21 Manufacturing: industrial products
97 - VIKA WOOD, SIA 74.57 - - 59.9 7.0 23 Manufacturing: industrial products
99 - GROGLASS, SIA 73.52 - - 18.1 6.2 10 Manufacturing: industrial products
100 - LINDE GAS, SIA 72.89 - - 21.4 5.8 16 Trade: energy carriers
61 41 STORENT INVESTMENTS, AS (K) 110.02 106.91 3% 42.1 6.1 56 Other commercial services
11 8 TET, SIA (K) 438.06 420.46 4% 222.6 65.6 37 lv IT and telecommunication services
21 16 TELE2, SIA 265.38 251.93 5% 138.6 51.8 43 IT and telecommunication services
23 17 AIR BALTIC CORPORATION, AS (K) 253.86 238.99 6% 138.9 -65.6 61 lv Transportation, transit, logistics
27 28 BITE LATVIJA, SIA (K) 196.52 176.53 11% 136.1 41.3 18 IT and telecommunication services
65 47 NESTE LATVIJA, SIA 103.04 91.94 12% 300.7 11.6 43 Trade: energy carriers
37 33 CIRCLE K LATVIA, SIA 164.08 144.84 13% 369.6 19.4 28 Trade: energy carriers
53 42 PAUL MASON PROPERTIES, SIA 119.98 101.70 18% 94.3 10.8 10 Trade: consumer goods
80 62 MAGNUM MEDICAL, SIA 89.81 74.80 20% 95.6 3.9 27 Trade: consumer goods
96 81 CĒSU ALUS, AS 74.60 61.93 20% 62.2 6.2 37 Manufacturing: consumer goods
5 4 MAXIMA LATVIJA, SIA 608.06 503.50 21% 878.1 68.2 40 Trade: consumer goods
75 59 PINDSTRUP LATVIA, SIA (K) 93.39 76.60 22% 69.2 12.1 8 Extraction of natural resources
9 9 LATVIJAS GĀZE, AS (K), 2 463.81 377.19 23% 190.5 27.6 95 Utility services
49 45 KREISS, SIA 122.80 99.49 23% 161.1 14.8 6 lv Transportation, transit, logistics
92 79 SPORTLAND, SIA 77.62 62.40 24% 37.5 4.5 12 Trade: consumer goods
1 1 LATVENERGO, AS (K) 2062.15 1653.82 25% 773.4 279.0 90 lv Utility services
2 2 LATVIJAS VALSTS MEŽI, AS (K) 1460.07 1159.35 26% 349.8 120.2 60 lv Extraction of natural resources
46 43 FIRMA MADARA 89, SIA 130.39 100.94 29% 164.0 16.3 8 lv Trade: consumer goods
28 32 DEPO DIY, SIA (K) 196.32 149.35 31% 356.6 24.4 15 lv Trade: consumer goods
55 49 EVOLUTION LATVIA, SIA 118.81 89.94 32% 86.3 11.8 8 Other commercial services
68 61 CEĻU SATIKSMES DROŠĪBAS DIREKCIJA, VAS (K) 99.62 75.48 32% 48.4 8.9 62 lv Other commercial services
86 78 ORKLA LATVIJA, SIA (K) 82.97 62.41 33% 104.3 9.6 37 Manufacturing: consumer goods
40 39 DOBELES DZIRNAVNIEKS, AS (K) 146.31 109.28 34% 173.7 17.2 16 Manufacturing: consumer goods
24 30 DROGAS, AS (K) 218.11 162.16 35% 106.5 13.3 11 Trade: consumer goods
78 69 LATVIJAS AUTOCEĻU UZTURĒTĀJS, AS 91.84 67.83 35% 82.5 10.6 65 lv Construction
83 80 4 FINANCE, AS 84.43 61.97 36% 105.3 71.7 12 Financial services
85 83 LSREF3 RIGA PLAZA, SIA 83.31 60.30 38% 9.6 4.5 6 Real estate operations
56 54 PATA, SIA (K) 118.23 85.18 39% 156.4 11.3 21 lv Manufacturing: industrial products
39 38 UPB, AS (K) 157.72 111.97 41% 237.6 20.1 22 lv Construction
67 64 BTA BALTIC INSURANCE COMPANY, AAS 100.49 71.43 41% 421.2 71.9 55 Financial services
33 36 SCHWENK LATVIJA, SIA 174.65 121.67 44% 91.9 24.9 45 Manufacturing: industrial products
101 100 LOREAL BALTIC, SIA 72.88 49.76 46% 42.1 5.1 6 Trade: consumer goods
8 11 KRONOSPAN RIGA, SIA 471.44 318.39 48% 177.8 33.3 9 Manufacturing: industrial products
45 51 KNAUF, SIA 132.01 88.45 49% 72.7 21.1 21 Manufacturing: industrial products
79 82 BINDERS, CEĻU BŪVES FIRMA SIA (K) 91.81 61.70 49% 107.4 11.7 20 lv Construction
58 60 CERAM OPTEC, SIA 114.09 75.88 50% 35.5 8.9 10 Manufacturing: industrial products
14 12 LATVIJAS FINIERIS, AS (K) 421.72 276.78 52% 223.6 33.5 35 lv Manufacturing: industrial products
35 40 AKZ, SIA 166.18 107.93 54% 77.5 13.1 8 lv Manufacturing: industrial products
52 57 LIGHT GUIDE OPTICS INTERNATIONAL, SIA (K) 120.60 78.46 54% 27.4 9.9 6 lv Manufacturing: industrial products
69 75 RĪGAS PIENA KOMBINĀTS, AS (K) 99.47 64.43 54% 109.7 13.2 15 Manufacturing: consumer goods
88 95 KUREKSS, SIA (K) 82.00 52.94 55% 60.0 6.5 10 lv Manufacturing: industrial products
22 29 VALSTS NEKUSTAMIE ĪPAŠUMI, VAS 260.33 167.34 56% 38.0 14.5 74 lv Real estate operations
47 55 TIRDZNIECĪBAS CENTRS PLESKODĀLE, SIA 127.93 81.27 57% 12.4 8.3 8 Real estate operations
60 65 SAMSUNG ELECTRONICS BALTICS, SIA 110.75 70.39 57% 373.1 9.8 28 Trade: consumer goods
18 23 SEVERSTAL DISTRIBUTION, SIA (K) 322.45 203.58 58% 719.6 33.0 13 Trade: industrial goods
41 48 SS, SIA 145.30 91.68 58% 8.9 7.4 10 lv IT and telecommunication services
66 77 RĪGAS ELEKTROMAŠĪNBŪVES RŪPNĪCA, AS (K) 101.60 63.26 61% 68.7 6.5 16 Manufacturing: industrial products
81 91 RETTENMEIER BALTIC TIMBER, SIA (K) 88.16 54.65 61% 58.5 8.1 11 Manufacturing: industrial products
38 46 OPTIBET, SIA 157.97 96.55 64% 24.4 12.0 11 Consumer services
70 84 DOUGLAS BALTIC, SIA (K) 99.00 60.21 64% 45.7 6.8 13 Trade: consumer goods
12 15 ELKO GRUPA, AS (K) 432.16 252.44 71% 1914.6 47.8 10 lv Trade: consumer goods
76 93 BALTA, AAS 92.89 53.96 72% 180.7 64.6 69 Financial services
71 87 EFTEN DOMINA, SIA 98.25 56.61 74% 9.9 6.8 10 Real estate operations
77 94 GAUJAS KOKS, SIA 92.43 53.02 74% 76.3 9.5 8 lv Manufacturing: industrial products
54 68 ECO BALTIA, AS (K) 118.91 68.00 75% 75.0 9.8 46 Utility services
73 96 TAK INVESTĪCIJAS, AS (K) 94.98 52.62 81% 52.1 9.1 8 lv Utility services
48 70 SANITEX, SIA (K) 123.36 67.78 82% 401.1 13.6 13 Trade: consumer goods
72 97 E. GULBJA LABORATORIJA, SIA 96.59 52.31 85% 40.7 8.3 17 lv Health care
43 63 LATVIJAS LOTO, VAS (K) 136.05 72.23 88% 57.1 11.9 64 lv Consumer services
19 31 RIETUMU BANKA, AS (K) 319.43 158.17 102% 1469.0 327.7 30 lv Financial services
32 52 RĪGAS ŪDENS, SIA 181.29 87.56 107% 55.7 19.8 62 lv Utility services
16 27 CITADELE BANKA, AS (K) 374.57 178.36 110% 4597.3 344.3 84 Financial services
42 71 M257, SIA 5 142.38 66.69 114% 17.6 11.0 13 Real estate operations
59 99 LATGRAN, SIA 112.08 50.56 122% 85.9 22.3 26 Manufacturing: energy carriers
4 6 SWEDBANK, AS (K) 964.31 432.56 123% 7694.8 931.0 59 Financial services
10 24 SEB BANKA, AS (K) 458.29 202.63 126% 4268.3 430.2 73 Financial services
7 21 AUGSTSPRIEGUMA TĪKLS, AS (K), 1 506.10 219.00 131% 144.9 53.4 92 lv Pārvade un uzglabāšana
50 98 C.T.CO, SIA 122.18 51.09 139% 44.3 9.5 10 IT and telecommunication services
31 66 RĪGAS SILTUMS, AS (K) 186.13 69.22 169% 151.9 30.4 74 lv Utility services

"(K)" placed after company names indicates that consolidated annual reports were used in preparation for the TOP.

* TOP 101 presents enterprise value, except for banks, other credit institutions and insurance companies for which the respective column presents equity value.

** For banks, other credit institutions and insurance companies, the column presents book value of total assets as at the end of 2020.

*** For banks, other credit institutions and insurance companies, the column presents book value of shareholders' equity as at the end of 2020.

1Since July 21st, 2020, the company owns 68.46% shares of AS "Conexus Baltic Grid". Thus, it is seen the value rise due to the consolidation result.

2Publicly traded companies' valuation is based on the share price and balance sheet snapshot on June 30th, 2021.

3AS "Printful Latvia" and under it consolidated daughter companies' valuation represents only a part of total "Printful" company value.

4Is a new company only from technical perspective as it was part of consolidated AS "Repharm" valuation last year. This year consolidated AS "Repharm" annual report was not available.

5Real estate of the shopping center "Akropole".

6Company was not yet listed on June 30th, 2021. The company valuation is based on the share price at the end of the first trading day and balance sheet snapshot on June 30th, 2021.


Comparison between TOP101 and GDP

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Distribution of the value of TOP101 companies, based on capital structure

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TOP 101 value of the last company present in TOP, million EUR

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