Morten Fon News

Norwegian paints and coatings company Jotun Group announced that  it signed a memorandum of understanding with the world’s largest shipyards for a new type of marine paint that reduces solvent emissions by up to 90 percent.A memorandum of understanding has been signed with Korean Hyundai Heavy Industries (HHI). This is the starting point of a closer cooperation and the use of a new, innovative solvent-free primer.The signing took place between Jotun's chairman Odd Gleditch (Jr). and HHI's Chief Executive Ka Sam-Hyun during the South Korean President's state visit to Norway in June. South Korea's Minister of Industry Yunmo Song attended the signing ceremony."The partnership with Jotun will allow HHI…

Jotun, coating solutions to the global marine fleet,  recorded sales of NOK 10.9 billion and an operating profit of NOK 1.7 billion in tn the first eight months of 2016. To help secure long-term growth, the company continues to pursue investments in new production capacity and product innovation, both in Norway and other key markets. To help secure long-term growth, the company continues to pursue investments in new production capacity and product innovation, both in Norway and other key markets. Jotun recorded a two per cent increase in revenues compared to the same period last year, improving from NOK 1.6 billion to 1.7 billion. While decreased activity in shipbuilding and the offshore sector has impacted sales in the Marine and Protective Coatings segments…

In the first eight months of 2013, the Jotun Group reported sales of paint and powder coatings of NOK 8 174 million. This is an increase from NOK 7 686 million in the same period last year. The increase of 6% is in particular driven by larger sales in Middle East and Central Asia. The Group’s operating profit for the period from January to the end of August was NOK 1 050 million, an increase of 18% compared to last year. Sales within the Marine segment are declining as a result of the contraction in the newbuilding market. The market is not expected to pick up in the short-term. Jotun’s total investments were NOK 489 million for the year’s first eight months. Jotun’s equity ratio was 52% at the end of August 2013. The company has sufficient liquidity and little net interest bearing debt.

Jotun reported an operating profit of NOK 1.1 billion in 2009 as compared with NOK 0.9 billion for the previous year. Operating income increased from NOK 10.4 to NOK 11.2 billion. In litres and kilos, Jotun sold two per cent more paint than it did in 2008. There were large variations between the markets and geographically. Key markets such as China, South Korea and the Middle East reported strong figures. Europe performed poorly, and the Norwegian market, for example, was weaker than in many years. The group’s results were the best ever. “We are satisfied with the results, which have exceeded our expectations. Jotun has positioned itself in many growth markets, and we have captured market shares in key areas.

Jotun expects the difficult global economy to continue to have a greater impact. When compared with the record level  of 2008, the figures in the first eight months of 2009 are still satisfactory. In litres and kilos the group sold one per cent less paint than it did for the same period last year. There are market-related variations in the group. Jotun continues to have growth, including in China, South Korea and key markets in the Middle East. A weak development has taken place in many parts of Europe, including Norway. In the first eight months of 2009 the operating profit was NOK 858 million, compared with NOK 807 million in the same period in 2008. Operating income amounted to $1.3b compared to $1.1b last year.

Jotun reported that high levels of activity worldwide in shipbuilding, oil and gas projects and a highly active construction industry in the Middle East made 2007 the company’s best year ever. In 2007, the Jotun Group had an operating income of more than $1.7b, which is $211m higher than for 2006. before tax was $151.4m. "Last year was an absolute high point for Jotun. We are extremely pleased to deliver the best sales and profits in Jotun's history. negative affect on sales and profits," said Morten Fon, president and CEO. In Scandinavia, sales volume increased in 2007, but an increasing number of own-brands in the market and a change in distribution structure in the trade have pressed margins.

The Jotun group has four profitable months behind it and concludes the period with higher turnover, higher volumes and higher profits than for the same period in 2005. "It is pleasing to see turnover continue to increase in 2006 as well, and the profit for the first four months bodes well for the rest of the year," said Morten Fon, President and CEO of the Jotun group. The positive developments from 2005 have continued in 2006, and during the first four months of the year Jotun had sales and operating income of NOK 2.4 billion, NOK 333 million higher than for the same period in 2005. The group's ordinary profit before tax was NOK 220 million, compared with NOK 163 million in 2005.