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Monday 09.12.2019 | Name days: Sarmīte, Tabita

Seven Latvian companies make it to TOP 50 Baltic businesses list

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RULatvia is represented by seven companies in the international credit risk insurance company *Coface’s list of TOP 50 biggest Baltic businesses. As noted by credit risk experts, the Baltic region’s dependence on foreign markets contributes to slower growth rates.

Among the leading Baltic companies are 29 companies from Lithuania, which is one more when compared to 2018, and 14 from Estonia, which is a drop by one company when compared to last year. Latvian wholesale trader of mineral fertilizers Uralkali Trading is 4th. This is a good place, considering this company is a newcomer. The second highest place held by a company from Latvia is Elko Groupa (6th place), which is an information technologies products and solutions distributor. The third highest place of a Latvian company on the list is held by Rimi Latvia (11th place).

Among Latvia’s representatives on the list are also Uralchem Trading (12th place), Latvenergo (13th place), Maxima Latvija (17th place) and Orlen Latvija (30th place). The top three companies on the list consist of companies from Lithuania – Orlen Lietuva, Vilniaus Prekyba and Maxima Grupe. Estonia’s most notable company on the list is Tallink Group (9th place). Although leading companies in the region had successfully increased their turnover, the intense competition had reduced their clean profits.

«A powerful engine for economic development in the Baltic region is domestic demand. Additionally, the situation benefits from the labour market and growing investments in base finances. Nevertheless, the external environment remains important for Baltic States,» says Coface head in Baltic States Mantvydas Štareika.

«In Lithuania and Estonia the ratio from nominal GDP had reached 82% and 72% respectively in 2018, whereas Latvia’s index was 59%, making Baltic States dependence on foreign markets an important factor to consider. Although stable household consumption partially compensates the drop of global demand, it is expected the Baltic region’s dependence on foreign markets will help speed up the region’s low growth rates,» the expert continues.

*Coface Baltic States 50 biggest businesses rating evaluates companies based on the previous year’s turnover indexes, as well as additional analysis factors, including profits, number of employees and others. The rating does not include financial service providers.

Keywords: business Coface market


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