JOTUN
18.2.2021 21:02:09 CET | Business Wire | Press release
Jotun recorded sales of NOK 21,070 million in 2020, an increase of seven per cent compared to the previous year. Operating profit ended at NOK 3,489 million in a year that was strongly affected by the coronavirus pandemic.
The pandemic had a negative impact on sales in all segments in 2020 and adjusted for currency effects as a result of a weaker Norwegian krone, underlying sales growth was three per cent. The growth was primarily achieved by good growth in sales of decorative paints.
According to CEO Morten Fon, the impact of the coronavirus pandemic on Jotun’s business in 2020 varied from region to region. “We have experienced a decline in sales in South East Asia and low growth in the Middle East but recorded strong sales growth in important markets such as Scandinavia, Turkey and Saudi Arabia,” he says. “Throughout this period, Jotun has focused on business continuity measures and avoided laying off employees, helping the company to operate successfully and retain a highly skilled and experienced workforce.”
Operating profit is up by 50 per cent compared to 2019. The increase is mainly explained by improved margins, good cost control and positive currency translation effects.
Investments
Jotun invested NOK 1,407 million in 2020, which accounts for about seven per cent of sales and is in line with strategic ambitions. The largest investments were related to new production facilities in Vietnam and Egypt, factory upgrades in Norway and the Czech Republic, a new regional office and research and development (R&D) centre in Dubai and completion of the Group's new headquarters and R&D centre in Norway.
Future outlook
Looking ahead, Jotun anticipates lower activity in shipping and a weaker oil and gas market. In addition, raw materials costs, which began to rise towards the end of last year, are expected to continue to increase. Finally, market uncertainties related to the coronavirus pandemic are likely to persist in 2021.
"While we have realistic expectations for 2021, Jotun’s robust business model has proven very resilient in a challenging year,” says Fon. “With operations across four segments, a global presence and a strong corporate culture we are confident that Jotun will achieve further profitable growth in the years to come."
Key figures (NOK million) |
2020 |
2019 |
Change |
Operating revenue |
21,070 |
19,652 |
7 % |
Operating profit |
3,489 |
2,320 |
50 % |
Profit before tax |
3,158 |
2,079 |
52 % |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210218005881/en/
About Business Wire
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
Galderma Buys Back Shares Worth CHF 232 Million in the Context of Accelerated Bookbuild Offering11.3.2026 07:00:00 CET | Press release
Ad hoc announcement pursuant to Art. 53 LR Galderma (SIX: GALD), the pure-play dermatology category leader, today announced that it has agreed to repurchase 1.6 million shares at a price of CHF 143.75 per share for a total consideration of CHF 232 million in the context of the accelerated bookbuild offering (“ABO”) of Galderma shares by Sunshine SwissCo GmbH (“EQT”), Abu Dhabi Investment Authority (Private Equities Department) and Auba Investment Pte. Ltd. (all together the “Selling Shareholders”) launched yesterday evening. The repurchase was made at the same price per share determined by the bookbuilding offering. As a result of yesterday evening’s ABO, the Selling Shareholders have fully divested their remaining stake in Galderma. The repurchase, which is expected to settle on March 13 is being financed by Galderma’s existing liquidity on hand and will not affect the company’s ability to deliver on its strategic and financing priorities. The shares will be held in treasury for futur
Thales Launches SkyDefender: The Integral Air and Missile Defence Dome With Artificial Intelligence11.3.2026 07:00:00 CET | Press release
SkyDefender is a multi-layer, multi-domain Integrated Air and Missile Defence system providing full protection against all types of air threats, on land, at sea and in space. SkyDefender integrates a network of advanced sensors and effectors with a versatile command and control (C2) system. With its open and modular architecture, it is fully compatible with existing air defence systems. Combining Thales’ expertise in cybersecurity and advanced artificial intelligence through cortAIx, Thales AI accelerator, SkyDefender enables operational superiority and proactive defence against cyberattacks and evolving threats. Thales is capable of delivering this critical protection globally from today. As air and missile threats are evolving faster than ever, from slow-moving drones to hypersonic missiles, attacks are becoming increasingly complex, saturating and unpredictable. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260310398606/
Curatis and Neupharma Announce Exclusive Licensing Agreement to Develop and Market Corticorelin (C-PTBE-01) for the Treatment of Peritumoral Brain Edema in Japan11.3.2026 07:00:00 CET | Press release
Japan is one of the world's most important pharmaceutical markets after the US and Europe. Neupharma’s team has extensive experience in developing and successfully commercialising orphan drugs as well as speciality care medicines in Japan, including a blockbuster drug. The agreement with Neupharma includes upfront and milestone payments of up to CHF 83.5 million as well as royalties of up to 20% on sales. The population of available patients eligible for corticorelin treatment associated with peritumoral brain edema is estimated at 60,000 in Japan and 500,000 worldwide. Global market potential is forecasted to exceed USD 1 billion annually. Curatis Holding AG (SIX: CURN) and Neupharma Co., Ltd. (“Neupharma”), a Japanese pharmaceutical company specializing in oncology, immunology, pulmonology and cardiology disorders, today announce an exclusive license and development agreement for corticorelin (C-PTBE-01) in Japan. Under the terms of the agreement, Neupharma will receive exclusive rig
Galderma Completes Successful Placement of EUR 500 Million Eurobond11.3.2026 06:55:00 CET | Press release
Galderma Group AG (SWX:GALD): NOT FOR DISTRIBUTION IN THE UNITED STATES OR IN ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE RESTRICTED BY APPLICABLE LAW OR REGULATION. Galderma Group AG (SIX:GALD), the pure-play dermatology category leader, today announced the successful placement of a single-tranche EUR 500 million Eurobond. The bond has a 5-year maturity and carries a fixed-rate annual coupon of 3.375%. The Eurobond was placed on March 10, 2026, with settlement expected on March 17, 2026, and will be listed on the SIX Swiss Exchange. Citigroup, ING, J.P. Morgan and RBC Capital Markets jointly led the transaction. Net proceeds from the transaction will be used to fully repay Galderma’s existing bank term loan issued in connection with the company’s initial public offering in March 2024. The transaction represents the final step in Galderma’s refinancing process, having obtained two investment grade credit ratings. Galderma is currently rated ‘BBB’ (stable outlook) by Fitc
Estithmar Holding Net Profit Surges 122% to QAR 938 Million; Revenue Rises 54% to QAR 6.4 Billion for the Year Ended 31 December 202510.3.2026 22:52:00 CET | Press release
- Sustainable Growth Driven by International Expansion - Significant Increase Across Key Metrics Estithmar Holding Q.P.S.C. has announced its financial results for the year ended 31 December 2025. The group reported a 54% increase in revenue to QAR 6.4 billion, compared with QAR 4.2 billion in 2024. Gross profit rose to QAR 2.1 billion, up from QAR 1 billion in 2024, representing growth of 111%. EBITDA reached QAR 1.5 billion, an increase of 102% year-on-year. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260310410214/en/ Estithmar Holding Net Profit Surges 122% to QAR 938 Million; Revenue Rises 54% to QAR 6.4 Billion for the Year Ended 31 December 2025 (Photo: AETOSWire) Net profit climbed 122% compared with 2024, reaching QAR 938 million. Earnings per share increased by 145% to QAR 0.264. The growth in net profit was primarily driven by higher revenues, particularly from the specialized contracting and healthcare sectors.
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