Slovenia reinforces leadership in SEE TOP 20 per capita ranking

by Radomir Ralev

Slovenia remained the indisputable leader in the Top 20 SEE per capita ranking, highlighting the importance of individual companies for local economies. Slovenia, an EU–member state of some two million, and the only Eurozone member state in SEE, had 12 entrants in the ranking, up from 11 last year. Four of the top five companies in the ranking are based in Slovenia, while in the top 10, only three companies are not from the country.

Slovenian energy company Petrol led the SEE TOP 20 companies per capita ranking for the eleventh consecutive year with a revenue per capita rising 18% to 1,835 euro in 2017 from 1,557 euro the previous year. Slovenian electricity and gas trading group GEN-I ranked second with 1,189 euro revenue per capita, a sharp increase from 802.4 euro the previous year. State-owned power utility Holding Slovenske Elektrarne (HSE) occupied the third position, with a revenue per capita of 802.8 euro in 2017,
up from 626.8 euro in 2016.

Macedonia’s only entry, the local subsidiary of UK chemicals specialist Johnson Matthey, lost one position to the fifth place, although its per capita revenue increased 10% to 715.1 euro from 649.1 euro.

Companies from Montenegro, a country of about 600,000 people, were the second most widely represented with three entrants on the list, up from two in 2016. China Road & Bridge Corporation (CRBC) D.O.O. ranked ninth with 475.6 euro in revenue per capita versus 161.4 euro in 2016. CRBC is constructing the Bar-Boljare motorway in Montenegro, part of pan-European Corridor XI. Power utility Elektroprivreda Crne Gore (EPCG) was Montenegro’s second-best performer, ranking 11th with 443.4 euro in revenue per capita, edging up from 430.5 euro in the previous year.

The company lost one position from the tenth spot in last year’s ranking.

With two companies on the list, Bulgaria took the third place. Oil refinery Lukoil Neftochim Burgas remained the top performer among the Bulgarian companies, ending 13th on the per capita rankings while Aurubis Bulgaria occupied the 15th position. Croatia and Serbia had one representative on the list each, namely oil and gas company INA on the seventh place and state-owned power utility Elektroprivreda Srbije (EPS) on the 18th position, respectively.

Slovenian energy company Interenergo entered the top 20 ranking for the first time this year and occupied the 12th place with an impressive jump of revenue per capita to 432.6 euro from 180.5 euro. On the other hand, Romanian carmaker Automobile Dacia did not make it to the Top 20 SEE per capita ranking this year, although its sales increased 11.45% in 2017 to 23.1 billion lei (5 billion euro). In this way, Romania, the region’s largest country with a population of about 20 million, lost its only entrant
in the ranking.

Slovenia-based Poslovni Sistem Mercator, the bronze medalist in 2016, fell to the eighth position this year, as its revenue per capita declined to 580.6 euro from 650.2 euro. Croatian group Agrokor took over Mercator in 2014, in a transaction that is said to have destabilised the concern financially. The concern’s financial problems boiled over and become apparent in 2017 when Moody’s Investor Services changed its rating on Agrokor several times.


SEE TOP 20 per capita is a ranking based on the same pool of 2,900 companies as in SEE TOP 20. The ranking is compiled by dividing the total revenue in euro of each company by the population estimate in the country of registration. This benchmark indicates the importance of individual companies for the local economies.

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