AKWEL UNVEILS 2021 THIRD QUARTER REVENUE

KUALA LUMPUR, Nov 12 (Bernama) -- AKWEL has posted consolidated revenue of €699.1 million over the first nine months of 2021, up by 7.7 per cent compared to the same period last year. (€1 = RM4.765)

Against a backdrop of tensions on commodities and electronic components, volumes remained at low levels for the global automotive industry, compared with a third quarter of 2020 characterised by a strong catch-up effect.

AKWEL, the automotive and HGV equipment and systems manufacturer specialising in fluid and mechanism management, in a statement said Q3 revenue fell by 19.3 per cent.

Products & Functions revenue (-17.2 per cent compared with the third quarter of 2020) however, records the performance by business days outstripped the performance during the second quarter, which is a first.

Meanwhile, the Oil, Fuel, Cooling and Mechanisms businesses achieved double-digit growth, while the Washing product line posted a significant decline.

Net cash (excluding lease obligations) fell during the third quarter by €4.8 million, primarily due to the increase in inventory, but remained at a high level at the end of September 2021 at €98.3 million.

Visibility on production volumes in the global automotive industry is still extremely poor. The target of a rise in annual revenue remains a lofty goal that is increasingly difficult to achieve.

In this context, and bolstered by a solid model and a favourable financial position, AKWEL is continuing to prepare for its long-term growth by pursuing its investments in sales growth and new mobility solutions.

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

-- BERNAMA