Eventful Year for Jotun
14.2.2023 23:00:00 EET | Business Wire | Press release
Jotun navigated well through a demanding 2022. Operating revenue came in at NOK 27 858 million and operating profit ended at NOK 3 737 million.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230214005660/en/
Jotun - Morten Fon (Photo: Business Wire)
Operating revenue is up from NOK 22 809 million in 2021, driven by growth in all segments. Marine Coatings made a particularly positive contribution, due to a growing newbuilding market as well as a strong maintenance market. Within Protective Coatings, Jotun also delivered solid sales growth. Decorative Paints achieved strong growth in the Middle East and Southeast Asia, which compensated for lower sales in Scandinavia.
Challenging year
The operating result increased by 19 per cent compared to the previous year. The improvement is mainly explained by volume growth, price increases and good cost control. Currency effects due to a weaker Norwegian krone also contributed positively.
- 2022 was a challenging and eventful year for Jotun. Despite everything happening around us, we gained market shares in a number of markets. Strong growth, competent employees and good cost control ensured new all-time high sales and the best result in the company's history, says President and CEO Morten Fon.
Investments
Jotun’s positive development came in a year with several global challenges, such as the war in Ukraine, Covid effects, energy crisis in Europe, inflation, and turbulent raw material and logistics markets.
Still, Jotun maintains its investment plan. During 2022, the company opened new factories in Qatar, Pakistan and Bangladesh. At the same time, a new regional head office and research and development centre in Dubai was completed. Upgrades were also carried out at the production facilities in Sandefjord, Norway.
Outlook
With operations in four segments and on all continents, Jotun is exposed to macroeconomic and geopolitical uncertainties worldwide. The start of the new year is also characterized by unrest and uncertainty. After a long period of strong growth, raw material prices fell somewhat through the second half of 2022, but prices are still at a high level.
- There are many factors that can affect the paint industry going forward, but Jotun has good momentum going into 2023. We have a robust organisation with a strong corporate culture, and are well positioned for further profitable growth, says Fon.
Key financials
|
(NOK mill) |
2022 |
2021 |
Change |
|
Operating revenue |
27 858 |
22 809 |
22 % |
|
Operating profit |
3 737 |
3 138 |
19 % |
|
Profit before tax |
3 191 |
2 890 |
10 % |
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230214005660/en/
Contact information
For more information
Morten Fon, President & CEO, +47 909 19 822, morten.fon@jotun.no
Åsne Vittersø Kvamme, Group Communications Director, +47 992 44 648, asne.vitterso.kvamme@jotun.no
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Venture Global Secures New Agreements to Support Expansion of Existing Grid-Independent Power Network15.10.2026 13:00:00 EEST | Press release
Venture Global, Inc. (NYSE: VG) today announced it has entered into power and grid frame agreements with GE Vernova and Baker Hughes Energy Services for up to 16 new, 720 MW power island units and associated power transformer equipment, supporting the continued expansion of its existing behind-the-meter, Island-Mode industrial power network that is not reliant on the grid. The agreements will enable continued growth in Venture Global’s LNG business and provide a pathway to make up to 10 GW of new compute capacity available over time – at sites owned or controlled by the Company - for potential adjacent infrastructure and data centers. With Island Mode power generated using this incremental dedicated on-site infrastructure, the expansion would place no additional demand on the public electric grid or public water utilities and, therefore, have no added costs to local consumers. This new capacity would build on the company’s 4.5 gigawatts of Island Mode modular, gas-fired generation that
Moncler Re/Icons: Cher, JENNIE and Grace Jones Re/Define What It Means to Be a Pioneer15.10.2026 13:00:00 EEST | Press release
Since its origins, Moncler has been at the forefront of the ascent, equipping the world’s most intrepid pioneers – those first to explore, so others can follow. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261015573482/en/ MONCLER RE/ICONS CHER That spirit lives on in the new Moncler Re/Icons collection, which takes iconic styles from the brand’s archives and reimagines them for a new generation, brought to life by three cultural pioneers who have forged their own extraordinary paths: Cher, JENNIE and Grace Jones. Each has spent a career making moves, moving mountains and reaching for higher peaks, refusing to follow the path already laid out before them. Pioneers in their own singular ways, they have blazed trails for others to follow and built enduring legacies that continue to shape what comes next. Inspired by archival photographs of alpine pioneer and early Moncler collaborator Lionel Terray, the campaign brings our p
AI Investment Is Surging, but Businesses Are Struggling to Prove the Value, HTEC Global Study Finds15.10.2026 11:42:00 EEST | Press release
HTEC, a global product engineering and AI transformation company, today launches The HTEC AI Value Realization Report 2026, revealing a new challenge emerging as organizations move beyond AI experimentation: investment is accelerating faster than many companies’ ability to measure, govern and consistently realize its value. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261015407055/en/ HTEC, a global product engineering and AI transformation company, today launches The HTEC AI Value Realization Report 2026, revealing a new challenge emerging as organizations move beyond AI experimentation: investment is accelerating faster than many companies’ ability to measure, govern and consistently realize its value. The independent study finds that 79% of organizations have increased AI investment over the past year, with spending rising by 31% on average. Yet 77% of executives now believe AI value is constrained more by people and pr
Flowdesk Europe Receives Payment Institution Authorization from the ACPR Under PSD215.10.2026 10:30:00 EEST | Press release
Flowdesk, a global liquidity provider and digital asset trading and infrastructure provider, today announced that its European entity, Flowdesk Europe, has been authorized as a Payment Institution by the French Prudential Supervision and Resolution Authority, l'Autorité de contrôle prudentiel et de résolution (ACPR), under the second Payment Services Directive (PSD2). The authorization allows Flowdesk Europe to provide custody and transfer services for e-money tokens (EMTs), the fiat-referenced stablecoins regulated under the Markets in Crypto-Assets (MiCA) regulation, to its clients across the European Union. The authorization follows the entity’s Crypto-Asset Service Provider (CASP) authorization received from the Autorité des Marchés Financiers (AMF) under MiCA at the end of June this year. With both authorizations in place, Flowdesk Europe can now support its EU clients across the trading, custody, and transfer of crypto-assets and EMTs, reflecting the firm’s long-standing commitme
Too Good To Go Expands Its Marketplace Beyond Food15.10.2026 10:30:00 EEST | Press release
Too Good To Go, the world's largest marketplace for surplus food, today announced that it is expanding its Marketplace beyond food, enabling retailers to redistribute surplus across personal care — including skincare, haircare, oral care and beauty products — pet care, flowers and plants, nutrition and supplements, and home, initially spanning cleaning and laundry products and décor. More than 8,500 stores already supply products across these areas, around one third of which were already working with Too Good To Go to redistribute surplus food. “In today’s society, we have built incredibly efficient processes for producing and selling things at scale, creating abundance, but we have not built the same efficiency into making sure what is left over gets used. As our lives have become more convenient, we have become less conscious of what those things are worth. We used to finish what was on the plate, find a use for what we had and instinctively pause before throwing something away. Too
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom