In short
Moldova's 100 largest companies had combined revenue of 226 billion lei in 2024. Energocom, the state energy supplier, climbed to first place with 14.9 billion, overtaking Moldovagaz. The threshold for entering the top 100 was 727 million lei.
The ranking below uses the annual financial statements for 2024, as filed by the companies. We made a similar ranking for 2022; the differences between the two say a lot about what has changed in the economy.
What changed compared with 2022
Energy has been reshuffled
In 2022, Moldovagaz was in first place with 16.5 billion lei, and the price of gas was at an all-time high. In 2024, Moldovagaz revenue fell to 10 billion, with a loss of 628 million, while Energocom, which buys gas and electricity for the country, reached 14.9 billion. Premier Energy kept its place, with 7.7 billion.
Trade grew
Moldretail Group, the retailer behind the Linella chain, went from 8.2 to 11.6 billion lei in two years and is in second place. Kaufland entered the top 20 with 3.1 billion, but with a loss of 194 million. Metro, Business Market, Ultra Distribution and Imensitate each grew by hundreds of millions.
Grain traders fell
Floarea Soarelui, sixth in 2022 with 7.8 billion, reported 1.3 billion for 2024, 74% less than in 2023. Agrofloris-Nord dropped from 5.4 to 0.7 billion. Grain and oil prices collapsed after the 2022 peak, and volumes exported through Moldova fell.
The lottery became the country's third-largest company
Loteria Nationala a Moldovei reported 10.3 billion lei in revenue, 23% above 2023. The figure includes the stakes played, not just the commission, but remains one of the largest in the economy.
Top 100 companies by revenue in 2024
The "vs 2023" column compares 2024 revenue with 2023 revenue for the same company.
Who made the most profit
High revenue does not automatically mean profit. Here are the first eight companies in the top 100 by net profit in 2024:
| Company | Net profit 2024 (mn MDL) | Revenue (bn MDL) |
|---|---|---|
| Energocom | 793 | 14.9 |
| Orange Moldova | 569 | 3.6 |
| Moldretail Group | 530 | 11.6 |
| Microinvest | 421 | 1.2 |
| GG Cables & Wires EE | 353 | 2.6 |
| Premier Energy Distribution | 312 | 1.7 |
| Fly One | 305 | 4.2 |
| Acvilin-Grup | 289 | 2.9 |
Orange Moldova turns 16 lei of every 100 collected into net profit, Microinvest 35. Moldretail, with revenue three times that of Orange, has a comparable profit: the margin in food retail is 4-5%.
Who worked at a loss
Twelve companies in the top 100 ended 2024 with a loss. The largest:
| Company | Net loss 2024 (mn MDL) |
|---|---|
| Moldovagaz | -628 |
| Furnizarea Energiei Electrice Nord | -293 |
| Sudzucker-Moldova | -268 |
| Kaufland | -194 |
| Moldelectrica | -62 |
| Regia Transport Electric | -60 |
Three of the six are energy companies with regulated tariffs, which cannot pass their costs fully into prices. Kaufland is in a network-expansion phase, and Sudzucker had a weak year on the sugar market.
Structure by sector
By the main activity declared in the register, which for a few companies differs from what they actually do:
| Sector | Companies in the top 100 |
|---|---|
| Trade (fuel, retail, distribution) | 48 |
| Manufacturing | 16 |
| Transport and logistics | 8 |
| Agriculture and grain trading | 7 |
| Energy | 6 |
| IT and telecommunications | 4 |
| Health | 3 |
| Other | 8 |
Almost half of the top 100 is trade: five fuel distributors in the first 25 places, supermarket chains, importers of electronics, medicines and tobacco. Manufacturing is represented by the automotive cable factories in the free economic zones (Draexlmaier, Lear, GG Cables), by meat and dairy processors (Rogob, Incomlac, Carmez), and by Sudzucker, Efes, Coca-Cola and Holcim. We wrote about each sector's weight in the economy in the analysis by CAEM section.
Who is missing and why
The ranking covers the companies whose 2024 statements are available in the Datero database, that is almost 2,000 companies, including 146 of the top 150 for 2022. A few categories do not appear:
- Banks (MAIB, Moldindconbank, Victoriabank, OTP) report to the National Bank in a different format. By size, all of them would be in the upper part of the ranking.
- Insurance companies, for the same reason.
- Companies that did not file a statement or filed it late. If a company you are looking for is missing, open its page on Datero.md: statements are loaded on demand and appear within minutes.
How to interpret the figures in a financial statement, from revenue to equity, is explained in the financial analysis guide.
Frequently Asked Questions
Which is the largest company in Moldova in 2024?
Energocom SA, with revenue of 14.9 billion lei. It is the state-owned company that buys natural gas and electricity for the domestic market.
Which is the largest private company in Moldova?
Moldretail Group SRL (the Linella chain), with 11.6 billion lei in revenue and 530 million in net profit in 2024. Lukoil-Moldova follows, with 10 billion.
Which Moldovan company has the largest profit?
In the top 100 by revenue, Energocom, with 793 million lei in net profit in 2024. Among private companies, Orange Moldova, with 569 million.
Why are banks not in the ranking?
Banks report to the National Bank of Moldova, in a different format from the financial statements filed by other companies. The ranking is based on the latter.
Where does the data come from?
From the annual financial statements for 2024, filed by the companies and taken from public sources onto Datero.md. Every company in the table has its own page, with a multi-year history.
See the statements of any company
On Datero.md you find revenue, profit, assets and equity over several years, for any company in the register.