Ganz performs better than expected
Hungary, Budapest: Ganz Transformers and Electric Rotating Machines Ltd. achieved spectacular growth in the first half of 2023 as a result of their conceptual construction, well-functioning business strategy, unique expertise and customized production.
Image credit: Ganz
Hungary, Budapest: Ganz Transformers and Electric Rotating Machines Ltd. achieved spectacular growth in the first half of 2023 as a result of their conceptual construction, well-functioning business strategy, unique expertise and customized production.
Following a breakthrough year in 2022, during which the company turned all its financial results into positive ones, Ganz Transformers and Electric Rotating Machines Ltd. performed better than expected in the first half of 2023. The company, which manufactures transformers, high-power electric motors and generators, and services high-voltage equipment, has already achieved 66% of its order volume for 2023 in the first half of the year.
As a result of their unique expertise, customized production, conceptual construction and well-functioning business strategy, which included the appointment of a COO to lead areas such as the design and manufacturing of transformers and rotating machines, project management, industrial engineering and continuous improvement, the Hungarian company’s revenue exceeded EUR 35.4 million in the first half of 2023, while the profit after tax exceeded the previously set targets, reaching EUR 2.8 million. Ganz is forecasting similarly positive financial results for the years ahead, given that the volume of unexecuted received orders has already exceeded EUR 103 million, with the orderbook for this year already 98% filled.
The heavy equipment manufacturer has performed well in several areas, both on domestic and international markets. In terms of order volumes, the Hungarian market met 115% of the company’s annual budget in the first six months of the year.
When it comes to international markets, Ganz has already fulfilled 50% of its export orderbook for this year, totalling almost EUR 25 million. As a result, export orders rose by almost 180% compared to the same period last year, and that increase could be similar in the second half of the year, as well.
“In the nearly two and a half years since the reorganisation, Ganz has not only stabilised its manufacturing and operational activities but has also exceeded expectations in terms of financial results and order intake. [ … ] We are also very pleased to have added more than 30 new employees in recent months, in line with our previously announced plans” – said Jan Prins, Managing director of Ganz.
In 2022, the Hungarian company launched its intelligent condition monitoring system, called Ganz Intelligent Solutions. The introduction of the digital system has had an impact on the energy market that has exceeded the company’s expectations, demonstrating that digitalization is gaining momentum in the sector : in the first half of the year, Ganz has manufactured 14 units, and will produce a total of 36 units equipped with the condition monitoring system by the end of the year, and Ganz has already received orders for 40 intelligent transformers for 2024. The company also manufactures the “most intelligent” transformer with Intelligent Solutions’ Advance package for one of the major players in the Hungarian energy sector. Seeing the strong market interest, the company also made the strategic decision in the first half of the year to extend the condition monitoring system to electrical rotating machines, a segment which has also witnessed a significant growth in order volumes, in addition to transformers.
Source: Ganz Transformers and Electric Rotating Machines Ltd.