Jotun Protective Coatings achieved a new sales record of NOK 19,652 million in 2019 – its operating profit of NOK 2,320 million represents the company’s best ever result. 

It said in its update that sales growth of 11 per cent in 2019 “was achieved by strong improvement in the Marine and Protective Coatings segments and continued good growth in the Decorative Paints segment.” 

Elsewhere, sales of powder coatings also increased, but were affected by low activity in key markets. Adjusted for positive currency translation effects, sales growth was seven per cent.

Morten Fon, president and CEO, said: “2019 was a good year for Jotun with growth in all regions and segments, and we delivered the best results ever. Over the past few years, Jotun has been affected by low market activity in the offshore and shipbuilding markets. These conditions have turned in our favour and have had a positive impact on Jotun’s results.”

Operating profit was up 71 per cent compared to 2018, mainly due to increased sales and improved margins. Good cost control and a weaker Norwegian krone also contributed to the good 2019 result. 

Jotun said it invested NOK 1,464 million in 2019 (compared to NOK 1,089 million in 2018), representing about seven per cent of operating revenue. 

Among the largest investments were the Group’s new headquarters and research and development centre in Norway, and new factories in Egypt and Vietnam. 

It said: “Jotun expects continued sales growth in 2020, but escalating trade tensions and geopolitical pressures as well as lower prospects for global growth create uncertainty.”

Fon added: “In the shipping industry, newbuilding activity appears to be declining somewhat during 2020, which may affect Jotun’s results going forward. However, as Jotun operates in multiple segments and has a global presence, we are well equipped to tackle challenges in individual segments and markets.”

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17th February 2020