AkzoNobel Delivers 9% Revenue Growth in Q4 2022

AkzoNobel N.V. published its results for fourth quarter and full-year 2021.

In the fourth quarter of 2021, AkzoNobel’s revenue was up 9% to $2.403 billion. Pricing was up 12.5% compared with Q4 2020, while volumes were down 6%. Operating income was €205 million, down from €243 million in 2020.

For full-year 2021, revenue was up 12% to €9.587 billion, with pricing up 7%. Operating income was up 16% at €1,118 million (2020: €963 million).

“With our full-year 2021 results we delivered a sixth consecutive quarter of revenue growth,” AkzoNobel CEO Thierry Vanlancker said. “Our teams were quick to act with strong pricing in response to around €770 million of raw material inflation. This extraordinary achievement allowed us to deliver a 2021 profit in line with prior year. As we continue to drive forward, we are on track to offset this headwind by Q1 2022.

“I’m proud of the resilience of our people and the energy we’re putting into delivering on our Grow & Deliver strategy,” Vanlancker added. “AkzoNobel being named a Top Employer in eight countries this year is a great example of how our organization is well placed to deal with the challenging business environment. At the same time, we’re continuing with our widely recognized People. Planet. Paint. approach and are setting the standard by being the first paints and coatings company to have sustainability targets officially validated by the Science Based Targets initiative.”

Among AkzoNobel’s highlights in 2021:

• AkzoNobel coated Centenario Stadium in Uruguay, which was built to host the first-ever FIFA World Cup in 1930. The stadium has just been renovated and its Inca brand provided a valuable assist by supplying 12,000 liters of paint. An important consideration was using colors that respected the essence of the original project by architect Juan Antonio Scasso. As well as coating exteriors and the stands, AkzoNobel products were also used in the changing rooms, the tunnel and the interior warm-up areas.

• In 2021, AkzoNobel became the first paints and coatings company to receive official validation for setting science-based sustainability targets. The commitment AkzoNobel made – a 50% carbon reduction by 2030 (2018 baseline) – covers the full value chain and is aligned with the 1.5˚C pathway in the Paris agreement.

• AkzoNobel formalized its membership of the Responsible Mica Initiative (RMI), having been one of the founding members when it was launched in 2017. Used in a wide range of industries, mica minerals are mined extensively in India, where a variety of factors contribute to poor working conditions, including the use of child labor. The RMI’s mission is to establish responsible and sustainable mica supply chains that are free of child labor.

• As part of its global “Let’s Colour” program, AkzoNobel teamed up with a community of mural artists in Bandung, Indonesia, to paint the walls of the Saparua Sports Center. The venue is a cultural heritage hub for sports, creativity, arts and music.

• AkzoNobel coated the impressive Ain Dubai, the world’s highest and largest Ferris wheel. It’s now officially open to visitors, who get a stunning 360˚ view from its 48 passenger capsules. Measuring 250 meters and featuring more than 9,000 tons of steel, AkzoNobel was the sole supplier of protective coatings for the massive structure. The specification – from the International brand – is designed to deliver maximum protection, as well as offering outstanding color and gloss retention

• AkzoNobel’s latest Paint the Future global startup challenge has invited 10 finalists to participate in a three-day bootcamp due to take place in Amsterdam in March 2022. They’ll meet AkzoNobel’s experts face-to-face to explore potential collaborations together.

• AkzoNobel’s new Interpon W range of innovative powder on wood coatings achieved its first commercial successes in 2021. Designed for heat-sensitive substrates (both indoors and outdoors), it’s a smart system which enables a variety of heat-sensitive materials to be coated in a durable, sustainable and more efficient manner. Suitable for interior design, automotive and architecture, the product range also includes special solutions for anti-microbial surfaces and food contact.