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Sales Up, Profits Down for Jotun in 2017

Thursday, February 15, 2018

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Norwegian paints and coatings manufacturer Jotun (Sandefjord) released its year-end financial report for 2017 last week, noting growth in sales volumes but a decrease in profits, owing largely to rising raw-materials costs.

Jotun R&D site
Images: Jotun

Investments for Jotun in 2017 included a new R&D facility in Norway.

The company reported just over NOK 16.5 billion ($2.08 billion) in operating income (also known as EBIT) for the year, a 4 percent increase over 2016 numbers. But operating profit took a 23 percent hit, down to NOK 1.35 billion from NOK 1.76 billion last year.

Results by Segment

The company says marine and protective coatings sales were affected by weak demand for new-build ships and offshore installations, but that was partially offset by a stronger need for maintenance work.

Jotun CEO Morten Fon

Jotun CEO Morten Fon says high raw-materials costs hurt profits for the Norwegian coatings manufacturer in 2017. 

"With persistent difficult markets for newbuilding projects in the shipping and offshore industries, we are satisfied with our good results in the maintenance markets,” said Jotun CEO Morten Fon. “This shows that our organization is flexible enough to adapt when market conditions change.”

Powder coatings sales were down, due to what the company calls economic downturns in key markets. Decorative paints saw “solid growth,” according to Jotun.

Rising Material Costs

Fon said the company expects to have to pass the rising costs of raw materials—up 20 percent last year compared with 2016—on to end-users this year, as the trend of rising material costs is expected to continue.

Jotun noted that it invested NOK 967 million in new facilities in 2017, including new production facilities in southeast Asia and a new headquarters and R&D center in Norway.

Jotun is privately owned and has a presence in more than 100 countries worldwide.


Tagged categories: Business matters; Decorative coatings; Finance; Jotun

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