Nippon Paint Q1 Report 2022

During the three months ended March 31, 2022, consolidated revenue of the Nippon Paint Group increased by 27.6% from the corresponding period of the previous year to ¥284,096 million due to the acquisition on January 20, 2022 of European paint manufacturer Cromology Holding SAS (Cromology) by NPHD, making it a subsidiary, and the depreciation of the Japanese yen, coupled with the strong first quarter performance underpinned by continuous selling price increases in the decorative paints business in China, which is a key business of the Nippon Paint Group. Consolidated operating profit decreased by 1.5% from the previous year to ¥24,335 million due to raw material price increases around the world. Consolidated profit before tax increased by 3.2% from the previous year to ¥24,913 million, and profit attributable to owners of parent increased by 10.6% to ¥18,072 million.

The European paint market is the world’s second largest following the China market and has good prospects for stable growth. Cromology is the fourth largest architectural paint manufacturer in Europe. As a market leader in the architectural paint market, Cromology operates in many markets in Europe and has a high market share, ranking among the top 3 in France, Italy, Spain and Portugal