Verslo Žinios Daily: Lithuania Hub of Baltic States Largest Companies
Out of the 50 largest companies in the Baltic States more than a half are located in Lithuania, a study carried out by a business risk management company COFACE reveals.
Also, out of EUR36 billion generated as revenue by the top-50 Baltic companies in 2012, EUR25 billion was accrued in Lithuania, even if the fastest growth was registered among neighboring Latvia’s business enterprises.
"Lithuania can be described as the Baltic economic powerhouse," concludes Mindaugas Sventickas from COFACE’s Risk Assessment Department.
COFACE has compiled the Top-50 List of Largest Companies in the Baltic States, which includes as many as 29 companies from Lithuania. Their turnover accounts for 70% of the revenue generated by all listed companies.
The Top-50 list also includes 12 Latvian and 9 Estonian companies.
According to the list, the largest Baltic company in 2012 was AB Orlen Lietuva, with EUR6.3 billion of revenue generated last year, followed by UAB Vilniaus Prekyba (EUR2.8 billion) and UAB Maxima Grupė (EUR2.4 billion). All three are registered and operating in Lithuania.
The bulk of the Top-50 companies represent such sectors as energy, wholesale and retail businesses. Oil and gas firms performed particularly well in 2012.
"In terms of growth, oil and gas sector in Lithuania remains very hopeful, whereas retail and trade are raising concern,” notes Mr. Sventickas.
Corporate profit generated by Lithuania's largest companies last year shrank to EUR256 million, against EUR535 million in 2011. Reorganization of Visaginas Nuclear Power Plant, which inflicted EUR225.2 million of loss to the company, was the main reason behind this slump.
COFACE forecasts profit increase in the second half of 2014.
See full unabridged text here (in Lithuanian).
Top-10 Largest Baltic States Companies
|
Revenue in 2012, in millions of EUR |
Change from 2011, % |
Profit in 2012, in millions of EUR |
Change from 2011, % |
||
|
1. |
AB „Orlen Lietuva“ (LT) |
6,264.7 |
+7 |
62.6 |
+1,659 |
|
2. |
UAB „Vilniaus Prekyba“ (LT) |
2,792.7 |
+8 |
65.7 |
-13 |
|
3. |
UAB „Maxima grupė“ (LT) |
2,383.3 |
+5 |
51 |
-16 |
|
4. |
UAB „Maxima LT“ (LT) |
1,377.1 |
+3 |
45.2 |
-28 |
|
5. |
AS „Ericsson Eesti“ (EE) |
1,330.7 |
+7 |
26.8 |
-56 |
|
6. |
SIA „Uralchem trading“ (LV) |
1,226.8 |
+19 |
34.8 |
+87 |
|
7. |
UAB „Koncernas Achemos grupė“ (LT) |
1,029.1 |
+19 |
32.7 |
-42 |
|
8. |
AS „Latvenegro“ (LV) |
942,3 |
-6 |
45.5 |
-95 |
|
9. |
UAB Visagino atominė elektrinė (LT) |
809,1 |
+3 |
-225.5 |
-615 |
|
10. |
AS „Elko grupa“ (LV) |
731,1 |
+29 |
11.4 |
+28 |
Source: „COFACE"
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