Toronto, Ontario — In the highlights of its Q3 report, AkzoNobel reveals a continued rebound and significant growth when compared to the third quarter from 2022.
When it comes to decorative paints, revenue in constant currencies was 5 percent higher, reported revenue was 3 percent lower, and revenue growth in constant currencies was mainly driven by pricing.
Operating income increased to €156 million (2022: €102 million), mainly due to a rebound in gross margins.
For performance coatings, revenue was 5 percent higher in constant currencies, reported revenue was 5 percent lower. Revenue growth in constant currencies was driven mainly by pricing, as with decorative paints.
Operating income increased to €245 million (2022: €98 million), mainly due to a rebound in gross margins.
In a statement made by AkzoNobel CEO, Greg Poux-Guillaume, he outlined how AkzoNobel’s “third quarter results show a solid rebound in profit and continued improvement of our margins, despite an adverse currency impact. While volumes were flat, we are increasingly benefitting from the easing of raw material costs. Higher profits and improving working capital management both contributed to a leverage ratio of 3.2, which keeps us on track to meet our year-end guidance.”
To view the full report, see the link below:
https://www.akzonobel.com/en/investors/results-center#tabId=2023
