Slovenian energy heavyweights lead SEE companies revenue per capita ranking

By Dragana Petrushevska

Energy companies hold the top three spots in the 2020 ranking of SEE companies by revenue per capita, led by Slovenia’s Petrol, which had the highest revenue per capita for the fourteenth consecutive year. The company decreased its revenue per capita to 1,176 euro in 2020 from 1,747 euro in 2019.

Slovenia’s GEN-I has the second highest revenue per capita in the region for the sixth year in a row. Its revenue per capita declined to 1,022 euro in 2020 from 1,068 euro in 2019.

Another Slovenian company, Slovenske Elektrane, held the third position, climbing two places from the year before. Its revenue per capita was 891 euro in 2020, up from 844 euro in 2019. Slovenia, an EU member state of some two million and the only eurozone member state in SEE, kept its dominance with 11 entrants in the ranking, as much as a year earlier, even though the majority of its top performers reported falling profits in 2020. Four of the top five companies which made it to the 2020 list are based in Slovenia, while in the top 10, only two companies are not from the country.

North Macedonia’s only entrant, the local subsidiary of UK chemicals specialist Johnson Matthey, dropped one position to the fourth place after lowering its revenue per capita to 836 euro in 2020 from 913 euro in 2019. Slovenian pharmaceutical company Krka took the fifth place after standing at the seventh position in 2019. Its revenue per capita came in at 707 euro in 2020, up from 684 euro in 2019.

Among the top 20 companies by revenue per capita, Croatia had four entrants, double compared with a year earlier, while Bulgaria and Serbia had two entrants each. Montenegro had no entries in the ranking after having two representatives in 2019. Romania, the region’s biggest economy and most populated country of 20 million, had no entries in the ranking.

Slovenian investment firm Belektron and Croatian gas company Prvo Plinarsko Drustvo entered the list for the first time.

Telekom Slovenije returned to the ranking, occupying the 18th place, after missing out on a place in 2019. Croatia’s retailer Konzum Plus secured a position on the list for the first time after 2016.

Analyzed by sectors, power utilities again dominate the ranking as five among the top 20 operate in the energy sector. The oil and gas sector has four representatives, whereas the pharma and retail sectors each have two representatives.

As much as 11 entrants saw their revenues decline in 2020, compared with seven last year. The average revenue per capita decreased to 535 euro in 2020 from 616 euro in 2019.

Three companies – Slovenia’s Petrol, copper producer Aurubis Bulgaria and Serbia’s electric utility company JP Elektroprivreda – are also among the SEE TOP 100 ten biggest companies.


SEE TOP 100 per capita is a ranking based on the same pool of more than 2,900 companies as in SEE TOP 100. The ranking is compiled by dividing the total revenue in euro of each company by the population estimate in the country of registration for the respective year. This benchmark indicates the importance of individual companies for the local economies.

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