Akzo Nobel Q4 Profit Soars, Lifts Dividend, Plans €1 Bln Share Buyback; Sees Margin Growth

(RTTNews) - Dutch paints and chemicals maker Akzo Nobel N.V. (AKZA.AS; AKZOY) Wednesday reported that its fourth-quarter net income attributable to shareholders increased 106 percent to 167 million euros from last year's 81 million euros.

Earnings per share were 0.87 euro, up from 0.41 euro last year.

Adjusted earnings per share from continuing operations were 1.08 euros, compared to 0.74 euros a year ago.

Adjusted operating income grew 32 percent to 294 million euros.

Revenue declined 1 percent to 2.21 billion euros from 2.24 billion euros last year.

Revenues grew 6 percent in constant currencies, with volumes 6 percent higher and positive price/mix of 1 percent more than offset by adverse currency impact.

Looking ahead for fiscal 2021, AkzoNobel said it targets to grow at least in line with its relevant markets. Although trends differ per region and segment with raw material inflation expected, margin management and cost-saving programs are in place to deliver 50 basis points increase in return on sales.

Further, the company announced 1 billion euros share buyback, to be completed in the first quarter of fiscal 2022.

The company also proposed final dividend of 1.52 euros per share for fiscal 2020, higher than 1.49 euros per share last year.