AKZONOBEL REPORTS SECOND QUARTER RESULTS

The multinational Akzonobel increased its revenues by 14% and by 10% in constant currencies for the second quarter of the year, a slight increase of almost one percentage point over the same period of the previous year.

In relation to the highlights of the second quarter of 2022, prices reached 16% offsetting the increase in raw material and other variable costs. Operating income was 205 million euros, while in 2021, the figure was 384 million euros, to which must be added the 44 million euros of negative impact of identified items compared to the 49 million euros of net positive impact corresponding to last year’s financial year.

In addition, net cash from operating activities decreased to negative €52 million compared to positive €168 million in 2021. Net income attributable to shareholders was €106 million, well below the figure recorded in 2021, which amounted to €261 million.

AkzoNobel’s CEO, Thierry Vanlancker, commented on the results, “Our second quarter results were clearly affected by two months of confinements in China and destocking in the DIY decorative paint channels in Europe. Customer demand got back on track in June. Despite significant headwinds in the second quarter, we were able to match pre-COVID Q2 2019 volumes.”

“I am extremely proud of how the organization remains focused and has the agility to follow through on our Grow & Deliver ambitions of €2 billion EBITDA in 2023, while mitigating the growing macroeconomic and geopolitical uncertainty with further cost reduction and margin management initiatives,” concluded Vanlancker.