AKWEL reports upturn in activity for Q3 2020

KUALA LUMPUR, Nov 13 -- AKWEL, an automotive and HGV equipment and systems manufacturer, has reported consolidated turnover of €649.1 million for the first nine months of 2020, limiting the decline to -21.4 per cent  from the same period last year. (€1 = RM4.88)

The upturn in AKWEL’s activity was confirmed in September, generating turnover growth of 0.9 per cent in the third quarter of 2020 (+6.7 per cent comparing like-for-like figures), and continued to outperform global automotive production.

The main performance factors were the continued positive impact of the Opel/PSA merger, which expanded the customer scope; a high level of aftermarket activity on SCR tanks; and, the ramp-up of activities in China.

According to a statement, the net cash continued to increase in the third quarter, totalling €42.2 million (excluding IFRS 16 impact) at the end of September 2020.

The signs of recovery seen in the third quarter must be tempered in a context of new restrictions associated with the second wave of the COVID-19 pandemic, especially in Europe and the United States.

AKWEL continues to operate in a low-visibility market by relying on the flexibility and effectiveness of its business model and prioritising investments to support market trends, particularly in clean vehicles.

-- BERNAMA