NEW DELHI (dpa-AFX) - Akzo Nobel NV (AKZOY.PK, AKZOY), a Dutch paint and coating maker, reported Tuesday weak adjusted EBITDA, a key earnings metric, in its second quarter, while margin was higher, amid lower revenues.
The company further announced that it has signed binding agreement to sell Akzo Nobel India to the JSW Group. The deal is expected to close in the fourth quarter.
In Amsterdam, Akzo Nobel shares were losing around 4.9 percent to trade at 56.46 euros.
In the second quarter, adjusted EBITDA dropped 2 percent to 393 million euros from last year's 400 million euros. Adjusted EBITDA margin, however, expanded to 15 percent from prior year's 14.4 percent, driven by efficiency actions.
Revenue fell 6 percent to 2.63 billion euros from 2.78 billion euros a year ago, hit by adverse currencies. Organic sales were flat, while pricing was up 2 percent.
AkzoNobel CEO Greg Poux-Guillaume said, 'Our profitability increased in Q2, driven by pricing discipline and the structural benefits from our SG&A and industrial efficiency programs. This was achieved against a backdrop of significant currency headwinds, due to the strength of the euro and generally tepid markets, highlighting the strength of our businesses.'
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