State-run energy company tops list of Latvia's most valuable enterprises

State-run power utility Latvenergo was named Latvia's most valuable company during a presentation at the Art Museum Riga Bourse on Wednesday.

Latvenergo topped the list of the Baltic country's most valuable enterprises, compiled by Prudentia financial consultancy and Nasdaq Riga stock exchange, for the ninth year. The energy company's estimated value grew 22 percent against last year to 1.3 billion euros (1.43 billion U.S. dollars) this year.

Swedbank Latvia was rated as the second most valuable enterprise and Latvijas Valsts Mezi, the company managing state-owned forests, took third position.

The top-three of Latvia's most valuable enterprises remains unchanged from last year.

Compared to last year's Top 101 list, state-owned natural gas utility Latvijas Gaze climbed from sixth to fourth position as its value grew 11 percent from 2015.

Further down the list came Latvijas Dzelzcels rail company, Ventspils Nafta oil group, Lattelecom landline telecommunications and internet services provider, Mikrotikls electronic communication systems producer, Latvijas Mobilais Telefons (LMT) mobile operator and Olainfarm pharmaceutical company.

For the first time since 2010, however, the total estimated value of the Top 101 list declined against last year, to 15.7 billion euros.

Prudentia CEO Karlis Krastins blamed the value reduction on the banking sector, which had always been playing the leading role but has declined in value this year, with the transportation and logistics sector catching up with the banks. Endit