Akwel records turnover of Euro 826.3 million, increases 3.3 per cent plus

KUALA LUMPUR, Nov 15 -- Akwel, the automotive and HGV equipment and systems manufacturer has posted consolidated turnover of €826.3 million on Sept 30, 2019, an increase of over 3.3 per cent. (€1 = RM4.58)

In the first nine months of 2019, Akwel recorded turnover increase of over 4.3 per cent when comparing like-for-like figures, according to a statement.

This performance was achieved against the backdrop of a global automotive industry in which conditions were still difficult, with a drop in product volumes of around -7 per cent.

With an investment budget more in line with normality this year and a more efficient management of working capital requirements, the group generated a free cash-flow of €38.6 million over nine months.

It also achieved a reduction in its net financial debts of €30.6 million (excluding the impact of IFRS 16) compared to the situation on Dec 31, 2018, of which €12.6 million came in the third quarter.

AKWEL can confirm all of the targets announced for the 2019 and 2020 financial years: growth in turnover, growth in operating profit and a return to a positive free cash flow in 2019, with a turnover of around €1.2 billion next year.

-- BERNAMA