100 Most Successful Companies in Southeastern Europe Include Nine Croatian Businesses

Zagreb Image by frimufilms on Freepik

INA ranks seventh as the most powerful company in the region by revenue in 2022

October 24, 2023 – Nine Croatian companies have made it onto the list of the 100 most successful companies in Southeastern Europe in 2022, known as SEE TOP 100, which was released today by the Bulgarian-based agency for economic news and analysis, SeeNews.

Leading the pack is INA, Croatia’s most powerful company, with revenues of 4.6 billion euros, marking a 57% increase from the previous year, securing its place at the seventh spot.

Other companies on the list include Prvo Plinarsko Društvo, Hrvatska Elektroprivreda, MVM CEEenergy, Konzum Plus, HEP-Proizvodnja, MET Croatia Energy Trade, Petrol, and Lidl Hrvatska.

SEE TOP 100 is an annual ranking of the largest companies in Southeastern Europe based on their total revenues for 2022. The publication encompasses companies from 10 countries and also features rankings of leading banks and insurance companies in the region.

OMV Petrom, the largest Romanian producer of oil and gas majority-owned by the Austrian giant OMV, has maintained its position as the most powerful enterprise in Southeast Europe for the second consecutive year. The company’s revenue doubled to 13.4 billion euros, with profits more than tripling to reach 2.1 billion euros.

INA HQ in Zagreb (Photo: Suradnik 13/CC BY-SA 4.0)

The energy sector completely dominates the list of the most successful companies in the previous year, owing to the global energy crisis resulting from geopolitical tensions and the war in Ukraine, leading to a global surge in energy prices and record-high earnings for energy companies.

Of the 100 ranked companies, 26 are oil and gas companies, while 12 are involved in the electricity sector. The total revenues of companies in the oil and gas sector nearly doubled compared to 2021, amounting to 87 billion euros, accounting for 39% of the total revenue of all companies on the list. 

The overall profits of oil and gas companies also more than doubled, despite extra-profit taxes and fuel price restrictions imposed by some governments in the region.

The total revenue of companies operating in the electricity sector last year witnessed an annual growth of 85%, reaching 44.7 billion euros, making this sector the second largest in the region, surpassing the wholesale and retail sector.

Although facing uncertainties, supply chain issues, rising energy prices, and high inflation last year, the top 100 companies in Southeastern Europe ended the year 2022 with a combined revenue of 223.9 billion euros, a 46% increase from the total revenue of the list participants a year earlier. Profits reached 10.3 billion euros, a 61% increase compared to the previous year, as revealed by SEE TOP 100.

SEE TOP 100 – Methodological explanations

SEE TOP 100 ranks the largest companies in Southeastern Europe based on the total revenue for the fiscal year ending on December 31. Data for 2022 and 2021 were obtained from the annual non-consolidated reports. SEE TOP 100 ranking includes non-financial companies registered in Albania, Bosnia and Herzegovina, Bulgaria, Montenegro, Croatia, Moldova, Romania, North Macedonia, Slovenia, and Serbia. 

Banks, investment intermediaries, insurance companies, and real estate investment funds (REIT) are excluded from the ranking as total revenue is not an accurate indicator of their performance. However, holding companies are represented on the list by their subsidiaries. All data is sourced from national trade registers, stock exchanges, government and corporate websites, industry regulators, local business information providers, and the companies themselves.

The SEE TOP 100 rankings are available for download at this link.

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