AKWEL announces 488.1 million Euro turnover for first half of 2022

KUALA LUMPUR, July 29 (Bernama) -- Automotive and heavy goods vehicle (HGV) equipment and systems manufacturer AKWEL has posted a stable consolidated turnover of €488.1 million in the first half of 2022. (€1 = RM4.536)

AKWEL said in a statement that it had recorded a higher level of activity in the second quarter of 2022, with a reported turnover up 13.1 per cent. On a like-for-like basis, the increase was 16.9 per cent.

The half-year turnover, up five per cent on a like-for-like basis, outperforming the global vehicle production market over the first half of the year.

The group generated €7.7 million in free cash flow during the first half of 2022, reaching a net cash position as of June 30, excluding rental obligations, of €116 million after dividend payout.

AKWEL confirms its expectation of moderate growth in turnover for the 2022 financial year.

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

-- BERNAMA