Business & Investment

Akzo Nobel reports a 41% increase in profits in the second quarter of 2021

Dutch paint and coating manufacturer Akzo Nobel On Wednesday, core profits for the second quarter increased 41% to € 335 million ($ 394.3 million).This is due to strong demand and cost savings Raw material price.

A poll analyst compiled by the company predicted that adjusted operating profit would increase from € 238 million in the previous year to € 346.9 million.

AkzoNobel, which sells decorative and industrial paints worldwide, recorded a recovery in demand after a sharp drop due to the coronavirus crisis last year.

April-June sales increased 26% to € 2.51 billion, slightly above analysts’ average forecast of € 2.44 billion.

“Given the ongoing raw material inflation, we will continue to take the necessary actions to maintain pricing initiatives and cost discipline while focusing on customer service.” Chief Executive Officer Thierry Vanlancker said in a statement.

Akzo Nobel expects to grow in line with the relevant markets and will achieve an average annual revenue growth of 50 basis points between 2021 and 2023.

AkzoNobel’s US rival, PPG Industries, announced lower-than-expected quarterly results this week as the company blamed it. COVID-19 (New Coronavirus Infection) Supply chain disruption due to rising raw material costs.

Source: Reuters

(((The story is published from the wire feed without changing the text. Only the heading has changed)

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Akzo Nobel reports a 41% increase in profits in the second quarter of 2021

https://realtynxt.com/2021/07/22/akzo-nobel-reports-rise-in-profit-by-41-in-q2-2021/?utm_source=rss&utm_medium=rss&utm_campaign=akzo-nobel-reports-rise-in-profit-by-41-in-q2-2021 Akzo Nobel reports a 41% increase in profits in the second quarter of 2021

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