AKWEL: REVENUE INCREASES TO 11.7 PCT IN FIRST QUARTER, 2023

KUALA LUMPUR, May 5 (Bernama) -- AKWEL, the automotive and heavy goods vehicle (HGV) equipment and systems manufacturer, posted consolidated revenue of €274.6 million in the first quarter (Q1) of 2023, up 11.7 per cent. (€1=RM4.88)

According to AKWEL in a statement, with the global automotive market having returned to growth, the company saw its revenue on a like-for-like basis advance 14.6 per cent during the first quarter of the 2023 financial year.

The geographical breakdown of revenue by production zone with France earning €77.5 million, an increase of 10.9 per cent; Europe (excluding France) and Africa: €80.6 million (up 16.6 per cent); North America: €74.1 million (up 4.2 per cent); Asia and the Middle East (including Turkey): €41.3 million (up 20.4 per cent); and South America: €1.1 million (down 15.4 per cent).

Most of the product lines achieved progress, particularly the biggest such as the Cooling (14.8 per cent), Mechanisms (19.8 per cent), Fuels (17.7 per cent) and Air (19.2 per cent) businesses. The rapid ramp-up of the new Structural Parts for Electric Vehicles business, which doubled its contribution to €5.8 million, is worth noting.

The consolidated net cash position, excluding the impact of lease obligations, was €109.1 million at the end of March 2023, with the investment budget more than doubling to €11.0 million versus €5.1 million in the first quarter of last year.

As the automotive and HGV sector will continue to be disrupted in 2023 and due to the poor visibility given the current international economic and geopolitical tensions, AKWEL is expecting a slight increase in its sales during this financial year.

Operating in 20 countries across every continent, AKWEL employs 9,500 people worldwide.

-- BERNAMA