Ganz reports strong financial year: Net revenue grows by 1.5 times
The Hungarian company breaks its own revenue record for the third consecutive year.
Image for illustration purposes
Hungary: Ganz Transformers and Electric Rotating Machines Ltd. ended its 2024 fiscal year with impressive achievements, recording $126 M (€110.65 M) in revenue and a net profit of $20.5 M 8 €18.15 M). With 42.34 % of its income stemming from exports, the Hungarian industrial powerhouse demonstrated robust performance both domestically and abroad.
Revenue soared by 55 % compared to 2023, when the company posted $81.53 M (€71.55 M). Operating profit nearly tripled to $22.5 M (€19.8 M), and net profit saw a fourfold jump from $5 M (€4.45 M) the previous year. This marks three consecutive years of consistent growth and profitability.
Key to this success was Ganz’s transformation and expansion across its three core divisions. The Service Division led with a 2.5-fold increase in sales, the Rotating Machines Division doubled its revenue, and the Transformer Division grew by nearly 50 %.
The company is intensifying its international expansion, with 32% of 2024 revenue generated in the EU and growing markets in the Middle East and Southeast Asia. It also added over 100 new employees, increasing headcount to 620, supporting economic growth in eastern Pest County, where its Tápiószele facility is based.
Ganz’s long-term strategy is rooted in innovation, sustainability, and heritage. In 2025, it launched a solar power and storage system, reducing carbon emissions by around 40 % on select days. Backed by 140+ years of expertise, Ganz continues to contribute to developing energy solutions on a global scale.
Source: Ganz
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