Akwel declares 2022 half-yearly results

KUALA LUMPUR, Sept 26 (Bernama) -- AKWEL, the automotive and HGV equipment and systems manufacturer, has published its 2022 half-yearly results.

In the first half of 2022, AKWEL posted a consolidated turnover up by five per cent on a like-for-like basis, while global vehicle production has remained down over the period, according to a statement.

In a market that remains widely disrupted by supply limitations, the Group has achieved strong growth in North America (+18.4 per cent).

The half-year results have been affected by the significant price inflation undergone by raw materials, components, energy, transport, and labour. These rises are partially and gradually reflected in sales prices.

Free cash-flow generation was €16.9 million compared to €44.4 million in the first half of 2021. The Group’s net cash position at June 30, 2022 was €105.7 million, compared with €98.2 million at Dec 31, 2021. (€1 = RM4.430)

As part of the transition to new electric- or hydrogen-powered vehicles, AKWEL also develops structural components for electric vehicles, with examples including electronic modules, battery pack interiors, EV flaps, service battery casings, and cable ducts.

In a global automotive market that continues to be very turbulent, AKWEL confirms its forecast of moderate turnover growth for the 2022 financial year, with the third quarter expected to bring good performance.

Operating in 20 countries across every continent, AKWEL employs 9,700 people worldwide.

-- BERNAMA