KUALA LUMPUR, May 7 -- AKWEL, the automotive and HGV equipment and systems manufacturer specialising in fluid management and mechanisms, has posted consolidated turnover of €273.3 million in the first quarter of 2021, virtually unchanged compared to the first quarter of 2020. (€1 = RM4.967)
However, activity remains down by -6.7 per cent compared to the first quarter of 2019, according to a statement.
On a like-for-like basis, AKWEL continues to outperform its benchmark markets in its main regions of operation, excluding China, which accounts for less than three per cent of the group’s business.
In line with the trend from 2020, the group was able to generate through its operating performance, an improvement in working capital and the control of investment budgets significant free cash flow amounting to €22.2 million in the first quarter of 2021.
As indicated during the presentation of the 2020 results, the strong tensions on raw materials and electronic components are reducing the visibility on the evolution of the global automotive market.
Against this backdrop, AKWEL nevertheless, expects its business to grow in the current year, although it will remain lower than in 2019, with profitability and cash generation not reaching the record levels recorded in 2020.
Operating in 20 countries across every continent, AKWEL employs almost 11,200 people worldwide.
-- BERNAMA
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