“Pakistan faced a major setback due to the devastating floods, but our continued focus on customers, costs and cash helped our business regain momentum.”
Despite a difficult business environment, our 2010 results (adjusted for the PTA divestment) showed double digit growth in the top and bottom line in local currencies. This was underpinned by aggressive margin management and volume growth in all major segments of our portfolio.
A serious cause for concern during the year was the continued energy crisis. The increasing gap in supply and demand resulted in more frequent shortages of gas for the industrial sector. Pakistan also faced a major setback due to the devastating floods which left 20 million people homeless and destroyed crops and livestock, as well as damaging infrastructure, which resulted in a general slowdown of economic activity. Continued focus on customers, costs and cash helped the business regain momentum.
We continued to integrate our product portfolio with the AkzoNobel portfolio. Our Refinish business launched Dynacoat for the trade market in Pakistan, along with a strong focus on the services portfolio targeted towards industry development. We also established a new line of marine and protective coatings, with the first commercial orders being received this year. Our Decorative business expanded its mid-tier portfolio and launched three new Paintex products to offer a wider range of solutions for customers. Soda Ash was able to expand its export base in international markets, where we are now established as a reliable supplier of quality products. We also introduced Dissolvine, a chelate which can help improve farm productivity by making sure that essential nutrients are fully absorbed by plants, benefiting farmers.
Waqar A Malik
Revenue in € millions