Jotun delivers solid results
Jotun Group recorded sales of NOK 5.48 billion and an operating profit of NOK 935 million in the first four months of the year. While somewhat lower growth is anticipated moving forward, the Group expects to deliver good results in 2016.
Jotun's operating revenues reached 5.48 billion in the first four months this year, up 4.8 per cent from the same period last year. Operating profit for the period was 935 million, up 20.8 per cent compared with the same period last year.
According to President and CEO Morten Fon, the company got off to a good start in 2016. “We are pleased with strong growth in the Decorative Paints segment and high activity in the Marine Coatings segment, although the growth in Marine is levelling off ” he says. “Profitability has also been good in the Powder and Protective Coatings segments, despite a somewhat lower growth. All in all, we are satisfied with our performance.”
Investment levels maintained
Jotun remains committed to an ambitious investment programme. In the first four months of 2016, the company’ total investment in property, factories, equipment and intangible assets amounted to NOK 323 million.
Fon notes that these investments, which represent about six per cent of the company’s total revenue, are necessary in pursuit of the company’s strategic growth ambitions. “New factories in Oman, the Philippines and Myanmar constitute the main part of the investments, along with investments related to product innovation, personnel and systems to improve operational efficiency”, he says.
Over all, underlying volume growth is solid, at ten per cent so far this year. However, weak demand for newbuildings is likely to slow growth in the Marine Coatings segment while low oil prices continue to depress activity in the offshore sector, impacting sales of Protective Coatings going forward. By contrast, growth in the Decorative Paint and Powder Coatings segment is expected to continue. Commodity prices remain favourable but are expected to rise in the future.
“While we remain focused on controlling costs, Jotun remains committed to our organic growth strategy, which applies to both existing and new markets,” says Fon. “We will also continue to recruit, train and develop personnel, who are essential to maintaining Jotun’s enduring success.”
Highlights of T1 in 2016:
• Continued revenue growth
• Good results in all segments
• Investments in Oman, the Philippines and Myanmar
Financial key figures (NOK million)
|Profit before tax||918||770||
Morten Fon, President and CEO
mobile + 47 909 19 822
Sverre Knudsen, Group Communications Director
mobile +47 906 32 035
Information om Business Wire
101 California Street, 20th Floor
CA 94111 San Francisco
Følg pressemeddelelser fra Business Wire
Skriv dig op her og modtag pressemeddelelser på mail. Indtast din mail, klik på abonner og følg instruktionerne i den udsendte mail.
Flere pressemeddelelser fra Business Wire
PIERRE-FABRE23.6.2018 13:02 | pressemeddelelse
Pierre Fabre & Array BioPharma Announce a 62% Observed OS at One Year from the Phase 3 BEACON CRC Safety Lead-In of the Combination of Encorafenib, Binimetinib and Cetuximab in BRAF-Mutant CRC at the ESMO GI Congress
SERVIER23.6.2018 10:12 | pressemeddelelse
Compelling Data for LONSURF® (trifluridine/tipiracil) in Metastatic Colorectal Cancer Presented at ESMO’s World Congress on Gastrointestinal Cancer by Servier and Taiho
SOFTOMOTIVE22.6.2018 17:15 | pressemeddelelse
Softomotive and Accelerate RPA Partner to Help Enterprises Achieve Faster Time to Value from RPA
TX-ASCEND-PERFORMANCE22.6.2018 16:02 | pressemeddelelse
Ascend Performance Materials Announces Price Increase for Intermediate Materials
DELTICOM-AG/MOTO-TYRES.C22.6.2018 15:43 | pressemeddelelse
Different Countries, Different Customs: Get Ready for the Motorbike Holidays with Moto-tyres.co.uk
BOEHRINGER-INGELHEIM22.6.2018 14:02 | pressemeddelelse
Boehringer Ingelheim bolsters biologics research and development with 230 million euro investment in new development center
I vores nyhedsrum kan du læse alle vores pressemeddelelser, tilgå materiale i form af billeder og dokumenter, og finde vores kontaktoplysninger.Besøg vores nyhedsrum