AKWEL revenue up 7.8 per cent to 1.0664 bln euros for 2023

KUALA LUMPUR: AKWEL, an automotive and heavy goods vehicle equipment and systems manufacturer, has posted a consolidated revenue of 1.0664 billion euros for 2023, up 7.8 per cent, compared to the prior year.

In a statement, the Frenchbased company said its current operating income has also grown 64 per cent to 61 million euros, driven by positive business developments and the gradual impact of some price rises.

A provision of 9.4 million euros associated with the exceptional costs of restructuring the Gournay (France) site weighed on the operating income.

The group’s self-financing capacity was 84.7 million euros, while the working capital requirement (WCR) rose to 20.7 million euros. With investments up sharply to 59.3 million euros, AKWEL has generated free cash flow of 4.6 million euros and net cash position of 105 million euros, compared with 113.7 million euros at the end of 2022.

Meanwhile, the distribution of a dividend of 0.30 euros per share for 2023 will be proposed at the Annual General Meeting to be held on May 23.

The group set itself ambitious corporate social responsibility (CSR) goals to achieve by 2028, focusing on employee engagement, customer satisfaction and respect for the environment. In 2023, there was significant progress in these areas, notably with a marked reduction in the frequency and severity of workplace accidents, a 10.8 per cent reduction in carbon emissions and a 14 per cent reduction in water consumption.

The automotive production is expected to be stable across European and North American markets in 2024, AKWEL anticipates similar levels of activity for this financial year as for 2023.