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Paint maker AkzoNobel posts operating profit of 300 million euros

2019-10-23T07:51:46.247Z

AkzoNobel achieved a 23 percent higher operating result in the third quarter with 300 million euros than in the same period in 2018. A year earlier this was 243 million euros.



AkzoNobel achieved a 23 percent higher operating result in the third quarter with 300 million euros than in the same period in 2018. A year earlier this was 243 million euros.

The Dutch paint multinational achieved this higher result despite the lower demand from the market.

According to CEO Thierry Vanlancker, this was due to "continuous price initiatives" and cost savings. The company emphasizes quality instead of quantity, in order to achieve a high profit.

The return on sales therefore rose to 13.8 percent, which is a higher increase than the 12.3 percent achieved in 2018.

AkzoNobel reports that a buy-back of shares worth 500 million euros is planned in the first half of 2020. This is in addition to the so-called "share buyback program" of 2.5 billion euros, of which 2.2 billion euros was completed in the third quarter of 2019.

Source: nunl

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