The government and Mongolian National Chamber of Commerce and Industry have announced the Top 100 Enterprises of 2020, with mining companies securing four spots in the Top 5. In particular, Erdenet Mining Corporation, Erdenes Tavan Tolgoi JSC, Oyu Tolgoi LLC, Khan Bank and Energy Resources LLC took the top spots in this order.
There wasn’t change in the top five rank but the competition was fierce for the following five spots. Ulaanbaatar Railway JVC moved up two places to sixth, Trade and Development Bank climbed five spots to seventh, TTJVSCO LLC went up two places to eighth, and APU JSC moved up three places to 10th rank. However, Golomt Bank was the only enterprise to fall in ranks among the Top 10 companies. It dropped two spots to ninth place. The awarding ceremony was held online for the second year amid the COVID-19 pandemic.
“The total amount of taxes paid by Mongolia’s top 100 companies of 2020 reached 4.2 trillion MNT, accounting for 49 percent of total tax revenue. Despite the decline in tax and financial indicators due to the difficult economic and business environment, the number of employees in the Top 100 increased by 2,000 from the previous year, standing at 91,000 workers and accounting for 8.1 percent of total employment. These indicators demonstrate the great value of the role of the TOP 100 enterprises in resolving today’s social and economic problems,” remarked O.Amartuvshin, president of the Mongolian National Chamber of Commerce and Industry.
The sales revenue of these 100 enterprises amounted to 32.6 trillion MNT, which is equivalent to 88 percent of GDP. The ranking is based on official reports from the Ministry of Finance, General Taxation Department, General Authority of Social Insurance, General Authority of State Registration, National Statistics Office and other government bodies. It is determined by full-year income, taxes paid, number of employees paying social insurance, profit, and capital. By sector, the 2020 ranking includes 28 companies in trade and services, 24 companies in mining and quarrying, 10 companies in oil supply, 13 companies in the telecommunications, transportation and logistics sectors, nine companies in construction, nine companies in food and light industry, nine companies in banking and finance, and seven companies in the heavy industry and electricity and heat industries.
Last year, Mongolia’s GDP shrank by 5.3 percent. Mining, quarrying, services, transportation, telecommunications, and wholesale and retail trade sectors all declined, leading a contraction in GDP. In 2020, the country’s foreign direct investment fell 29 percent, while 27,000 businesses closed, according to the General Department of Taxation. It added that 132,000 companies submitted reports on tax reports, of which 98,000 or 74.2 percent submitted “X” or no activity reports.
Top 10 companies by each indicator
