KUALA LUMPUR, July 31 (Bernama) -- AKWEL, the automotive and heavy goods vehicle (HGV) equipment and systems manufacturer, has posted consolidated revenue of €545.8 million in the first half of 2023, an increase of 11.8 per cent from the same period last year. (€1=RM5.01)
With the global automotive market once again experiencing growth, AKWEL recorded an 11.9 per cent increase in reported revenue in the second quarter of this year and a 17.7 per cent increase comparing like-for-like figures.
According to a statement, the group posted a fifth consecutive quarter of double-digit growth.
The consolidated net cash position excluding lease obligations and after the dividend payout progressed to €101.1 million at June 30, with €23.8 million in investments made over the half-year period.
Given the performance achieved in the first half of the year and the more favourable business outlook for the automotive and HGV sector worldwide, AKWEL expects around 10 per cent revenue growth in the 2023 financial year.
In connection with the implementation of the share buyback programme, authorised by the General Meeting of May 25, AKWEL has signed a share buyback agreement. The purpose of the programme is to cancel the shares thus redeemed, under the conditions provided for by law.
-- BERNAMA
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