The 24th edition of Mongolia’s TOP-100 enterprises for 2024 is out, highlighting the country’s economic heavyweights shaping the market today. Some familiar names remain dominant, while newcomers are shaking things up. Let’s take a closer look at how Mongolia’s business landscape has evolved.

🤔 The TOP-20

On average, companies currently ranked in the TOP-20 have climbed 5 positions since 2014. Leading names like MCS Group, Shunkhlai, APU (APU), Khan Bank (KHAN), Trade Development Bank of Mongolia (TDB), Golomt Bank (GLMT), XacBank (XAC), MAK, NIK, and Mobicom Group, were already among Mongolia’s largest enterprises a decade ago. Notably, Oyu Tolgoi, which ranked 15th in 2014, has surged to the top spot in 2024.

• 💡 Several companies like Premium Nexus (CUMN), South Gobi Sands, Digital Concept, Max Group, Barloworld Mongolia, and MoEnCo did not appear in the TOP-100 in 2014. But some of these were not even established at the time.
• 🤕 Conversely, companies like Sodmongol Group, Layton, SCTICM, and Magnai Trade, which were in the top 20 in 2014, failed to appear in the TOP-100 list in 2024, reflecting significant shifts in the market landscape.

📈 Tax Contributions

In 2014, the TOP-100 companies paid ₮2.5 trillion in taxes, making up 30% of the state’s total tax revenue. By 2024, this tripled to ₮7.6 trillion, accounting for 28% of total tax receipts. Since 2022, state-owned enterprises have been excluded from the TOP-100 and listed separately. Still, state-owned firms contributed ₮5.5 trillion in 2024 taxes, or 20% of total revenue.

• ☝ Leading Sectors: Unsurprisingly, mining and quarrying remains the dominant sector, generating ₮23.9 trillion in sales revenue in 2024, which accounts for 43.5% of total sales among the TOP-100. The trade sector follows in second place with ₮13.2 trillion in revenue, or 24% of the total.

🔎 Joint Stock Companies (JSCs)

This year, the TOP-100 list includes 12 joint stock companies (JSCs) listed on the Mongolian Stock Exchange (MSE), doubling the number from 2014. Among these are 4 major banks included following recent banking reforms, as well as Premium Nexus, established in 2017, and Investcore NBSF (INV), a pioneer in the financial sector.

Overall… In 2024, the combined sales revenue of the TOP-100 companies reached ₮54.9 trillion, equivalent to 69% of Mongolia’s GDP. This marks a 5% decrease in the share of sales revenue relative to GDP since 2022. This raises an interesting question. Is the income of private sector companies outside the TOP-100 growing, or are state-owned enterprises expanding?