Official: Moldovan Railway and National Arena lead state-owned enterprise losses
In 2025, state-owned enterprises and commercial companies recorded sales revenues of 68.5 billion lei and an aggregate net profit of over 3.1 billion lei, an increase of over five times compared to 2024. The highest profits were earned by JSC "Moldovagaz", "Eugen Doda" International Airport - Chisinau and JSC "Energocom".
According to the Public Property Agency (APP), sales revenues increased by 16.9 billion lei, equivalent to an increase of approximately 33% compared to the previous year, while aggregate net profit rose from 570.4 million lei to over 3.1 billion lei.
Of the 75 active entities analysed, 57 ended the year with a profit, and 18 reported losses. Profitable companies together generated approximately 3.35 billion lei, while cumulative losses amounted to approximately 242 million lei.
“The results show a strong increase in economic activity in sectors important to the state. Energy, airport infrastructure, telecommunications, transport, industry and public services supported most of the performance,” the APP states.
The top five companies in the profitability ranking together generated approximately 2.91 billion lei, which represents almost 87% of the cumulative profit of the 57 profitable entities. At the same time, the top 15 companies achieved sales revenues of over 64.5 billion lei and almost 98% of the profit of profitable companies.
The ranking is led by S.A. „Moldovagaz”, which obtained a net profit of 1 billion 165 million lei and sales revenues of 15.39 billion lei, returning to profit after the loss of 627.6 million lei in 2024.
APP recalls that the state holds a minority stake of 35.33% of the company's shares and specifies that the result from 2025 cannot be distributed in the form of dividends, because the company has uncovered losses from previous years of approximately 3.9 billion lei.
In second place is Î.S. "Chisinau International Airport", with a net profit of almost 712 million lei and sales revenue of 1.94 billion lei. The profit is more than twice as high as that recorded in 2024.
S.A. "Energocom" occupies the third position, with a net profit of 430.6 million lei and the highest sales revenue in the portfolio - 20.28 billion lei.
Also, S.A. "Furnizarea Energiei Electrice Nord" returned from a loss of 292.5 million lei in 2024 to a profit of 309 million lei, and S.A. "Loteria Națională a Moldovei" reported a net profit of 290.7 million lei and sales revenue of 13.26 billion lei.
Almost 700 million lei transferred to the state budget
The top of the most profitable companies also includes S.A. „Moldtelecom”, S.A. „Moldatsa”, S.A. „Nodul Hidroenergetic Costesti”, S.A. „Portul Fluvial Ungheni”, S.A. „Combinatul de Vinuri Cricova”, S.A. „Rețelele Electrice de Distribuție Nord”, S.A. „Fabrica de Sticlă din Chișinău”, S.A. „Combinatul de Vinuri de Qualită „Mileștii Mici”, S.A. „Franzeluța” and S.A. „Termoelectrica”, all of which ended the year with a profit.
According to APP, other enterprises also contributed to expanding the base of profitable companies. Among these are S.A. „Barza Albă”, Î.S. „Poșta Moldovei”, Î.S. „Radiocomunicații”, Î.S. „Direcția pentru explorarea imobilului”, S.A. „Drumuri Criuleni” and Î.S. „Sanatoriul Constructorul”, which reported stable financial results or significant improvements.
Enterprises and commercial companies with state capital transferred to the budget, in 2025, approximately 690 million lei in the form of dividends and profit breakdowns for 2024.
“Energocom transferred 198.3 million lei. The National Lottery of Moldova paid 194.7 million lei, Chișinău International Airport 101.1 million lei, Moldtelecom 79.9 million lei, and RED Nord 63.2 million lei”, listed the APP.
These five companies together provided over 637 million lei, representing more than 92% of the total amount transferred to the budget by the entire portfolio. For 2026, receipts of approximately 770 million lei from dividends and breakdowns are estimated.
Companies with losses of millions
At the same time, 18 entities ended the year with total losses of approximately 242 million lei. The largest loss was recorded by Î.S. "Calea Ferată din Moldova", almost 90 million lei, but this was reduced by approximately 72% compared to the previous year. Other significant losses were reported by SRL "Arena Națională", S.A. "CET Nord", S.A. "Metalferos" and Î.S. "Editura Universul".
APP notes that several companies still at a loss have improved their financial results, including Mărculești International Airport, Sanfarm-Prim and Mecagro.
In the coming period, the priorities will be to consolidate high-performing companies and accelerate the restructuring of those that remain at a loss, the Public Property Agency states.
The Republic of Moldova currently has 515 active state-owned enterprises. Some of these enterprises, including strategic ones like Moldtelecom and Franzeluța, are listed for privatization. The situation will be examined during public hearings scheduled for Friday, July 31, as announced by the chairman of the parliamentary inquiry committee, Deputy Dinu Plîngău.
The hearings will address the legal status of state-owned enterprises and their transition to the management of the Public Property Agency. Additionally, the discussions will cover the process of appointing and compensating board members, as well as the enterprise sorting plan developed in 2023.
