RIGA, Jan 13 (LETA) - The aggregate profit of companies owned by Riga Municipality grew by 12 percent last year, Riga City CEO Janis Lange said at a news conference Monday.

The municipal companies profit totaled around EUR 24 million in 2024.

The municipal companies' turnover, in contrast, declined from around EUR 946 million a year before to EUR 769 million in 2024. The municipality attributed the turnover decrease to higher energy costs in the winter of 2023.

For instance, while in 2023 the tariff of Rigas Siltums heating utility was almost EUR 184 per megawatt-hour, in 2024 it dropped to around EUR 74 per megawatt-hour. Consequently, the turnover of Rigas Siltums decreased from EUR 442 million in 2023 to EUR 249 million last year, which affected the overall turnover of the Riga Municipality-owned companies.

In 2024, the Riga municipal companies paid a total of EUR 170 million in taxes and implemented investment projects worth more than EUR 125.5 million.

Riga Municipality is the owner or co-owner of 12 capital companies: Rigas Satiksme, Rigas Namu Parvadnieks, Rigas Nami, Rigas Udens, Rigas Mezi, Riga Hospital No.1, Riga Hospital No. 2, Riga Veselibas Centrs, Rigas Dzemdibu Nams, Rigas Nacionalais Zoologiskais Darzs, Getlini Eko and Rigas Siltums.