A/s “Latvijas valsts meži” (LVM) has been recognised as the third most valuable company in Latvia in 2023, according to this year’s most valuable companies ranking compiled by Nasdaq Riga and Prudentia. LVM’s value has reached 2.206 billion euros.

Compared to the previous year, LVM’s value has increased by 64%, which is one of the largest growth rates among the TOP 101 companies. Nasdaq Riga CEO Liene Dubava notes that the increase in company value is facilitated by good corporate governance and the ability of shareholders and management to precisely formulate and realise ambitious development goals.

“Since its establishment in 1999, LVM has been managing its entrusted natural capital responsibly and with foresight, balancing economic, environmental, and social goals. Through sustainable forest management, we have ensured that timber reserves in Latvian state forests increase every year, providing a significant contribution to mitigating climate change. At the same time, LVM plays a significant role in the economic growth of every region and the country as a whole – this year, LVM is the largest dividend payer among state-owned enterprises, having paid 162.5 million euros into the state budget in 2023, along with 40.6 million euros in applicable corporate income tax on dividend payments. In the coming years, the company will have to overcome various challenges, as the war waged by Russia in Ukraine has significantly shaken the economies of European countries, causing serious consequences for Latvia’s timber industry export markets, which in turn has led to a decline in both the prices of Latvian-produced goods and production and export volumes,” emphasises Pēters Putniņš, Chairman of the Board at LVM.

The status of Latvia’s most valuable company of 2023 has been awarded to a/s Swedbank Baltics, with a value estimated at 3.398 billion euros, while a/s Latvenergo took second place, with its value reaching 2.912 billion euros. The value of a/s Swedbank Baltics has increased by 7% over the year, while a/s Latvenergo has grown by 19%. Fourth place goes to SIA Mikrotīkls with a value of 1.182 billion euros, followed by SIA Maxima Latvija, with a value estimated at 646.7 million euros.

The most valuable companies ranking has been compiled since 2005, and it provides entrepreneurs, industry experts, and the public in general with an insight into the growth, adherence to corporate governance principles, development, and competitiveness of Latvian and Estonian companies.

https://www.lvm.lv/jaunumi/7205-as-latvijas-valsts-mezi-tresais-vertigakais-latvijas-uznemums?idU=1