GAM see big jump in growth in Latin America
03 March 2023
Spanish rental company GAM saw its Latin American business grow by 30% to €31.7 million in 2022, representing 14% of its total €223 million sales for the year.
The company has also signed a deal to distribute Ormig’s electric cranes in Spain and other markets.
Overall the business reported sales up 33% in 2022, with Spain 32% higher at €169.6 million, representing three quarters of its business.
Revenues in Portugal rose 33% to €17.6 million and its operations in Morocco generated sales of €4.4 million, 77% higher than 2021.
EBITDA profits were 32% up on 2021 at €58 million, representing an EBITDA margin of 26%. Net profit tripled to €8 million.
Ormig crane agreement
Meanwhile, GAM has announced an agreement with Italian crane manufacturer Ormig to distribute its electric cranes in Spain, Portugal, Mexico, Chile and Morocco.
The cranes are in the 15 to 100 tonne load capacity range and are typically used to handle heavy loads in machine maintenance and movement, in manufacturing operations and in aerospace and construction.
Luis Turiel, Director of Distribution and Sales of GAM Spain, said the company had a firm commitment to sustainability; “Our agreement with Ormig is a clear example of this. For years we have been working on the renewal of the machinery fleet, and currently, more than 75% of our equipment is zero-emission.”
GAM operates in 10 countries and has 75 branches, with around 1,200 employees. In recent years it has expanded its sales activities, particularly in industrial material handling in Spain and Portugal.