TOP 101 - 2023
Latvia's most valuable enterprises
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TOP 2023 TOP 2022 Company name Value 2023 Value 2022 Change Turnover 2022 EBITDA 2022 CorpGov Score   Industry
1 1 SWEDBANK BALTICS, AS (K), 1 3397.58 3167.59 7% 41337.0 4185.0 42 Financial services
2 2 LATVENERGO, AS (K) 2912.41 2452.29 19% 1841.8 341.5 90 lv Utility services
3 3 LATVIJAS VALSTS MEŽI, AS (K) 2206.14 1341.52 64% 566.7 299.0 98 lv Extraction of natural resources
4 4 MIKROTĪKLS, SIA 1182.28 1308.28 -10% 334.3 89.3 10 lv Manufacturing: industrial products
5 6 MAXIMA LATVIJA, SIA 646.70 650.83 -1% 974.6 71.7 30 Trade: consumer goods
6 7 AUGSTSPRIEGUMA TĪKLS, AS (K) 615.93 604.56 2% 351.1 68.3 75 lv Transmission and storage
7 5 KRONOSPAN RIGA, SIA 613.58 841.06 -27% 300.8 69.4 11 Manufacturing: industrial products
8 11 ELKO GRUPA, AS (K) 576.42 427.17 35% 1427.5 70.9 12 lv Trade: consumer goods
9 8 LATVIJAS MOBILAIS TELEFONS, SIA (K) 556.14 585.57 -5% 290.9 85.5 61 IT and telecommunication services
10 9 RIMI LATVIA, SIA 496.28 546.06 -9% 1027.8 50.6 37 Trade: consumer goods
11 12 SEB BANKA, AS (K) 447.62 412.91 8% 5472.8 505.9 85 Financial services
12 10 TET, SIA (K) 429.32 452.81 -5% 326.7 63.4 58 lv IT and telecommunication services
13 13 TELE2, SIA 386.87 393.99 -2% 165.8 64.9 32 IT and telecommunication services
14 16 CITADELE BANKA, AS (K) 374.67 344.75 9% 5404.3 424.2 84 Financial services
15 14 LATVIJAS FINIERIS, AS (K) 359.18 388.32 -8% 350.0 56.9 42 lv Manufacturing: industrial products
16 20 LATVIJAS GĀZE, AS (K), 2 343.30 275.91 24% 689.8 -6.4 76 Utility services
17 17 GRINDEKS, AS (K) 318.04 327.75 -3% 257.9 32.6 47 lv Manufacturing: consumer goods
18 21 VALSTS NEKUSTAMIE ĪPAŠUMI, VAS 310.14 274.27 13% 46.3 20.5 94 lv Real estate operations
19 48 AIR BALTIC CORPORATION, AS (K) 299.82 139.17 115% 495.5 60.8 71 lv Transportation, transit, logistics
20 19 BITE LATVIJA, SIA 294.45 279.56 5% 149.8 51.4 23 IT and telecommunication services
21 18 RIETUMU BANKA, AS (K) 283.02 285.04 -1% 1395.3 345.0 47 lv Financial services
22 31 SMARTLYNX AIRLINES, SIA (K) 252.08 163.09 55% 350.5 42.3 17 Transportation, transit, logistics
23 29 KREISS, SIA 245.16 170.75 44% 211.1 24.1 6 lv Transportation, transit, logistics
24 15 AKZ, SIA 238.86 348.21 -31% 101.3 22.4 11 lv Manufacturing: industrial products
25 28 OLAINFARM, AS (K) 237.51 181.34 31% 120.2 37.9 33 lv Manufacturing: consumer goods
26 22 PATA, SIA (K) 230.69 265.06 -13% 314.4 30.2 21 lv Manufacturing: industrial products
27 46 LIGHT GUIDE OPTICS INTERNATIONAL, SIA (K) 218.63 141.27 55% 53.1 24.4 4 lv Manufacturing: industrial products
28 25 GAUJAS KOKS, SIA 206.77 231.18 -11% 127.9 29.9 6 lv Manufacturing: industrial products
29 36 ECO BALTIA, AS (K) 204.40 154.84 32% 210.0 25.1 58 Utility services
30 26 RĪGAS ŪDENS, SIA 199.62 193.11 3% 65.7 16.6 100 lv Utility services
31 40 M257, SIA 3 199.27 152.82 30% 21.4 16.5 13 Real estate operations
32 49 LATGRAN, SIA 186.83 134.66 39% 204.2 35.8 36 Manufacturing: energy carriers
33 42 OPTIBET, SIA 186.29 148.34 26% 41.1 21.4 8 Consumer services
34 50 CERAM OPTEC, SIA 184.48 130.97 41% 50.5 19.5 10 Manufacturing: industrial products
35 33 RĪGAS SILTUMS, AS (K) 180.99 161.52 12% 216.3 20.2 65 lv Utility services
36 41 DOBELES DZIRNAVNIEKS, AS (K) 180.02 150.70 19% 238.7 24.3 24 Manufacturing: consumer goods
37 34 SCHWENK LATVIJA, SIA 174.75 161.09 8% 133.2 28.0 39 Manufacturing: industrial products
38 24 LATVIJAS DZELZCEĻŠ, VAS (K) 171.26 232.93 -26% 254.8 8.3 85 lv Transportation, transit, logistics
39 37 DROGAS, AS 169.11 154.44 9% 93.9 16.8 36 Trade: consumer goods
40 55 LATVIJAS LOTO, VAS (K) 167.96 121.29 38% 79.0 16.0 92 lv Consumer services
41 35 DEPO DIY, SIA (K) 165.55 157.80 5% 495.6 28.0 11 lv Trade: consumer goods
42 53 DELTA PROPERTY, SIA 4 154.44 126.02 23% 19.7 13.1 15 Real estate operations
43 32 E. GULBJA LABORATORIJA, SIA 145.33 162.74 -11% 62.1 11.3 13 lv Health care
44 43 VIKA WOOD, SIA 140.69 147.30 -4% 105.6 21.0 25 Manufacturing: industrial products
45 - DISCOVER CAR HIRE, AS 134.47 - - 50.5 17.3 19 lv IT and telecommunication services
46 59 TOLMETS, SIA (K) 132.78 114.01 16% 328.5 17.9 21 lv Trade: industrial goods
47 44 FIRMA MADARA 89, SIA 130.29 144.96 -10% 188.9 13.6 10 lv Trade: consumer goods
48 52 C.T.CO, SIA 128.76 127.39 1% 60.6 12.3 15 IT and telecommunication services
49 57 PRINTFUL LATVIA, AS (K), 5 127.21 120.10 6% 78.8 10.9 10 lv Other commercial services
50 62 SANITEX, SIA (K) 126.81 108.21 17% 457.5 15.7 9 Trade: consumer goods
51 30 KUREKSS, SIA (K) 123.91 163.61 -24% 98.3 14.5 13 lv Manufacturing: industrial products
52 38 RETTENMEIER BALTIC TIMBER, SIA (K) 123.41 153.29 -19% 90.3 15.6 15 Manufacturing: industrial products
53 56 KNAUF, SIA 122.90 120.90 2% 103.2 18.7 29 Manufacturing: industrial products
54 58 GREN LATVIJA, SIA 121.98 116.69 5% 41.9 10.8 18 Utility services
55 - PULSAR OPTICS, SIA 121.89 - - 52.6 13.4 6 Manufacturing: industrial products
56 72 STIGA RM, SIA (K) 117.22 93.04 26% 69.7 24.5 2 lv Manufacturing: industrial products
57 60 NESTE LATVIJA, SIA 105.00 113.18 -7% 566.8 19.5 37 Trade: energy carriers
58 39 CIRCLE K LATVIA, SIA 103.53 153.18 -32% 622.6 15.2 18 Trade: energy carriers
59 71 SS, SIA 101.75 93.89 8% 11.0 9.5 6 lv IT and telecommunication services
60 86 ZABBIX, SIA (K) 100.56 76.80 31% 17.1 8.9 6 lv IT and telecommunication services
61 63 EVOLUTION LATVIA, SIA 99.48 100.82 -1% 113.3 13.7 8 Other commercial services
62 66 CLEANR GRUPA, AS (K) 97.30 96.54 1% 68.0 9.4 55 lv Utility services
63 70 SAMSUNG ELECTRONICS BALTICS, SIA 95.72 94.50 1% 493.1 11.6 28 Trade: consumer goods
64 - SIROWA GROUP, SIA (K) 93.12 - - 170.7 10.1 8 Trade: consumer goods
65 45 BSW LATVIA, SIA 88.15 142.61 -38% 20.2 -0.1 10 Manufacturing: industrial products
66 92 VALMIERAS STIKLA ŠĶIEDRA, AS (K) 88.10 72.65 21% 144.2 15.5 38 Manufacturing: industrial products
67 69 BALTA, AAS 88.08 94.74 -7% 208.9 59.4 79 Financial services
68 67 TIETOVERY BANKING LATVIA, SIA 6 86.21 95.39 -10% 64.1 7.4 15 IT and telecommunication services
69 73 VIRŠI-A, AS (K), 2 85.94 91.88 -6% 375.1 12.3 65 lv Trade: energy carriers
70 78 EFTEN DOMINA, SIA 85.04 87.45 -3% 12.8 5.9 10 Real estate operations
71 54 STORA ENSO LATVIJA, AS 84.88 125.99 -33% 130.3 7.1 18 Manufacturing: industrial products
72 90 DOUGLAS BALTIC, SIA (K) 82.79 73.49 13% 57.8 9.0 11 Trade: consumer goods
73 75 PAUL MASON PROPERTIES, SIA 82.01 91.27 -10% 108.9 12.1 10 Trade: consumer goods
74 91 ORKLA LATVIJA, SIA (K) 79.93 72.98 10% 111.1 9.8 40 Manufacturing: consumer goods
75 - EMTEKO, SIA 76.65 - - 43.1 11.4 10 Trade: consumer goods
76 - TCK, SIA 7 76.57 - - 12.9 11.9 6 Other commercial services
77 - BALTICOVO, AS 76.21 - - 101.8 13.3 24 lv Manufacturing: consumer goods
78 61 TIRDZNIECĪBAS CENTRS PLESKODĀLE, SIA 76.06 112.91 -33% 13.6 3.2 8 Real estate operations
79 83 AMBER LATVIJAS BALZAMS, AS 2 76.03 79.32 -4% 108.1 8.5 78 Manufacturing: consumer goods
80 84 LSREF3 RIGA PLAZA, SIA 75.93 78.17 -3% 12.6 5.6 8 Real estate operations
81 65 BTA BALTIC INSURANCE COMPANY, AAS 75.58 97.03 -22% 464.7 53.9 51 Financial services
82 89 KRONUS, SIA 75.47 73.53 3% 124.7 12.7 12 lv Manufacturing: industrial products
83 82 LATVIJAS AUTOCEĻU UZTURĒTĀJS, AS 74.38 81.97 -9% 78.5 7.5 85 lv Construction
84 87 BALCIA INSURANCE, SE 73.85 76.05 -3% 196.1 53.0 48 lv Financial services
85 - MOLLER BALTIC IMPORT, SE 73.50 - - 286.9 14.8 13 Trade: consumer goods
86 79 MEGO, SIA (K) 72.94 85.73 -15% 194.1 7.4 6 lv Trade: consumer goods
87 - B-BUS, SIA (K) 72.61 - - 29.2 5.4 25 lv Transportation, transit, logistics
88 68 RĪGAS PIENA KOMBINĀTS, AS (K) 71.34 95.25 -25% 127.8 4.2 23 Manufacturing: consumer goods
89 96 CĒSU ALUS, AS 71.10 67.09 6% 91.2 6.6 30 Manufacturing: consumer goods
90 - MERKS, SIA (K) 70.78 - - 113.2 10.7 0 Construction
91 - CALJAN LSEZ, SIA 70.54 - - 63.7 6.8 8 Manufacturing: industrial products
92 85 LATVIJAS PASTS, VAS 70.06 76.80 -9% 100.0 0.3 95 lv Transportation, transit, logistics
93 - HTTPOOL LATVIA, SIA 69.66 - - 21.6 10.7 16 IT and telecommunication services
94 51 BYKO-LAT, SIA 68.97 129.08 -47% 95.1 1.4 35 Manufacturing: industrial products
95 98 PREMIER RESTAURANTS LATVIA, SIA 68.09 66.78 2% 66.1 6.3 28 Consumer services
96 - HAWITA BALTIC, SIA (K) 67.25 - - 24.1 10.4 6 Extraction of natural resources
97 - PEPCO LATVIA, SIA 66.97 - - 50.5 8.8 23 Trade: consumer goods
98 - GETLIŅI EKO, SIA 66.81 - - 50.8 8.3 69 lv Other commercial services
99 - BALTIC BLOCK, SIA 66.17 - - 44.2 12.0 20 lv Manufacturing: industrial products
100 77 CEĻU SATIKSMES DROŠĪBAS DIREKCIJA, VAS 65.61 88.84 -26% 52.7 5.3 95 lv Other commercial services
101 - BALTIC CONTAINER TERMINAL, SIA 64.08 - - 19.5 10.6 6 Transportation, transit, logistics

(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 colum presents equity value.

** For banks, other credit institutions and insurance companies, the column presents book value of total assets as at the end of 2022.

*** For banks, other credit institutions and insurance companies, the column presents book value of shareholders' equity as at the end of 2022.

¹SWEDBANK BALTICS, AS is a financial holding company for subsidiary banks in Estonia, Latvia and Lithuania. The company is not comparable to SWEDBANK, AS in previous TOPs.

²Publicly traded companies' valuation is based on the share price and balance sheet snapshot on June 30th, 2023.

³Real estate of the shopping center "Akropole Rīga".

⁴Real estate of the shopping center "Akropole Alfa".

⁵PRINTFUL LATVIA, AS and under it consolidated daughter companies' valuation represents only a part of total "Printful" company value.        

⁶Company changed name during the year 2023. Formerly, in the TOP of 2022, company was listed under the previous name TIETO LATVIA, SIA.

⁷Tārgale wind park.


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