Last year, state-owned enterprises banked a total of 780.4 million EUR, which is by 10.8% more compared to 2014. Their revenue level ranged from 25 thousand EUR to more than 260 million EUR.
The research covers all enterprises in state ownership (public enterprises and joint stock companied) established by the Government or by Municipal Councils, i.e. Council of the City of Skopje, which have submitted their final balance sheets to the Central Register of the Republic of Macedonia. Hence, this research ranked a total of 113 state-owned enterprises according to several criteria: total revenue, financial performance and number of employees.
Top 10 state enterprises with highest revenue in 2015
At the top of the rank list of state enterprises according to their 2015 revenue level is JSC ELEM, with revenue in total amount of 261.4 million EUR, representing an increase by 8.5% compared to 2014.
Second-ranked in terms of revenue is PE State Roads, which banked 94.9 million EUR, accounting for an increase by 18.8% compared to 2014.
Third position is held by JSC MEPSO, with revenue in the amount of 85.1 million EUR, i.e. by 28.6% higher compared to the last year. Fourth position is reserved for the Public Transport Enterprise – Skopje with revenue in the amount of 30.1 million EUR, followed by PE Macedonian Forests with revenue in the amount of 28.9 million EUR. Top 10 state enterprises with highest revenue also include Macedonia Railways – Transport, which banked 27.2 million EUR, JSC Construction and Management of Residential and Commercial Property – 26 million EUR, PE Water Supply and Sewage – 23.2 million EUR, Macedonian Post – 22.3 million EUR, and Macedonian Radio Television, with revenue in the amount of 20.9 million EUR.
7 from 10 biggest state enterprises last year increased their revenue, while the remaining three banked smaller amounts of annual revenue. Cumulative revenue of all top 10 state-owned enterprises accounts for almost 80% of the total amount of revenue generated by all 113 enterprises.
Top 10 state enterprises with highest revenue in 2015
Financial performance of enterprises
In addition to having increased their revenue last year, state-owned enterprises have also reported increased profits and reduced financial losses.
84 from 113 state-owned enterprises included in this research have reported profits in total value of 40.1 million EUR. In comparison, one year earlier financial profits were reported by 10 state enterprises less, i.e. 74. In 2014, profits earned by all public enterprises amounted to 29.5 million EUR.
Last year, total of 29 from 113 state-owned enterprises reported financial losses in total amount of 31.3 million EUR, and compared to losses reported one year earlier, total amount of financial losses has been reduced by one third.
Top 10 most profitable state enterprises
At the level of individual state enterprises, last year the most profitable was JSC MEPSO, with reported positive balance in the amount of 11.5 million EUR, representing an increase by 40.6% compared to 2014. This is the only state enterprise that has generated financial profits in an amount exceeding 10 million EUR.
Second place on the list of enterprises with highest profits is held by PE State Roads, with positive balance in the amount of 8.9 million EUR, i.e. one third less than financial profits reported in 2014. Next is JSC ELEM with profits of almost 6.7 million EUR, although in 2014 this state enterprise had reported financial losses in the amount of more than 14 million EUR.
Top 10 enterprises with highest profits also include JSC Construction and Management of Residential and Commercial Property with positive balance of 3.5 million EUR and PTE Skopje with positive balance of 1.18 million EUR, representing a ten-fold increase within one year period.
Next on the list is PE Macedonian Forests, with financial profits in the amount of 1.16 million EUR, which pushed this enterprise from the 2014 list of enterprises with negative financial balance, then PE Macedonian Broadcasting with twice as higher profits of around 920 thousand EUR, Macedonian Radio Television – around 840 thousand EUR, PE Komunalec Gostivar – 735 thousand EUR, and the Skopje-based PE Streets and Roads with financial profits of something more than 560 thousand EUR.
Top 10 state enterprises with highest financial losses
The list of state-owned enterprises with highest financial losses is led by the public enterprise on water economy, i.e. Hydro System “Zletovica” – Probistip, whose balance sheet reported financial losses in the amount of 10.9 million EUR. In comparison, in 2014 this enterprise demonstrated profitable performance in the amount of around 10 thousand EUR.
Marked by financial losses of almost 8 million EUR, second-ranked on this list is Macedonian Railways – Infrastructure, while the third position is held by PE “Strezevo” – Bitola, with financial losses in the amount of 3.6 million EUR.
Following are PE Water Supply and Sewage – Skopje with negative financial balance of around 3 million EUR and JSC Airports of Macedonia with negative balance in the amount of 2.2 million EUR.
Top 10 enterprises with highest financial losses also include “Proaqua” – Struga, with negative balance of around 820 thousand EUR, PE Macedonia Road with losses in the amount of around 800 thousand EUR, Macedonian Railways – Transport with negative balance of around 770 thousand EUR, PE Water Economy “Lisice” – Veles with financial losses in the amount of around 470 thousand EUR, and Skopje-based PE Parks and Greenery, which reported financial losses of slightly over 300 thousand EUR.
Top 10 state enterprises that are the biggest employers
Based on data submitted to the Central Register, the total number of employees at state-owned enterprises in 2015 accounted for 27,767 people and represents an increase by 1.2% on annual level.
As shown on the rank list of enterprises according to the number of employees, the biggest employer is JSC ELEM with total of 4,527 employees, but this list also includes enterprises with only 1 employee.
Top 10 biggest state enterprises in terms of number of employees account for 62% of employees at all 113 state-owned enterprises included in this analysis.
Leading 10 positions on the list of state enterprises according to the number of employees are dominated by enterprises in state ownership, unlike local enterprises, which are represented by Skopje-established enterprises PTE Skopje, PE Communal Hygiene and PE Water Supply and Sewage.
This research was conducted for the purpose of compiling database on financial performance of state-owned enterprises that could be used as resource for future research studies. It was performed by means of collecting, processing and analysing data submitted by state enterprises to the Central Register of the Republic of Macedonia.
Data presented in Excel format are available here.
