50 biggest of North Macedonia; “Swimming” in turbulent economic “waters”
R.S. Macedonia in 35 years of independence: the economy struggles for growth above 3%, the revenue of the 50 largest “weighs” as much as 66,6 % of GDP!
Aneta Dodevska*
35 years after the declaration of state independence and sovereignty, R.S. Macedonia, apart from the political sphere, is still “swimming” in turbulent economic “waters”. After the country gained independence from the then SFRY, the first blow was dealt by privatization and transition, which lasted marathon-like, for more than a decade. This was followed by the global economic crisis in 2008, then the COVID health crisis in 2020, and in the last five years, the domestic economy has been struggling with price pressures due to military conflicts in the East.
The economic consequences of all these crises can also be read through the official indicators of the state statistics. In the past decade, the GDP growth rate exceeded 4% only once, in 2021, but this result followed the economic downturn of 2020, when GDP collapsed to -4.7%. The calculation by “Monitor”, based on data from the State Statistical Office, shows that over the past 10 years the average GDP growth rate in the country amounted to only 2.6%. According to some of the economists consulted by “Monitor”, apart from external crises, the reasons for the “crawling” rates of economic growth should also be sought at home, in economic policies.
“Macedonia has shown a cyclical rate of economic growth from independence until today for two reasons, i.e. unsuccessful structural reforms and, secondly, the low level of investment in economic development, especially in the application of new knowledge and technologies. There are also years when we faced a process of disinvestment. The economic structure is so unfavorable that by itself it does not allow any optimism for sustainable economic growth” – Professor Samo R. Bislimi tells “Monitor” and adds:
“Even if we had a more favorable economic structure, that would be insufficient to ensure sustainable economic growth, because the gap is deepening more and more, the so-called time distance in the application of new knowledge and technologies is widening, and this creates negative external effects on labor productivity, a low level of price competitiveness, and an inability to act according to the so-called “economies of scale”.
According to data from the State Statistical Office, the sector “Trade, transport, accommodation facilities” has the largest share in the creation of GDP, at 17.98%, while in second place, with a share of 17.54%, is the sector “mining, energy, water, waste”. The calculation analysis by “Monitor” shows that more than one third, or 35.52% of GDP, relies on only two sectors, while all the others have a share lower than 15%. In third place, with a share of 14.33%, is “manufacturing industry”, followed by “public administration, defense, social” with a share of 13.03% in GDP, while the sector “real estate activities” has a share of 10.69%. The remaining sectors had a share below 7%, among them construction, agriculture, information and communications.
“The share of the real sector in the creation of GDP is below 40%, services at around 30%, while the so-called cost sectors are above 30%. With such a production structure, we have nothing to offer either the domestic or the foreign market” – Professor Bislimi believes.
GDP growth in Republic of North Macedonia is an extremely current topic in the country, in the public sphere as well as in business-political circles. The Prime Minister of North Macedonia, Hristijan Mickoski, has repeatedly said that the country is in the group of European leaders according to economic growth.
“Macedonia is among the top five countries in Europe according to GDP growth; immediately behind Malta, Poland and Serbia is Macedonia. From the third quarter of 2024 to the first quarter of 2026, the conclusion is that the Macedonian economy is growing by three percent in real terms, while our largest partner, the EU, has growth of 1.4 percent and the eurozone 1.25 percent. This represents an exceptional result, Macedonia is accelerating and the state must move forward” – Prime Minister Mickoski stated.
The opposition bloc criticizes daily and says that the Government is playing “cheerful mathematics” while reality for the citizens is harsh.
“For Mickoski, only the sky is the limit. This is already becoming so ridiculous that, if it were not about the living standard of the citizens, we could only laugh. For months they have been talking about the “third economy in Europe” and “first in tourism” – react from the opposition SDSM.
At the end of 2025, in absolute terms, the value of GDP in the country was 16.53 billion euros, or from 9 000 to 9 100 euros per capita.
The first 10 largest companies have revenue worth 31% of GDP…
he country’s 50 largest companies by revenue and profit are concentrated mainly in the automotive and pharmaceutical industries, energy, oil, and trade. In addition to privately owned companies, with domestic and foreign capital, state-owned companies are also on the list.
According to the final data for 2025 from the economists of the “Business Network” database, ( https://oemvp.org/en/project/top-100-2/) last year the 50 leading companies in the country generated total revenue in an amount slightly higher than 11 billion euros, while their profit amounted to about 610 million euros. Banks and insurance companies are not included in this ranking.
Indicators for the 50 according to revenue
Revenue 11 009 299 345 euros
Profit 609 613 480 euros
Source: Calculation by “Monitor” based on data from “Business Network”
10 biggest companies in North Macedonia
- “Johnson Matthey”
According to the amount of revenue generated, in first place with 1.82 billion euros is the foreign company from the automotive industry “Johnson Matthey”. The company has 835 employees. Its main activity is the production of automotive catalysts and emission control systems. The company is located in one of the TIDZ zones near the capital city of Skopje. Last year this company was ranked second according to the amount of profit, which reached 73 million euros.
- “OKTA”
In second place, with revenue of 627 million euros, is the Greek company from the oil business, the “OKTA” refinery, whose main activity is “wholesale trade in solid, liquid and gaseous fuels”. This company was state-owned 26 years ago and during the privatization process was sold to the Greek “Hellenic Petroleum”. But although it generates high annual revenue, “OKTA” is in 28th place, with 9.3 million euros, according to the amount of profit, and 244 people work in the company.
- AD “Makpetrol”
With revenue amounting to 508 049 773 euros in 2025, according to the “Business Network” ranking, another company from the oil business is AD “Makpetrol”, with the activity “retail trade in motor fuels and lubricants”. According to the amount of profit, in the amount of 19 328 788 euros, it was not ranked among the “10 most profitable” in 2025. 2 051 people work in this company.
- “EVN HOME”
In fourth place, with revenue of 427 million euros, is “EVN HOME” – a company from the energy sector which is dominant in this sector, with the status of “universal supplier” to households with electricity. With a profit of only 200 thousand euros, this company is not on the list of the “most profitable” in 2025.
- “ESM – Power Plants for Electricity Generation”
In fifth place, with revenue of 359 million euros, is another company from the energy sector, the state-owned “ESM – Power Plants for Electricity Generation”. This company is state-owned with as many as 4 362 employees, and at the end of the fourth quarter of 2025 it reported a loss of 16.7 million euros.
- “KAM DOO Ilinden”
In sixth place, with revenue of 333 951 648 euros, is the private company “KAM DOO Ilinden”, which comes from the trade sector, with the activity “non-specialized retail trade, predominantly with food, beverages and tobacco”. The company employs 1 479 people and is one of the larger companies that owns chains of markets throughout the country. In 2025, the profit amounted to about 10 million euros.
- “Kromberg & Schubert – Macedonia”
Seventh place is “reserved” for the foreign company “Kromberg & Schubert – Macedonia” with revenue of 322 million euros. The company manufactures electrical and electronic equipment for motor vehicles and is one of the largest employers, with 6 494 employees. The profit generated in 2025 amounts to 4.8 million euros.
- “Public Enterprise for State Roads”
In eighth place, with revenue amounting to 264 million euros, is the state-managed company “Public Enterprise for State Roads”. This state-owned company had 479 employees in 2025. Its main activity is “construction of roads and motorways”. Last year the company reported a profit of 147 million euros, and these amounts in the operating balance are the result of loans for the construction of the main motorway sections in the country.
- “Kiper Market DOO”
In ninth place is another company from the trade sector, “Kiper Market DOO”, with revenue of 257 million euros. The company has 1 288 employees and last year generated a profit of 6.45 million euros.
- “VDL Bus – Macedonia”
In tenth place on the list of companies with the highest revenues is the foreign company “VDL Bus – Macedonia”, which is located in one of the free economic zones. Last year revenue amounted to 252 million euros. Its main activity is “manufacture of motor vehicles”. The profit generated in 2025 amounts to around 19 million euros.
The calculation by “Monitor” based on the available data from “Business Network” shows that only the first 10 largest companies generated total revenue last year in the amount of 5.2 billion euros, which represents 31.3% of the total GDP of the country in 2025. The total annual revenue of the 50 largest, on the other hand, amounted to 11billion euros, which represents 66.6% of the value of annual GDP.
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https://monitor.al/monitor-special-edition/
High amounts of revenue do not also mean profit for the company…
Some of the companies that rank highly according to revenue are not on the list of the “most profitable” at all. While on the one hand they generate hundreds of millions of euros in revenue, on the other hand they generate minimal profits, and even losses, such as the state-owned “ESM – Power Plants for Electricity Generation”. The group of the “50 largest according to profit” generated total profit of 841 million euros in 2025, while their revenue amounted to 7.5 billion euros.
Indicators for the 50 according to profit
Profit 841 163 724 euros
Revenue 7 551 137 611 euros
Source: Calculation by “Monitor” based on data from “Business Network”
Nevertheless, some of the companies with the highest revenues are also on the list of the “most profitable”. In first place with a profit of 147 million euros is the state-owned “Public Enterprise for State Roads”, in second place is the foreign “Johnson Matthey” with 73 million euros, which is ranked first according to the amount of revenue, and in third place is a company from the telecommunications business – “Macedonian Telecom” with a profit of 40.5 million euros. In the high fourth place, with a profit of 32.2 million euros, is the pharmaceutical company “Alkaloid”, while with a profit of 29.2 million euros, in fifth place is the company “Titan – Usje” for cement production.
In sixth place with a profit of 26.9 million euros is “Pivara – Skopje”, a trading company for alcoholic and non-alcoholic beverages, whose owners are the two companies “Coca-Cola HBC AG” and “HEINEKEN N.V.”. In seventh place with a profit of 25.9 million euros is the company with domestic capital and owners, “IGM-TRADE Ilija I dr. DOO” from Kavadarci, which produces steel pipes and profiles.
In eighth place is the joint-stock company for business management and consulting services “Kamen-most – Communications AD Skopje” with a profit of 21.5 million euros, followed by the state-owned ESM – electricity distribution with a profit of 21 million euros, and in tenth place with 21 million euros is A1 Macedonia DOOEL Skopje – a company from the telecommunications business that is engaged in “wired, wireless and satellite telecommunications activities”.
The summarized data show that the total annual profit of the 10 largest in 2025 amounted to 438.1 million euros which represents 2.6% of total GDP, while the profit of the “50 largest” amounts to 841 million euros or 5% of GDP.
Click here to register for free and access the full edition of the ranking of the largest companies in the Balkans for 2025:
https://monitor.al/monitor-special-edition/
*Aneta Dodevska is a journalist and an editor in TV 24 News in North Macedonia
Share of sectors in GDP
Trade, transport, accommodation facilities, 17.98%
Mining, energy, water 17.54%
Manufacturing industry 14.33%
Real estate activities 10.69%
Public administration, defense, social, 13.03%
Construction 6.56%
Agriculture, forestry 5.98%
Information and communications 5.19%
Source SSO
Real GDP growth rate
2015 3.9 % 2020 -4.7 %
2016 2.8 % 2021 4.5 %
2017 1.1 % 2022 2.8 %
2018 2.9 % 2023 2.6 %
2019 3.9 % 2024 3.0 %
2025 3,5 %
Source: SSO
Companies with the highest revenue in 2025
“Johnson Matthey“ 1 817 238 829 €
“OKTA“ 627 335 784 €
AD “Makpetrol“ 508 049 773 €
“EVN HOME“ 426 654 259 €
“ESM – Power Plants“ 358 989 815 €
“KAM DOO Ilinden“ 333 951 648 €
“Kromberg & Schubert“ 321 762 914 €
“Public Enterprise for State Roads“ 264 060 886 €
“Kiper Market DOO“ 256 704 192 €
“VDL Bus“ 252 102 787 €
Source: “Business Network“
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