【Color Masterbatch Industry Network】July 30 news — Recently, BASF released its financial report for the second quarter of 2024. The report indicated that after deducting one-time expenses, the company’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) grew to 1.96 billion euros, showing a slight year-on-year increase of 0.6%. However, sales in the second quarter amounted to 16.1 billion euros, a decrease of 7% compared to the same period last year.
Meanwhile, the other two giants in the paint industry also announced their respective financial reports. AkzoNobel achieved a 2% year-on-year increase in sales in the second quarter, reaching 2.784 billion euros. This was mainly attributed to growth in sales volume and a higher price mix. In the Chinese market, most of its performance coatings business even achieved double-digit growth. However, due to unfavorable weather conditions, its decorative paints business in the EMEA region (Europe, Middle East, and Africa) performed somewhat modestly.
Another paint giant, Sherwin-Williams, also released its second-quarter financial report, with its consolidated net sales slightly increasing by 0.5% to 6.27 billion US dollars. This growth was mainly due to increased sales at paint stores and the Performance Coatings Group. It is worth noting that the divestiture of its China construction business in 2023 had a certain impact on sales. Nevertheless, Sherwin-Williams’ pre-tax income and net profit achieved growth rates of 15.9% and 12% respectively, demonstrating the company’s strong profitability.
According to the Color Masterbatch Industry Network, while facing various challenges, these paint industry giants are still able to maintain robust performance, mainly benefiting from their flexible market strategies and continuous investment in innovation. At the same time, their strong performance in emerging markets such as China further demonstrates the huge potential and growth space of these markets.