Akzo Nobel posts 22% jump in Q4 EBITDA

06 March 2008 07:37  [Source: ICIS news]

SINGAPORE (ICIS news)--Dutch coatings manufacturer Akzo Nobel on Thursday reported a 22% year-on-year rise in fourth-quarter earnings due to cost savings initiatives and strong performances by its chemicals and coating sectors.

Its earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter ending 31 December 2007 rose from €217m ($334m) to €264m, the NYSE Euronext-listed firm said.

Its coatings sector posted a 25% EBITDA surge from €114m to €143m while its chemicals sector reported a 5% EBITDA climb from €131m to €137m in the period ending 31 December.

Overall, the company’s full-year net income in 2007 rose 19% from €872m to €1,038m and profits from the coatings and chemicals sector rose 29% from €449m to €580m despite the American weakening dollar.  

In November 2007, Akzo Nobel successfully refocused its business and completed a strategic divestment which saw the sale of its pharmaceutical arm Organon Biosciences to Schering-Plough for €11b.

Looking ahead in 2008, the firm said it intends to further expand its existing coatings and specialty chemicals portfolio with the acquisition of Imperial Chemical Industries (ICI) in January.

($1 = €0.65)

ICIS Copyright © Reed Business Information 2009

Author: Serene Cheong
+65 6780 4359

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