In 2024, FlyOne’s total revenue grew 430% year-on-year to nearly €1 billion, while net profit more than tripled to €15.5 million from €5.1 million in 2023. This was driven by an increase in the number of passengers on flights.
The airline carried more than 2.4 million passengers in 2024, up 20% from a year earlier, and opened two new routes. Overall, FlyOne carried 33% of the 4 million passengers served by Chisinau Airport in 2024.
FlyOne became the only Moldovan company to make the list of the ten structures with the highest revenue growth rate. Three companies from the energy sector, a wholesaler, a road management company, a mining company, a pharmaceutical company and a company from the automotive sector also made it to the top 10.
This is in stark contrast to the 2023 ranking, which included six energy companies, and the 2022 ranking, when only the energy sector was represented on the list. The shift reflects falling energy prices after their peak, weak or declining industrial demand, and reduced government subsidies.
Second place in revenue growth went to Dr. Max, the leading pharmaceutical retailer in Romania, owned by the Dr. Max Group and headquartered in Prague. Dr. Max Romania’s total revenue rose 158% to €2.2 billion year-on-year after the company, which operates nearly 1,000 pharmacies, consolidated its retail and drug distribution operations under one roof.
It is followed by Romanian state-owned gas transportation system operator Transgaz, whose 2024 revenue rose 71.5% year-on-year to €892 million. Transgaz’s results are largely due to higher gas transportation tariffs.
Romanian rail operator CFR ranked fourth among the fastest growing companies in the SEE TOP 100 2024 list. Its total revenue last year grew by 68.2% to EUR 1.35 billion. The company attributed this growth mainly to an increase in government transfers for the repair, maintenance and operation of public rail infrastructure and, to a lesser extent, an increase in revenues from fees charged by rail carriers for the use of rail infrastructure.
It was followed by Axpo Bulgaria, a subsidiary of Swiss renewable energy producer and trader Axpo Group, whose 2024 revenue increased 68.1% to €2.1 billion on the back of strong growth in gas and electricity trading revenues.
Romanian road infrastructure company CNAIR recorded the sixth largest revenue growth in the region last year – up 66% to €3.8 billion – thanks to a surge in toll revenues, which accounted for a significant portion of total turnover.
Revenue at another Romanian company, power grid operator Transelectrica, rose 66% to €1.6 billion in 2024, mainly driven by growth in regulated transmission tariff revenues, revenues from grid loss operations and emergency profits.
Serbia’s Zijin Copper, a unit of China’s state-owned Zijin Mining, ranked eighth in the ranking. Against a backdrop of expanding production and relatively stable global copper prices, it generated revenue of €1.8 billion in 2024, up 66% from a year earlier.
Revenue at Croatian pharmaceuticals maker Pliva, part of Israel’s Teva Group, rose 39% to €891 million. About 90% of Pliva’s products are exported, and growth in overseas markets contributed to the increase in revenue.
Finally, the Romanian unit of Turkish carmaker Ford Otosan increased its 2024 revenue by 35% to €3.8 billion as vehicle production at its Craiova plant rose about 31% year-on-year to more than 250,000 units.
Six of the ten fastest growing companies in Southeast Europe, including FlyOne, Dr. Max, Transgaz, CFR, Axpo Bulgaria and Pliva, were not included in the SEE TOP 100 for 2023.
