State-owned companies of Moldova increase profit more than fivefold in 2025; who tops ranking

State-owned enterprises and commercial companies closed the year 2025 with sales revenues of 68.5 billion lei and an aggregated net profit of over 3.1 billion lei, more than five times higher than in the previous year, according to data presented by the Public Property Agency (APP).

Compared to 2024, sales revenues increased by 16.9 billion lei, the equivalent of a rise of approximately 33 per cent, while aggregated net profit climbed from 570.4 million lei to over 3.1 billion lei. Fifty seven out of the 75 active entities analyzed recorded a profit and 18 reported losses.

According to APP, the best results were achieved in the energy, airport infrastructure, telecommunications, transport, industry and public services sectors. The top five companies in the ranking generated together around 2.91 billion lei, representing almost 87 per cent of the total profit of profitable companies.

The ranking is led by Moldovagaz joint stock company (JSC), with a net profit of 1.165 billion lei, followed by the State Enterprise, Chisinau International Airport, with almost 712 million lei, and JSC Energocom, which recorded a profit of 430.6 million lei. Among the most profitable companies are also JSC Northern Electricity Supply", JSC National Lottery of Moldova and JSC Moldtelecom.

At the same time, state-owned companies transferred to the budget approximately 690 million lei in the form of dividends and profit shares obtained in 2024. The largest contributions were recorded by Energocom, the National Lottery of Moldova, Chisinau International Airport, Moldtelecom and RED Nord, which together accounted for over 92 per cent of the total amount transferred. For 2026, APP estimates revenues of approximately 770 million lei from dividends and profit shares.

Although the number of loss-making companies has decreased, 18 entities ended 2025 with negative financial results, accumulating losses of approximately 242 million lei. The largest loss was recorded by the State Enterprise Railway of Moldova, of almost 90 million lei, although this is about 72 per cent lower than in the previous year.

According to APP, the 2025 financial results reflect revenue growth, an expansion of the base of profitable companies and more substantial contributions to the state budget, in parallel with the ongoing restructuring of entities that are registering losses.