AkzoNobel revenues dropped 4% to €14.197 billion in 2016 compared with €14.859 billion in 2015 due to unfavorable currency and price/mix effects.
The company's Return on Sales, however, increased to 10.6% compared with 9.8% in 2015 and Return on Investment improved to 15% (2015: 14%).
"We achieved record levels of profitability in 2016 and are making further steps in delivering on our strategy of continuous improvement and growth," stated CEO Ton Büchner.
AkzoNobel completed the acquisition of BASF's Industrial Coatings business in 2016 fourth quarter. This business is expected to generate sales of around €280 million in 2017.
Positive developments are anticipated for EMEA, North America and Asia, improving during the year, while Latin America is expected to stabilize, according to the company.
Market trends experienced in the second part of 2016, including for the marine and oil & gas industries, are expected to continue in the first half 2017.
"We are now a stronger, more agile company, with excellent brands, a growing global presence and a solid financial and operational foundation. We maintain our financial guidance for 2016-2018," Büchner said.