The consulting firm Modex has presented a ranking of the largest companies in Armenia by revenue for 2023. According to the report, the Zangezur Copper-Molybdenum Combine topped the list with $800 million in revenue and a return on equity (ROE) of 23%.
The second spot was taken by Gazprom Armenia, with $644 million in revenue and an ROE of 6.9%. Electric Networks of Armenia ranked third with $536 million in revenue and an ROE of 0.4%.
In fourth place was the Yerevan City supermarket chain, which reported $433 million in revenue and an ROE of 51.5%, followed by Pretty Way in fifth place with $413 million in revenue and an ROE of 107.1%. Ardshinbank ranked sixth with $285 million in revenue (ROE 36.5%), while Ameriabank took the seventh position with $282 million in revenue (ROE 25%).
The Armenia International Airports company was eighth on the list, earning $254 million in revenue (ROE 30.3%). International Masis Tabak ranked ninth with $213 million in revenue (ROE 10.5%), and ACBA Bank completed the top ten with $177 million in revenue (ROE 23.4%).
The total revenue of the top 10 companies amounted to $4 billion, which is 7.3% higher than in 2022. All companies in the ranking reported positive financial results, with a combined net profit of approximately $754 million. The average ROE among the companies was 31.5%, while the median ROE stood at 24.2%.
The report noted that data from the Yerevan Jewelry Factory was not included in the ranking due to the unavailability of financial statements. Modex analysts also highlighted that certain companies might have related-party transactions recorded at non-market rates, which could significantly affect the evaluation of an individual company's efficiency.
