Core profit of Akzo Nobel jumps 41% in Q2 FY22
Paint

Core profit of Akzo Nobel jumps 41% in Q2 FY22

Akzo Nobel, a Dutch multinational corporation, increased its core profit by 41% to ₤335 million in the second quarter as demands and cost-cutting measures helped offset a rise in raw material prices.

Analysts polled by the Amsterdam-based company expected adjusted operating income to rise to ₤346.9 million from ₤238 million in 2020.

Following a steep drop in demand due to the coronavirus crisis last year, Akzo Nobel, a global decorative paints and industrial coatings maker, reported a recovery in demand.

Sales increased by 26% to ₤2.51 billion in April-June, slightly exceeding the average analyst forecast of ₤2.44 billion.

In light of ongoing raw material inflation, Thierry Vanlancker, Chief Executive Officer of Akzo Nobel, said in a statement that the company is continuing to take firm and necessary actions on pricing initiatives and cost discipline while remaining focused on serving customers.

From 2021 to 2023, Akzo Nobel expects to grow in line with its relevant markets, delivering a mean annual 50 basis point increase reciprocally on sales.

PPG Industries, the main competitor of Akzo Nobel in the United States, reported lower-than-expected quarterly earnings this week, blaming higher raw material costs on Covid supply chain disruptions.

Image Source


Also read: Asian Paints Q1 FY22 profit doubles to Rs 574.30 crore

Akzo Nobel, a Dutch multinational corporation, increased its core profit by 41% to ₤335 million in the second quarter as demands and cost-cutting measures helped offset a rise in raw material prices. Analysts polled by the Amsterdam-based company expected adjusted operating income to rise to ₤346.9 million from ₤238 million in 2020. Following a steep drop in demand due to the coronavirus crisis last year, Akzo Nobel, a global decorative paints and industrial coatings maker, reported a recovery in demand. Sales increased by 26% to ₤2.51 billion in April-June, slightly exceeding the average analyst forecast of ₤2.44 billion. In light of ongoing raw material inflation, Thierry Vanlancker, Chief Executive Officer of Akzo Nobel, said in a statement that the company is continuing to take firm and necessary actions on pricing initiatives and cost discipline while remaining focused on serving customers. From 2021 to 2023, Akzo Nobel expects to grow in line with its relevant markets, delivering a mean annual 50 basis point increase reciprocally on sales. PPG Industries, the main competitor of Akzo Nobel in the United States, reported lower-than-expected quarterly earnings this week, blaming higher raw material costs on Covid supply chain disruptions. Image Source Also read: Asian Paints Q1 FY22 profit doubles to Rs 574.30 crore

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Vedanta Metal Bazaar Expands to Global Markets

Vedanta Aluminium has expanded its digital e-commerce platform, Vedanta Metal Bazaar, to international markets, enabling overseas customers to order and purchase aluminium products online.The platform will now be available to buyers across Asia, Europe, Africa and the Americas, providing a digital gateway for export transactions with 24x7 access.In FY26, Vedanta Metal Bazaar processed transactions worth nearly $4.1 billion, or over Rs 380 billion, and fulfilled more than 23,000 orders. The platform is also used regularly by more than 550 MSMEs in India alongside large OEM customers.The export ..

Next Story
Infrastructure Urban

Ramky Infrastructure Q1 FY27 Revenue Rises 24.3%

Ramky Infrastructure Limited reported a 24.3% year-on-year increase in consolidated revenue from operations to Rs 471.2 crore for Q1 FY27, compared with Rs 3.79 billion in the corresponding quarter of FY26.Standalone revenue from operations rose 27.5% YoY to Rs 4.51 billion from Rs 3.54 billion, while total standalone income increased 35% to Rs 5.32 billion.Consolidated profit before tax stood at Rs 540.9 million during the quarter. The company highlighted a sharp sequential improvement compared with a pre-exceptional loss of Rs 190.1 million in Q4 FY26.Two of the three projects awarded during..

Next Story
Technology

LTTS Launches AgenticIQ AI Platform for Engineering

L&T Technology Services (LTTS) has launched AgenticIQ, an end-to-end agentic AI platform designed for engineering and manufacturing organisations.The platform is aimed at helping enterprises move beyond isolated AI pilots by enabling autonomous, multi-agent workflows across engineering, product development, manufacturing, industrial operations and customer experience.AgenticIQ is built on LTTS’ Engineering Intelligence portfolio and converts existing engineering capabilities into specialised, reusable AI agents. Its planning-first architecture is embedded into engineering and production ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement