The financial results for 2025 show that Macedonia's construction sector lags significantly behind banking and part of industry when it comes to profitability.

According to the published data, the ten construction companies with the largest profit in 2025 posted a combined profit of around 38.9 million euros. On the list are:

• Adora Inzhenering DOOEL - 6.63 million euros
• M.G. Feshn DOO - 4.83 million euros
• A Plus Inzhinering DOO - 4.25 million euros
• Zhikol DOOEL - 4.07 million euros
• Stenton Gradba DOO - 3.76 million euros
• SMS Shops DOOEL - 3.19 million euros
• Obnoviteli DOOEL - 3.16 million euros
• Aleks-3 DOOEL - 3.08 million euros
• Vip Proekt DOOEL - 2.84 million euros
• Energogrup DOO - 2.27 million euros

Although these companies are among the most successful in Macedonian construction, their combined profit is significantly smaller than the profit of several individual companies and banks.

Komercijalna Banka posted a profit of over 82 million euros in 2025, which is more than double the combined profit of the ten most profitable construction companies together. NLB Banka made a profit of around 79 million euros, while Johnson Matthey reported a profit of over 73 million euros.

Even Titan Usje, with a profit of around 29 million euros, single-handedly earns a profit that reaches about three quarters of the profit of the entire group of ten most successful construction companies.

These numbers raise the question of whether the construction sector is entering a period of slowdown. Although apartment prices in many cities have reached historic records, the profitability of construction companies remains significantly lower than that of banks, energy companies and part of the large industrial capacities.

The fact that the ten most profitable construction companies together earn less than a single bank is a clear indicator of the shift in the center of gravity of the Macedonian economy, where the biggest profits are increasingly concentrated in the financial sector, energy and industry, rather than in construction.