AKWEL REPORTS 2021 HALF-YEARLY RESULTS

KUALA LUMPUR, Sept 24 -- AKWEL, the automotive and HGV equipment and systems manufacturer specialising in fluid management and mechanisms, has published its 2021 half-yearly results.

In the first half of 2021, AKWEL recorded consolidated revenue of €487.6 million, up 26.0 per cent on 2020 and 33.7 per cent at a constant scope and exchange rates, but it is still down nearly 14 per cent compared to the same period of 2019. (€1 = RM4.904)

The Group’s business was adversely affected – like the sector as a whole – by major supply difficulties in commodities and electronic components, according to a statement.

EBITDA reached €64.7 million, up 7.9 per cent, and current operating income more than doubled to €50.0 million, while the net income Group share was €38.0 million.

Free cash flow generation remained strong at €44.4 million compared to €51.5 million in the first half of 2020.

In a context of reduced visibility on market, AKWEL expects at best a slight increase in its activity over the financial year as a whole compared to 2020, but significantly down versus 2019. 

Operating profitability is expected to decline in 2021, adversely affected by production disruptions and increases in costs related to supply problems.

Confident in the solidity of its model and the relevance of its strategic choices, AKWEL will continue its investments in commercial development and new mobility solutions, particularly electric and hydrogen, and continue to roll out its partnership with Tallano on braking particles.

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

-- BERNAMA