Here is the list of the 100 largest companies shaping Mongolia's economy in 2023. These companies account for 73% of Mongolia's GDP, 29% of total taxes, and create 83.7 thousand jobs.

• 🔁 Sector Shifts: In the TOP-100 basket, more than half, or 59 companies, are in mining, trade, and services. However, the new list includes 11 new mining companies and 5 construction and road companies.

Ups ⤴️, Downs ⤵️

Oyu Tolgoi tops the TOP-100 list for the second consecutive year, while Energy Resources climbs to second place. In the TOP-10, MAK rises by 6 ranks, and Khuren Tolgoi Coal Mining jumps 30 places. However, Shunkhlai drops 7 places, and Mobicom Corporation falls 5 places, dropping out of the TOP-10. The biggest jumpers in the rankings are Usukh Zoos, which rises 56 places, and Bayalag Energy Resources, which climbs 50 places. Additionally, 5 companies rise by more than 29 places.

• 🆕 Brand New TOPs: South Gobi Sands makes its debut on the list, ranking 11th. A total of 18 companies, including Sharyn Gol JSC (SHG), APU Dairy, and Shangri-La Ulaanbaatar Hotel, enter the TOP-100 for the first time.
• Limited 🆚 Public: The number of joint-stock companies (JSCs) in the TOP-100 increases by 5 to 14, with 5 of these 14 companies now in the TOP-10.
• 🎡 Giant Groups: MCS Group and Shunkhlai Group retain their positions from last year, while MAK surpasses Tavan Bogd Group to claim third place.

🔝 TOP-20: Profit ➖, Revenue ➕

Revenue for the TOP-20 companies increases by 41% from last year, reaching ₮28.6 billion. However, profits decrease by 6.9%, totaling ₮1.4 trillion. Meanwhile, taxes rise by 50.9%, reaching ₮3.8 trillion, and assets decline by 9.7% to ₮11 trillion.

• 🧮 Compared to 5 Years Ago: Compared to 5 years ago, profits for the TOP-20 companies increase by 33%, and revenues rise by 46.7%. However, taxes decrease by 2.3%, and assets shrink by 2.3 times. Notably, the TOP-20 in 2019 included Erdenet Industrial State Enterprise, Ulaanbaatar Railway Corporation, and National Electricity Transmission Network Corporation.

Finally, the composition of the TOP-100 companies presents a stark contrast. State-owned companies, which were thriving in 2019, are nowhere to be seen in the new list. As state involvement increases, governance weakens, and the balance of income and expenditure deteriorates over time. Unfortunately, this trend persists.