AkzoNobel grows revenue 26%, delivers €335 million adjusted operating income

AkzoNobel grows revenue 26%, delivers €335 million adjusted operating income

AkzoNobel targets to grow at least in line with its relevant markets.

  • By ICN Group | July 22, 2021

Akzo Nobel has registered 26% growth in its revenue in Q2 2021 compared Q2 2020 (up 8% from Q2 2019, in constant currencies1) with 4.5% price increase. Adjusted operating income at €335 million (return on sales3 at 13.3%), 41% higher than Q2 2020 and up 10% from Q2 2019. The company also acquired Colombia-based Grupo Orbis announced during the quarter. The acquisition is expected to be completed by end of 2021 or early 2022.

AkzoNobel CEO, Thierry Vanlancker, commented: “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.

“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.

“Our People. Planet. Paint. approach to sustainability has again been recognized with the highest possible ESG rating (AAA) from MSCI for the sixth consecutive year, making us the frontrunner in paints and coatings.”

Recent highlights

Deal agreed to acquire Colombia-based Grupo Orbis

We’re further expanding our position in South and Central America after reaching an agreement to acquire Colombia-based paints and coatings company Grupo Orbis. Present in ten countries in South America, Central America and the Antilles, the deal will establish us as a frontrunner in the Andean region and in Central America, where several countries are high on the global growth rankings for the next decade.

Creating a more sustainable yacht industry

Our Yacht Coatings business has partnered with the Water Revolution Foundation to help create a more sustainable yacht industry and protect the world’s oceans. Having already made a long-term commitment to bring positive change to the industry, the business will share its expert knowledge and insight, which has been acquired over many decades of developing pioneering solutions for customers around the world. Established in 2018, the Water Revolution Foundation is a not-for-profit organization working to preserve the world’s oceans by helping the yacht industry to drive down its environmental impact.

Solar projects powering ahead in China

Two major projects to install around 8,000 solar panels are being finalized in China, helping us to accelerate our ambition of cutting carbon emissions in half by 2030. Being installed at two Decorative Paints plants – more than 5,000 at our Shanghai site and almost 3,000 in Guangzhou – it represents further progress for our greener manufacturing plans. The new solar systems will become the primary source of power at each location.

Paint the Future a big hit with pioneering startups

Our innovative Paint the Future startup challenge is continuing to attract interest from around the world. We received more than 200 submissions for our second global edition – which was launched in May – with a follow-up bootcamp event scheduled for November. Meanwhile, this year’s regional startup event in China attracted 210 submissions (the bootcamp is in August). The next regional edition will be launched in India in February next year, with a focus on digital customer solutions.

Setting the standard

We recently received the highest possible ESG rating (AAA) from MSCI for the sixth consecutive year. Designed to measure resilience to long-term industry risks, the rating identifies how well we manage those risks and how we’re doing against our peers. In 2021, we were ranked in the leader position in six of our industry’s seven key topics: clean technologies; chemical safety; governance; water stress; carbon emissions; and toxic emissions and waste.


AkzoNobel targets to grow at least in line with its relevant markets. Trends differ per region and segment with significant raw material inflation expected to continue in the second half of 2021. 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. The company targets a leverage ratio of 1-2 times net debt/EBITDA and commits to retain a strong investment grade credit rating.

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