Of the 75 operating companies, 57 reported a profit, while 18 ended the year with losses.
The profitable enterprises collectively generated approximately 3.35 billion lei. Total losses amounted to approximately 242 million lei.
The results show significant growth in economic activity in sectors critical to the state. The largest contributions to these figures came from the energy sector, airport infrastructure, telecommunications, transportation, manufacturing, and public services.
The top five companies in the ranking collectively generated approximately 2.91 billion lei. This accounts for nearly 87% of the total profit of the 57 profitable companies.
Top Five
S.A. “Moldovagaz” leads the ranking with a net profit of 1.165 billion lei. Sales revenue reached 15.39 billion lei. The company has recovered from a loss of 627.6 million lei recorded in 2024. It should be noted that the state holds a minority stake of 35.33% in this company. However, MoldovaGas’s performance remains volatile. The company reported losses in 2022 and 2024 and profits in 2023 and 2025. Current earnings cannot be distributed as dividends because the company reported losses from previous years totaling approximately 3.9 billion lei.
“Chisinau International Airport” ranks second with a net profit of nearly 712 million lei. Revenue reached 1.94 billion lei. Profit is more than double the 2024 result of 337.1 million lei. This trend confirms the company’s financial consolidation following the airport’s return to state management.
S.A. “Energocom” reported a net profit of 430.6 million lei and achieved the highest revenue figure in its portfolio, totaling 20.28 billion lei. Profit is lower than in 2024, when the company reported 793.2 million lei, but “Energocom” remains profitable for the second consecutive year following a loss in 2023. At the same time, revenue for the year grew by nearly 5.4 billion lei.
“Furnizarea Energiei Electrice Nord” recovered from a loss of 292.5 million lei in 2024 and posted a net profit of 309 million lei in 2025. Revenue from sales rose to 4.12 billion lei.
S.A. “Loteria Națională a Moldovei” reported a net profit of 290.7 million lei and sales revenue of 13.26 billion lei. The company demonstrates one of the most stable financial trajectories among all state-owned enterprises. Profit rose from 170.3 million lei in 2022 to 197.6 million lei in 2023, 243.4 million lei in 2024, and 290.7 million lei in 2025.
Follow our updates
