AKWEL POSTS 2019 ANNUAL RESULTS WITH POSITIVE FREE CASH FLOW
KUALA LUMPUR, April 10 -- Akwel, the automotive and HGV equipment and systems manufacturer has posted its 2019 annual results with an annual turnover of €1,101.2 million. (€1 = RM4.71)
According to a statement, the results show an increase of 3.7 per cent and 4.4 per cent when taking exchange rates and scope as constants.
This growth took place in a global automotive production market down by approximately five per cent, outperforming by over nine per cent as a result. The current operating margin, 8.4 per cent of turnover, grew to €92.2 million.
With a financial income returned to a more normative level in 2019 (27 per cent), the group share net result reached €62.7 million, up 2.6 per cent. The 2019 free cash flow was positive and reached €28.1 million.
Akwel also showed a solid financial footing: net financial debt of €34.7 million (including €10.6 million related to IFRS 16) and consolidated shareholders’ equity of €507.6 million.
The Group is suspending its five per cent growth target for 2020 and the dividend proposed for the 2019 financial year will be €0.195, a 35 per cent reduction.
More details at http://akwel-automotive.com/
-- BERNAMA
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