Dutch chemical group Akzo Nobel NV said on Thursday its fourth quarter core profit rose 43 percent on cost savings. Earnings before interest and taxes (EBIT) from continuing operations, excluding extraordinary items, was 174 million euros ($264.2 million) compared with average analyst expectation of 157 million euros in a Reuters survey of seven analysts.
Akzo said it would increase its dividend to 1.80 euros per share from 1.20 euros and would return a previously announced 3 billion euros to shareholders through share buybacks, with a 1 billion euro buyback starting mid-March.
Akzo said the integration of Imperial Chemical Industries Plc (ICI) was well on track and confirmed expected annual cost synergies of 280 million euros. Akzo Nobel Chief Executive Hans Wijers said it was too early for an upgrade of its synergies target. Pro forma 2007 EBIT, including ICI which Akzo bought in January for 8 billion pounds ($15.8 billion), was 1.4 billion euros, Akzo said.
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