TOP 100 PERFORMANCE ANALYSIS BETWEEN 2009 – 2024
The analysis was prepared by Sergej Zafiroski – General Manager of the research and consulting agency Insider ID. For additional information regarding data, services and analysis, please contact +389 71 210 471 or info@insider.mk.
Case Details
Title: Performance Analysis of TOP100 Companies (2009–2024)
Prepared by: Sergej Zafiroski, General Manager – Insider ID (Research & Consulting Agency)
Analysis Period: 2009–2024
Scope: Financial performance, profitability, productivity, and employment trends of TOP100 companies (members of the Chamber of Commerce of Northwest North Macedonia)
Methodology Note: Expenses are calculated as the difference between total revenue and net profit, including all operating, financial costs, and taxes
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OVERVIEW OF THE FINANCIAL ACHIEVEMENTS OF TOP100 COMPANIES IN THE PERIOD 2009 – 2024
The previous decade has been marked by great turbulence and global economic uncertainty. Health crisis, financial crisis, inflation, armed conflicts, disruptions in supply chains and local political and economic challenges that directly affect the operations of companies. On the other hand, it has been marked by great technological progress, which has significantly improved the operations of companies globally.
The Macedonian economy in the same period faced several turbulences that directly affected the result, which is also visible from the GDP growth which is between -4.7% (2020) and 4.5% (2021). In such an environment, achieving growth and development is a significant challenge, which, as analyzed below, the TOP100 members of the Economic Chamber of Northwestern Macedonia achieve a highly positive result.
The data for the period 2009–2024 confirm the long-term trajectory of continuous growth among the TOP100 companies. Revenues reach 1.74 billion euros in 2024, which is the highest level in the analyzed period and records a cumulative growth of 493% between 2009 and 2024. The average revenue growth rate (CAGR) is 22%, which is also highly positive. Expenses also grow, but with a maintained difference in favor of profitability. which in 2024 amounts to 135 million euros of net profit. Net profit margin has been moving in a relatively narrow range of 6–8% over the last decade, reaching a historical high of 7.9% in 2024, the same as in 2020, with a compound annual growth rate (CAGR) of 19% and a cumulative growth of 590% (between 2024 and 2009). This indicates that companies have managed to absorb price, energy and supply chain shocks and maintain profitability at the same level as in the year of the pandemic, when adaptation was most pronounced. Compared to previous years, 2023 is a year of stagnation, with net profit around 100 million euros and a margin of 7%. However, in 2024, a clear return to growth is seen, both in absolute profit and in the margin.
This confirms the ability of companies not only to stabilize, but also to increase efficiency. What is of interest is that despite the significant increase in revenue and profit in absolute values, the net profit margin has remained relatively stable between 7% – 8% over the last decade.
The trend of revenue and profit growth from 2009 to 2024 shows clear phases of ups and downs, which is expected considering the challenges that companies have faced in the last 15 years. What is positive is that the TOP100 companies have recorded higher revenue and profit growth than annual GDP growth for most of the years in the analyzed period, which indicates above-average performance.
The initial period (2009–2011) brings strong growth in both revenue and profit, with rates above 13%, which creates the impression of stable expansion. Immediately after, in 2012–2014, a decline is seen – revenue enters the negative zone from −3.0% to −1.8%, and profit remains barely positive. This part of the curve is marked by stagnation and uncertainty. From 2015 onwards to 2020, a period of repeated growth is marked. The strongest signal comes from 2016, when profits grew by almost 37%, and revenue also recorded double-digit growth. In 2018 and 2019, both indicators recorded strong growth again, confirming the second period of expansion. The crisis caused by COVID-19 between 2020–2021 brings more modest movements. Although profits have a jump of 21.9% in 2021, revenue grows with less intensity, which indicates unevenness. Then, in 2022 and 2023, the lines show a clear slowdown – revenue even falls by −0.7%, and profit remains at a low 3.1%. This is a sign of stagnation and restraint among companies. In 2024, however, the situation changes dramatically. Revenue grows by over 21%, and profit even more – 35.8%. This is the highest profit jump since 2016 and marks a strong return to expansion.
The average values per company also follow the general trend among the TOP100 companies, but the information allows to define how much resources the companies actually have, especially profit, since they represent the future potential for investment, growth and development.
The average results per company from 2009 to 2024 reflect the gradual and long-term expansion of business operations. In the first years (2009–2014) moderate growth is seen: the average revenue ranges from 3.5 to 5.9 million euros, while the average profit remains in a narrow range around 0.28–0.31 million euros. This is a stabilization phase with limited increase in profits. From 2015 onwards, the lines begin to separate more clearly. Revenue and expenses are gradually increasing, and average profit begins to increase beyond the previous static range – from 0.43 million euros in 2015 to 0.66 million euros in 2018, where a trend of improving operating efficiency is visible. In 2019 and 2020, growth stagnates, but revenue and expenses rise above 9 million euros, while profit reaches 0.73 million euros.
In 2021–2022, the average revenue per company exceeds the threshold of 11 to 13 million euros, and profit exceeds 0.8 and reaches 1 million euros. This confirms the jump in profitability. Finally, in 2023 and especially in 2024, the greatest progress is recorded. Revenue reaches 17.1 million euros, expenses 15.8 million euros, and average profit 1.35 million euros. This last point is a historical peak and shows that companies are not only generating significantly higher revenues, but also retaining a portion of those revenues as stable net profit.
Employees and basic financial parameters per employee
One of the key challenges for domestic companies is finding highly qualified local staff. In fact, the higher the quality of the staff, the higher the productivity and thus the overall performance of the companies and the economy. In general, it is noticeable from the data that the TOP100 companies employ significantly more people (372%), if we compare 2009 with 2024, but at the same time the average revenue and profit per employee have increased by 30%. However, the increase in the number of employees by 372% in a period of 15 years is significantly positive, and the increase trend is projected to continue in the future.
If we analyze the information, the number of employees in TOP100 companies shows a long-term growth from 2009 to 2024, with clear phases of upward movements and several periods of stagnation. In the initial period (2009–2012) the number rises from 2,899 to 3,990 people, which represents a gradual increase. Then, in 2013–2016, the trend is leveled off – the number grows more slowly and remains in the zone between 4,300 and 5,200 employees. There is a noticeable jump in 2017–2018, when companies increase their staff from 6,009 to 8,693 people. This is the strongest increase in the analyzed period and marks a transformational moment. In 2019–2020 the numbers range between 8,300–9,200, which indicates stabilization after the sharp jump. From 2021 onwards, there is a gradual increase again – the number of employees grows to 9,735 in 2023, and in 2024 reaches a historical maximum of 10,794 people.
Despite the significantly high growth in revenue and profit of the TOP100 companies, the average values per employee do not follow the same trend. In fact, as can be seen from the results, although there is a growth in the indicators, no significant change in performance per employee has been observed. If analyzed from the perspective of productivity per employee (income generated), a small number of years deviate significantly from the average of 121 thousand euros. In fact, in 2024, compared to 2009, the average revenue per employee increased by 30%, although the total revenue of the TOP100 companies recorded a growth of 493%. It is positive that in the last 5 years, from 2020 to 2024, the average has continuously grown, which potentially indicates that after the health crisis, companies have undertaken activities that have enabled higher productivity growth.
Analyzed by period, in the first years (2009–2011) a slight decrease is seen: the average income falls from 120 to 105 thousand euros, and expenses range from 112 to 98 thousand euros. The average profit is modest and remains at the level of 7–8 thousand euros. From 2012 to 2016 there is stabilization – income ranges around 121–125 thousand euros, expenses around 114–119 thousand, and profit is on average 6–7 thousand euros. This is a phase of relative balance, without major oscillations. In 2017–2018 a decline occurs – income decreases to 110 thousand, and then to only 86 thousand euros, with a simultaneous drop in profit to 6 thousand euros. This is the weakest point in the entire period and indicates reduced productivity. From 2019 onwards, recovery begins. Revenue per employee grows again, first to 108 thousand euros, and by 2021 reaches 146 thousand euros. Profit per employee in this period increases to 9–11 thousand euros, which shows the new phase of enhanced efficiency. In 2022–2024 the line continues with an upward trend. Revenue per employee grows from 146 to 159 thousand euros, expenses reach 146 thousand, and average profit reaches the highest value of 13 thousand euros per employee.
Revenue and profit of TOP10 Companies
The analysis of the results of the largest 10 companies defines the financial concentration among the TOP100. The higher the share of the TOP10 in total revenue and profit, the greater their influence on the overall result of all 100 companies. According to the data for 2024, the largest 10 companies are responsible for generating 47% of total revenue and 35% of total profit. Consequently, the remaining 90 companies generate the remaining 53% of revenue and 65% of profit, which indicates a high concentration of financial power among the top 10 companies.
The revenues of the TOP10 companies have been growing steadily throughout the period, from 188 million euros in 2009 to 805 million euros in 2024. Profit, on the other hand, has remained at a relatively low level in the first decade, around 11–13 million euros, and then after 2017 it has entered a new upward trend and reached 47 million euros in 2024.
The share of the TOP10 in the total revenue of the TOP100 in the initial part of the series (2009) is a high 54%, after which it gradually decreases and ranges around 38–42% in the period 2015–2021. In recent years, the share has been growing again, reaching 47% in 2024, which shows that the largest companies are once again taking a more important role in total revenues. A different trend is observed in profits. The share of the TOP10 in the total profit of the TOP100 in 2009 was 47%, and then there was a gradual decline. In 2024 this share is 35%, which indicates that despite the growth in absolute profits, the remaining 90 companies contribute relatively more to profits than the largest ten.
