Tuesday, May 17, 2022
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Akwel: quarterly activity down due to supply problems

(AOF) – Akwel recorded consolidated revenue of 245.8 million euros in the first quarter of 2022, down 10.1% as published compared to the first quarter of 2021. The global automotive market, however expected in slight growth in the first part of 2022, continued to suffer from production disruptions at manufacturers, due to problems with the supply of raw materials and electronic components, specifies the automotive supplier. These difficulties were amplified at the end of the quarter with the events in Ukraine.

“In this unfavorable context, Akwel limits its decline in activity to -4.4% at constant scope and exchange rates, i.e. a development comparable to that of global automotive production (-4.2%), writes the group. The foreign exchange impact amounted to -€15.5 million compared to the first quarter of 2021, of which -€20.7 million on the Turkish lira and +€4.9 million on the US dollar. .

In a still uncertain context, and even if Akwel is not directly exposed to the situation in Ukraine and Russia, the group remains cautious in its annual forecasts and anticipates at this stage a moderate growth in its activity in 2022.

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