Ganz Transformers Nearly Doubles Turnover in 2022


Ganz Transformers and Electric Rotating Machines' turnover almost doubled to a total of EUR 43.89 million in 2022 compared to 2021, the company tells the Budapest Business Journal.

In addition, following a negative net income in 2021, the heavy equipment manufacturer's operating profit for 2022 totaled EUR 1.96 mln, and its profit after tax was EUR 2.29 mln.

"Over the past two years, we have worked with great discipline and determination to stabilize Ganz's financial backing and production processes. In this process, 2021 was already satisfactory, but we consider last year as a breakthrough since we managed to turn all our financial results into a positive one. So, the results already show that Ganz is pursuing a sustainable business strategy that favors further growth," comments Gergely Gál, managing director of Ganz Transformers and Electric Rotating Machines.

As a result of the intensive export activities, the Hungarian company is now active in nearly 15 countries, including several European countries, North Africa, and the Middle East region. Ganz's three divisions – Transformers, Rotating Machinery, and Service – have completed a total of almost 60 major projects in the domestic and international markets in the past year.

As a result of the company's consistent expansion, by the end of 2022, some 50% of sales came from foreign markets, including an increase in sales outside the European Union compared to 2021. As the outstanding production of the Hungarian solar power plants had a favorable effect on Ganz as well, most of the company’s domestic sales revenue was related to solar projects.

Another significant event in the company's life last year was a partnership concluded in May with Maschinenfabrik Reinhausen (MR), the world market leader in the field of transformer control. As a result of the cooperation with MR and its successful R&D activities, in the fall of 2022, Ganz officially launched its latest intelligent technological development, Ganz Intelligent Solutions.

"The transformer market is enjoying a golden age again. We see that it has become a global trend that the market demand for these heavy machines is twice as high as the production capacity. Ganz intends to continue to be a major player in this growing market, and this year we aim to achieve another 50% increase in turnover. For this, we must continue to advance in innovation and minimize our exposure to the fact that we primarily rely on foreign suppliers for certain components of our products," Gál adds.

"However, we would not be able to achieve these goals without our excellent colleagues, so to meet the increased order volumes, we introduced a performance incentive pay scheme for our colleagues last year," he notes.

In 2022, the company carried out major renovations at its factory in Tápiószele, including lighting and insulation upgrades, the placement of resin flooring, roof renovations, and fire gate replacements. The company also carried out a refurbishment of the supplier's equipment, worth more than EUR 475,000.

Real Net Wage in Romania Rises in February Figures

Real Net Wage in Romania Rises in February

Gov't Considering Fuel Price Intervention Government

Gov't Considering Fuel Price Intervention

Yettel Magyarország Revenue Climbs to EUR 615 mln in 2023 Telco

Yettel Magyarország Revenue Climbs to EUR 615 mln in 2023

Tribe Hotel Budapest Stadium Recognized at LIV Hospitality D... Hotels

Tribe Hotel Budapest Stadium Recognized at LIV Hospitality D...


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.