AkzoNobel Grows Revenue 26 Per Cent During Q2 2021

AkzoNobel Grows Revenue 26 Per Cent During Q2 2021

AkzoNobel has published its financial results for second quarter 2021, revealing revenue 26 per cent higher than Q2 2020 (up eight per cent from Q2 2019 in constant currencies) with a 4.5 per cent price increase.

Adjusted operating income was €335 million with return on sales at 13.3 per cent – 41 per cent higher than Q2 2020 and up 10 per cent from Q2 2019. Net cash from operating activities was reported at €168 million, down from €308 million in 2020, and net income from total operations up 102 per cent at €261 million.

The company also reported on its progress with a €1 billion share buyback it started in late April, with €223 million completed by the end of Q2 2021.

“We’re very proud of our teams for delivering another strong quarter, including top line growth, despite the significant raw material headwinds impacting our industry,” said Thierry Vanlancker, CEO of AkzoNobel.

“In view of the ongoing raw material inflation, we continue to take firm and necessary actions on pricing initiatives and maintaining our cost discipline, while remaining focused on serving our customers.

Looking ahead, the company said it is targeting growth at least in line with its relevant markets.

“Margin management and cost discipline are in place to deliver an average annual 50 basis points increase in return on sales over the period 2021-2023,” AkzoNobel added.