Garo Reports Strong Growth and Profitability for 2021

Garo AB, a manufacturer of electrical products, has announced its full-year results for 2021, highlighting strong growth and high profitability. The company's year-end report indicates a substantial increase in both net sales and earnings, reflecting successful investments and increased demand in key market segments.

The company's net sales grew by 25% compared to 2020, setting a new record. Growth was particularly strong in the E-mobility product area, driven by demand for electric vehicle charging solutions. Sales of electrical distribution products and project business also performed well in both Sweden and international markets. While component supply remained constrained, Garo managed to maintain satisfactory delivery capacity, a considerable order backlog remained at year-end.

During 2021, Garo undertook significant investments, including the decision to build a new production and logistics facility in Szczecin, Poland. This roughly 15,000 square meter facility is strategically located to serve the rapidly growing European market and will considerably increase Garo's production capacity, especially for its E-mobility business.

Garo holds a positive outlook on future market conditions. The structural growth in charging infrastructure, fueled by the rising number of electric vehicles, is expected to continue. Demand for construction-related products, driven by new construction, renovation, and energy efficiency requirements, is also anticipated to remain favorable. The company believes its broad product offering positions it well to benefit from these market trends.