Approximately 93.7% of the total value of state-owned companies’ assets is concentrated in 20 companies, more than half of which are concentrated in the State Roads Administration and Energocom – Expert-Grup
According to the Report on Monitoring the Implementation of the State Property Management Strategy in the Sector of Small and Medium-Sized Enterprises with Fully or Predominantly State-Owned Capital, compiled by Expert-Grup Independent Think Tank, in 2024, the total assets of state-owned companies reached approximately 66.2 billion lei, compared to 62.4 billion lei in 2022; however, their share in the total assets of the economy decreased from 10.3% to 9.7%. According to experts, this indicates that the private sector grew faster than the public sector, and the relative role of state-owned companies in the economy’s asset structure is gradually diminishing. The dynamics of assets of state-owned enterprises in 2022–2024 reflect a distinct investment cycle characterized by more significant growth in 2023, followed by a phase of consolidation and structural restructuring in 2024. At the same time, the development trajectories of state-owned enterprises and joint-stock companies with state participation in their charter capital differed. A comparative analysis shows that, although both categories manage significant public assets, their dynamics and structure are driven by different economic and institutional factors. At the same time, aggregate changes are most often determined by a few large enterprises, which makes it difficult to identify systemic trends. Among state-owned enterprises, the largest volume and growth of assets were recorded by the State Roads Administration—20.3 billion lei (+1.8 billion lei over two years)—due to changes in the designation of certain land parcels and their inclusion on the balance sheet. Next in terms of asset volume is Moldova Railways (CFM)—4.4 billion lei (-0.3 billion lei)—with Moldelectrica in third place—3.1 billion lei (-0.03 billion lei). Meanwhile, aside from the State Roads Administration, the assets of Chisinau International Airport increased significantly—by 1 billion lei—to 1.8 billion lei. The asset structure of state-owned enterprises remains rigid, dominated by non-current assets, which consistently exceed 82% of the total volume (approximately 29.1 billion lei as of the end of 2024). Within this category, tangible assets account for over 80%, reflecting the infrastructure-intensive and capital-intensive nature of these enterprises’ operations. This structure limits their financial flexibility and ability to adapt quickly to economic changes, reinforcing the need for reorganization or restructuring. Unlike state-owned enterprises, where assets increased in 2023 and decreased in 2024, in state-owned joint-stock companies, assets decreased in 2023 and increased in 2024. Unlike state-owned enterprises, the asset structure of joint-stock companies is more balanced: non-current assets accounted for about 53% in 2023 and about 50% in 2024, while current assets accounted for approximately 47–50%. This reflects their stronger focus on current economic activities, trade, and services, where asset turnover is higher and the influence of market mechanisms is stronger. In terms of total assets, Energocom S.A. ranks first with 11.8 billion lei (-0.3 billion lei over two years), followed by Moldtelecom S.A. with 5.5 billion lei (+0.2 billion lei), Termoelectrica JSC – 5.2 billion lei (-0.3 billion lei). Overall, the top 20 state-owned companies by total assets account for 93.7% of the total value of assets in the state-owned sector, and they also account for 86.7% of asset growth in 2023–2024. // 28.04.2026 — InfoMarket.
