Analysis of revenue, concentration and economic impact in 2025

Economic activity in North Macedonia remains highly concentrated among a limited number of large companies. The latest data from the 200 Largest and Most Successful show that the 200 companies with the highest revenue in 2025 generated total revenues of over 1.08 trillion denars, confirming their dominant role in the domestic economy.

At the same time, the 200 companies with the highest pre-tax profits generated almost 88 billion denars in profit, while the companies included in the rankings employ nearly 100 thousand people, which further emphasizes their importance for the labor market and the economic stability of the country.

Over 1 trillion denars in revenue for 200 companies

According to the analysis, the 200 companies with the highest revenue in 2025 generated a total revenue of: 1,087,141,422,096 denars .

Compared to 2024, when total revenue was 1,078,192,076,177 denars , this represents an increase of approximately: +8.95 billion denars .

Although the percentage growth is moderate, the data shows that the largest companies manage to maintain a high revenue base even in conditions of changing global economic dynamics, price pressures and a slowdown in European markets.

The average revenue per company within the Top 200 in 2025 is: 5.44 billion denars per company .

In 2024, the average was: 5.39 billion denars .

This shows that despite the high base, the largest companies continue to record revenue growth.

Although the average revenue per company within the 200 Largest and Most Successful is 5.44 billion denars, the median revenue — which represents the “typical” company on the list — is around 3.03 billion denars . This difference indicates that a small number of extremely large companies significantly raise the overall average and further confirms the high concentration of economic power at the top of the ranking.

Economic power is highly concentrated in a small number of companies

The most significant indicator in the analysis is the degree of income concentration.

In 2025:

The 10 largest companies generated 313.5 billion denars

The 20 largest companies generated 439.3 billion denars

The largest 50 companies generated 663.8 billion denars

This means that:

The largest 10 companies account for about 28.8% of the total revenue of the largest 200

The largest 20 companies account for about 40.4%

The largest 50 companies generate as much as 61% of total revenue

The data show a high concentration of economic activity in a relatively small number of corporate systems, which is also a characteristic of many smaller European economies.

It is particularly significant that more than half of the total revenue is concentrated in just 50 companies.

The dispersion between the first and 200th companies remains huge

Additionally, the analysis shows a significant difference between the companies at the top and those at the bottom of the list.

In 2025:

§   The company ranked first achieved revenue of 111.9 billion denars.

§   The company ranked 200th achieved 1.56 billion denars

The difference is more than: 71 times .

In 2024, the ratio was even higher, with the first company having a revenue of 117.8 billion denars, and the 200th 1.53 billion denars.

These figures clearly show that even within the largest companies there is a marked difference in economic power and market position.

Profits are growing faster than revenues

A particularly positive signal is the growth in pre-tax profit.

In 2025, the 200 companies with the highest profits made: 88 billion denars profit before tax .

In 2024, the profit was: 79.8 billion denars .

That represents growth of over: 10% .

Profitability growth is higher than revenue growth, which may indicate:

§   better operational efficiency,

§   cost optimization,

§   stabilizing price shocks,

§   as well as improved margins in certain industries.

Nearly 100 thousand employees in the companies in the rankings

The companies included in the lists of the largest and most successful in 2025 employ: 98,601 people.

In 2024, the number was: 106,315 employees.

Although the number of employees is decreasing, revenues and profits continue to grow, which raises questions about: productivity, automation, digitalization, and the structure of growth among the largest companies.

What do the numbers show?

Analysis of the largest companies shows several clear trends:

§   The Macedonian economy remains highly concentrated in a limited number of companies,

§   the largest corporate systems retain the dominant role in revenue generation,

§   profitability is growing faster than revenue,

§   and the economic gap between the companies at the top and the rest remains significant .

Amid global uncertainty and a slowing European economy, data from the 200 Biggest and Most Successful shows that the largest companies continue to be the main drivers of domestic economic activity, investment and market stability.