Record revenues, a growing solar market and dynamic international expansion for a major player in the Hungarian energy sector

Forest-Vill, a dynamically developing player in the Hungarian energy sector with nearly 200 employees, closed its strongest year since its establishment – the company’s turnover in 2021 amounted to 13.3 billion HUF, which represents an increase of nearly 40 percent compared to the previous year. In addition to significantly increasing the revenues of its divisions, Forest-Vill has also focused on international expansion. In particular, the company strengthened its positions in the Middle East region and plans to open its own office in Kuwait.

Based on the financial statements for the 2021 financial year, Forest-Vill’s revenue – beside a profit after tax of HUF 54 million – was close to HUF 13.3 billion, an increase of around 40 percent compared to the previous year. The largest share of the revenue was generated by the Industrial Services division, which contributed HUF 5 billion to the record result, among other things due to the construction of the solar park in Halmajugra.

Forest-Vill achieved a number of milestones in 2021, as the growth trend was reflected not only in the financial indicators, but also in the development of the company’s workforce and machine park. The company increased its staff by more than 120 employees during the year, and now employs nearly 200 people nationwide. The technical equipment fleet also expanded, mainly in the areas of networking and industrial projects – including crane trucks, basket lifters, excavators, large industrial energy machines and diagnostic equipment. In addition, in 2021 a new ERP system was introduced at the company, which is continuously being developed and expanded.

This energy company’s range of services has also continued to expand over the past year. With an increased focus on sustainability, Forest-Vill’s business strategy has been driven by a broad expansion in the solar market, and accordingly the company has raised the number of solar energy projects. In addition, the International Business Development division was established to promote international expansion, currently mainly in the Middle East. During the year, the division won its first contract to renovate substations in Kuwait. Some of the division’s employees are currently in the Middle East country, where they are working with a local partner to open a commercial office.

Csaba Németh, CEO of the Forest-Vill, said that the financial and professional results of the past year have confirmed that the company is on the right track towards its goals. The company does not intend to deviate from this path and has set a growth target of 30 percent for 2022, and everything is given to achieve this, the CEO added.