KUALA LUMPUR, Feb 14 -- AKWEL, the automotive and HGV equipment and systems manufacturer specialising in fluid management and mechanisms, has posted consolidated turnover of €922.4 million in 2021, up +2.8 per cent comparing like-for-like figures. (€1 = RM4.759)
Over the 2021 financial year as a whole, which was characterised both by an upturn in activity following the 2020 crisis and by a major lack of visibility regarding supply, which disrupted its manufacturer clients’ production, AKWEL recorded growth of 2.8 per cent when comparing like-for-like figures.
Products & Functions turnover reached €882.0 million in 2021, with slight growth experienced in Cooling activities (+2.5 per cent), and Mechanisms (+1.9 per cent). Tooling turnover stood at €30.7 million, down by -27.3 per cent after two atypical financial years in 2019 and 2020.
According to a statement, net cash excluding lease obligations reach €108.3 million by financial year end, an increase of €47.7 million over the year.
In a context of high volatility in terms of manufacturers’ production levels, AKWEL has succeeded in keeping up with its client demand. Supply limitations will weigh on the current operating income for 2021, expected to have fallen by around 35 per cent for a similar level of margin to the 2018 and 2019 financial years.
Visibility regarding the global vehicle market over 2022 remains poor. AKWEL nonetheless, anticipates an increase in its turnover and will focus efforts on its industrial model to ensure it efficiently adapts to these market conditions and to better serve its manufacturer clients.
With a solid financial position, the group will continue to invest in its long-term development by focusing on product developments in its sector, particularly new mobility solutions.
Operating in 20 countries across every continent, AKWEL employs more than 10,000 people worldwide.
-- BERNAMA
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