AKWEL revenue up 5.7 pct to 739.2 million euro in January-September 2022

KUALA LUMPUR, Nov 11 (Bernama) -- AKWEL, an automotive and heavy goods vehicle equipment and systems manufacturer, has increased its consolidated revenue for the first nine months of the year (9M 2022) to 739.2 million euro (1 euro = RM4.75) or by 5.7 per cent compared to the same period in 2021.

In a statement today, the French-based company said that in the third quarter of 2022, it posted a consolidated turnover of 251.1 million euro, up by 18.7 per cent from the previous year when comparing figures, and by 22.3 per cent when taking exchange rates and scope as constants.

“In a still difficult market context, the group has confirmed the gradual recovery in its activity, but it is still down 3.3 per cent compared to the third quarter of 2019, before the health crisis.

“Over the nine months of the financial year, AKWEL’s turnover increased by 10.2 per cent when taking exchange rates and scope as constants,” the company said.

Additionally, it said that free cash flow generation was 6.6 million euro in the third quarter, giving the group 112.6 million euro in net cash (excluding debt on rental obligations), an increase of 14.3 million euro over nine months.

AKWEL has confirmed its expectation of moderate revenue growth for 2022.

The company said the ongoing supply difficulties and higher operating costs, which is difficult to pass on in the short term, will lead to a significant fall in the group’s annual current operating income.

Operating in 20 countries across every continent, AKWEL employs 10,000 people worldwide.

-- BERNAMA