AkzoNobel Grows Revenue by 9% in Fourth Quarter

AkzoNobel Grows Revenue 9% in Fourth Quarter 2021 Fourth Quarter Highlights (compared to 4Q 2020):

• Revenue increased 9% nominally and 7% at constant exchange rates. Compared to 4Q 2019*, revenue increased 12% at constant exchange rates.

2021 Full Year Highlights (compared to full year 2020):

• Revenue increased 12% nominally and 14% at constant exchange rates. Compared to 2019, revenue increased 9% at constant exchange rates
• Operating profit rose to EUR 1.118 billion with a 16% increase (2020: EUR 963 million).

  AkzoNobel Chief Executive Officer Thierry Vanlancker said: "With our 2021 full year results, we have achieved consecutive revenue growth for six consecutive quarters. Our teams moved swiftly to implement a strong pricing strategy in response to approximately EUR 770 million in increased raw material costs due to inflation. This exceptional performance enabled us to maintain our profitability at the same level as the previous year. We are fully confident that we will achieve even better results starting from the first quarter of 2022." "I am proud of the strength of our workforce in addressing challenges and the performance we demonstrated in implementing our Grow & Deliver strategy. As AkzoNobel, being selected as Best Employer in eight countries this year is the most important indicator of how well positioned our organization is. At the same time, we continue our widely recognized People, Planet, Paint approach and, as the first paints and coatings company with sustainability targets confirmed by the Science Based Targets Initiative, we are setting the standards," he said. AkzoNobel Country Coordinator Sanal Limoncuoğlu said: "We are proud to have continued increasing our revenue and investments in Turkey despite a challenging year in many respects. In the decorative paints segment, we brought back solvent paint production to our country, which had been relocated abroad some time ago. In the powder coatings segment, alongside capacity investments, we have significantly increased our performance by transitioning to a four-shift 24/7 operating system as of last year. In 2022, we will continue to develop sustainable solutions for our customers with new technologies."

Key Developments

Preserving Sports History

In Uruguay, we painted the impressive Centenario Stadium, which was built to host the FIFA World Cup first held in 1930. Our Inca brand made a valuable contribution by supplying 12,000 litres of paint for the recently renovated stadium.

Leading in Sustainability

In 2021, we became the first paints and primers company to have formally approved 'science-based sustainability' targets. Our commitment to 50% carbon reduction by 2030 (base year 2018) encompasses our entire value chain. We became one of the first holders of the Terra Carta Seal, a new sustainability award launched at COP26. In doing so, we succeeded in being the only paints and coatings company honored with this distinction.

Bringing Colour to Life

Last year, as part of our 'Let's Colour' project in Kuşadası, we painted over 400 homes and enriched the lives of millions of people through work carried out with more than 12,000 volunteers. This year, as part of the same project, we worked with street artists in Bandung, Indonesia to paint the walls of the Sapaura Sports Centre. For the 2021 fourth quarter and full year report, click here.