Transformer Manufacturer Ganz Doubles Revenue

Compared to 2021, the sales revenue of Ganz Transformer and Electrical Rotating Machinery Manufacturing Ltd. almost doubled to a total of EUR 43.89 million – roughly HUF 17.5 billion – in 2022, the heavy machinery manufacturer said in a statement sent to MTI on Monday.

They pointed out that the company's operating profit increased to a total of EUR 1.96 million in 2022 after a minus result in 2021, while its profit after tax was EUR 2.29 million.

Last year, 50 new employees were hired at the company's plant in Tápiószele and its Budapest office, and the company plans to add more than 100 new employees by the end of this year, they said.

Gergely Gál, the company's managing director, said in the statement that over the past two years, they have been working purposefully to stabilize the company's financial background and production processes. They were already satisfied with the year 2021, but last year, they achieved a breakthrough as they managed to turn all their results into positive ones, he added.

The managing director also pointed out that the global demand for transformers is twice the production capacity, and Ganz wants to be one of the main players in this booming market, so they are aiming for another 50% increase in sales this year. To do this, he says they need to continue to innovate and minimize their exposure to certain foreign subcontractors for certain components of their products.

The company said that by the end of the year, 50% of its sales revenues came from foreign markets, including an increase in sales outside the European Union compared to 2021. The majority of domestic sales were related to solar power projects.

It was recalled that the company has entered into a cooperation with Maschinenfabrik Reinhausen, a German company that is a world leader in transformer control, and in the fall, it presented a smart technology development for transformer monitoring.

Ganz Transformer and Electrical Rotating Machinery Manufacturing Ltd. was founded in 2020 and acquired the Ganz factory in Tapiószele and its assets through a public auction, and concluded employment contracts with nearly 300 former employees of the company. As a result of the reorganization, the company is now 100% Hungarian-owned again after more than 15 years. The company is present in nearly 15 countries, including several European countries, North Africa and the Middle East region.