Coface lists sixty-nine Hungarian companies among CEE Top 500

The Coface credit insurer has published its latest study about the 500 largest Central and Eastern European (CEE) companies and revealed that they considerably increased their turnover and revenue in 2015. There are three Hungarian companies among the top ten companies ranked: General Electric Hungary, MOL and Audi Hungary.

According to the study, the top 500 CEE companies increased their turnover by 4.2 % to nearly EUR 593 billion, making EUR 26.9 billion profit last year.

Hungary represents itself with sixty-nine companies, which is four less than last year; however the “remaining Hungarian giants reported the highest turnover growth (13.8 %) of all countries”, the study reveals.

General Electric Hungary rose to 2nd place and reported a 188.5 % increase in its turnover, MOL moved down to 3rd place as its turnover decreased by 13.9 %, while Audi Hungary increased its turnover by 12.4 % and currently occupies 7th place.

“The shining new star this year is General Electric Hungary which soared in the ranking from 13th place right into the Top 3, where it finished as the new number 2. The company almost quadrupled its revenues following the integration of Alstom’s power generation and grid in 2015”, writes the study.

It has also been revealed that although the performance of the largest Hungarian companies were again very good, the country moved down from 2nd to 3rd in international comparison.

Furthermore, Coface forecasts only a 2.0 % GDP growth in Hungary this year, which will be slower than the 2.9 % achieved in 2015 “due to the decrease in absorption of EU funds”.

Read the COFACE’s ranking HERE.

edited by Gábor Hajnal

Source: Daily News Hungary/Coface