AKWEL DRIVES 26 PER CENT TURNOVER INCREASE IN 2021 FIRST HALF

KUALA LUMPUR, July 30 (Bernama) -- AKWEL, the automotive and HGV equipment and systems manufacturer, has posted consolidated turnover of €487.6 million in the first half of 2021, up by 26.0 per cent compared to the first half of the previous year. (€1 = RM5.031)

According to a statement, activity remains down by -13.9 per cent compared to the first half of 2019.

On first half, AKWEL saw its turnover increase by 88.7 per cent when comparing published figures (99.7 per cent when taking exchange rates and scope as constants).

The group’s quarterly turnover is to be compared with a second quarter of 2020 in which worldwide vehicle production virtually ceased for two months and was down by -21.7 per cent compared to 2019.

Procurement difficulties for the main raw materials and electronic components are affecting the organisation of the entire supply chain, resulting in unplanned production stoppages among the manufacturers.

On a like-for-like basis, AKWEL continues to outperform its benchmark markets in its two main regions of operation, in Europe and North America.

On June 30, the AKWEL group had a record positive net cash position, at €95.9 million (excluding debts on lease obligations) after disbursement of the dividend.

AKWEL confirms it is expecting to see activity increasing over the year underway, in view of the favourable base effect for 2020, but remaining below that of the year 2019.

Operating in 20 countries across every continent, AKWEL employs almost 10,500 people worldwide.

-- BERNAMA