Ganz Company’s Turnover Doubled in 2024

Ganz Transformers and Electric Rotating Machines Ltd. closed the 2024 business year with an outstanding result, its net sales more than doubled compared to last year, and its profit after tax increased almost fourfold, the company told MTI on Thursday.

According to a statement, the net sales of the company, which has been 100% Hungarian-owned since 2020, increased from EUR 71.55 million in 2023 to EUR 110.65 million in 2024, a 55% increase. The result of operations nearly tripled to EUR 19.8 million, while the profit after tax rose to EUR 18.15 million from EUR 4.45 million last year.

Ganz's service business posted the biggest revenue growth of two and a half times, the rotating machinery business doubled its revenue, while the transformer business performed almost one and a half times better in this indicator compared to 2023.

Export markets accounted for 42.34% of Ganz's turnover, with 2024 being the third consecutive year in which the company has reported turnover growth and a positive operating result, the statement said.

In terms of external markets, the company was mainly successful in Europe, with 32% of its sales coming from European Union markets.

The company's workforce grew by more than 100 employees last year, reaching more than 620 by the end of the year.

At its plant in Tápiószele, east of Budapest, the company manufactures custom-made high-voltage electrical equipment, transformers, motors and generators, and also provides related service activities for its customers.

The company is present in most European countries and has also established a presence in the Middle East and South-East Asia, the statement said.