The Mongolian government and the Mongolian National Chamber of Commerce have published their annual ranking of the country’s top 100 companies for 2022. The ranking is based on five criteria: revenue, tax contribution, number of employees, net profits and size of assets.

Key observations

• The service sector dominated the list with 35 entries, followed by mining and petrol with 15 each. Food and financial sectors had 10 and 7 companies respectively.
• Mining remained the biggest revenue generator, accounting for 28% of the total revenue of the top 100 companies, while financial services had the highest profits at 33%.
• Only nine of the top 100 companies were listed on the Mongolian Stock Exchange. The government has said it wants to encourage more public offerings by easing regulations and providing support.
• MCS Group, a private conglomerate, confirmed its status as the largest group company in Mongolia with 10 subsidiaries in the ranking, followed by Shunkhlai Group with nine and Tavanbogd with six.

One notable trend was the decline in the share of revenues by the top 100 companies in Mongolia’s gross domestic product from 96% in 2018 to 73%, suggesting a growing role for small and medium enterprises and a reduction in economic concentration.

The ranking has mainly a symbolic value for individual companies, but it offers a useful snapshot of the Mongolian economy beyond its reliance on mining. While mining remains a key driver of the economy, other sectors such as services, food and finance are also making their mark. The government has a role to play in fostering a more conducive environment for public listings and supporting small and medium enterprises.

Note: This year’s list includes only enterprises with majority private ownership. This complicates direct comparisons with previous years’ data.