Analysis of the financial result of Macedonian companies for the year 2020

  • Mihaela Trajkovska
Keywords: affect, Covid-19, companies, economy, financial, result


It started as a health crisis, far from Europe and our country, but Covid-19 quickly led
to the global economic crisis. Stock markets crashed, oil prices fell abruptly, production
stopped, factories and shops began to close, and markets of labor were disturbed. The
crisis has hit businesses, albeit at different speeds and in different extent. Some sectors
have suffered more as a result of prevention and proliferation measures which led to
isolation and restricted movement, especially restaurants, educational institutions,
tourism and transport. The macedonian economy was severely affected by the crisis, in
particular tourism, catering, airlines, etc.
The purpose of this paper is to see how the corona crisis affected the performance of
macedonian companies and the disclosed financial results in their financial statements,
analyzing a few companies from different industries, which stocks are traded on
Macedonian stock exchange.


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1. “Covid-19 impact and responses”: North Macedonia,, 2021
2. International Labour Organization, “The impact of KOVID-19 on companies in North Macedonia”, May
4. “Inequality at the time of the corona: Pandemic effects pf Covid-19 on the Macedonian economy”,
Initiative for democracy on Western Balkan, 2021