AkzoNobel’s second quarter results meet expectations with resilient volumes and rising earnings
The multinational Akzo Nobel announced its results for the second quarter of the year. Revenues were 4% lower due to unfavorable exchange rates, 3% higher in constant currency. Prices increased by 5%, while volumes were 1% lower.
Operating income increased by 36% to EUR 279 million, compared with EUR 205 million in the previous year. Adjusted operating income rose 25% to €311 million, compared with €249 million in 2022.
For his part, AkzoNobel CEO Greg Poux-Guillaume was optimistic about the results achieved. “Our Q2 results are in line with expectations despite volatile markets and round out a solid first half of 2023. In Q2, we achieved year-on-year profit growth driven by resilient volumes, robust pricing and the first effects of commodity deflation.
He added, “This helped us offset headwinds from continued weakness in some markets and the adverse impact of currency and persistent inflation. Our results provide a solid foundation and allow us to increase our full-year guidance. We are on the right track, in markets that will continue to be affected by macroeconomic uncertainties.”
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