AKWEL RECORDS 528.8 MLN EUROS TURNOVER IN 1H 2024

KUALA LUMPUR, July 26 (Bernama) -- AKWEL has posted a consolidated turnover of 528.8 million euros, down 3.1 per cent over the first half (1H) of 2024 compared to same period last year. (1 euro = RM5.06)

In contrast, AKWEL recorded a reported turnover of 265.3 million euros in the second quarter of 2024, slightly higher than in the first quarter of the year, and down 2.2 per cent compared to the second quarter of the previous year.

According to a statement, AKWEL turnover at constant scope and exchange rates for 1H 2024, decreased by 2.8 per cent, with a decline in foreign exchange impact of 2.0 million euros.

By geographical area of production, the company saw turnover increase in North America (4.4 percent), and Asia and the Middle East (including Türkiye) (0.5 per cent), but decline in France (13.5 per cent), the rest of Europe and Africa (1.6 per cent) and South America (36.6 per cent).

After disbursement of the dividend, the company reached a consolidated net cash position of 115.1 million euros on June 30, 2024, excluding lease liabilities, with 30.3 million euros of investments made during the six-month period.

Turnover for Products and Functions amounted to 503.6 million euros in the first half, down 4.9 per cent, whereas tools revenue rose by 32.8 per cent to 17 million euros, in the same period.

Meanwhile, Cooling activity remains the main contributor with a 0.4 per cent increase, followed by Decontamination product lines which is down 20.5 per cent whose decline explains the sharper drop in activity in France, Mechanisms (down 6.8 per cent), Fuel (down 1.2 per cent) and Air (up 8.7 per cent).

Taking into account the activity recorded in the first half of the year and the outlook to date for global automotive production for the full year of 2024, AKWEL expects its turnover to remain stable for the current financial year.

A parts and systems manufacturer for the automotive and heavy-vehicle industry, and a specialist in fluid management, mechanisms and structural parts for electric vehicles, AKWEL operates in 20 countries across five continents, employing 9,600 people worldwide.

-- BERNAMA