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Recently, Nippon Group announced its financial report for the first quarter of 2021.
The results for the first quarter of 2021 during the cumulative period of consolidation are due to the fact that the Asian joint venture business has become a 100% subsidiary, the Singapore Wuthelam Group's Indonesian business has become a subsidiary, and China's architectural coatings, which is the main business, has developed well.
The analysis of the business situation in major regions shows that the sales revenue of Nippon's China business in the first quarter of 2021 increased by 79.
Regarding the reasons for the growth in performance in China, Nippon stated that the automotive coatings business increased by 60%, mainly because China's automotive production and sales increased by 83% year-on-year, continuing the upward trend since the previous quarter; in the architectural coatings business, the decorative coatings business increased year-on-year 57%, mainly due to the new crown epidemic last year, which rebounded significantly this year, and the impact of the Spring Festival was smaller than expected.
Zhonglin Zhonglin, Chief Executive Officer of Nippon China, said: "Nippon China has achieved more than double-digit growth in the compound growth of sales and profits for ten consecutive years.
