Jotun announces 2023 first quarter results

Recently, Jotun paint major shareholder Orkla disclosed the first quarter of 2023 operating results. Jotun continued its strong sales growth in the first quarter of 2023. According to the financial report, sales increased by 23.5% to 7.766 billion Norwegian kroner (about 747.3 million US dollars or 5.1352 billion yuan) compared with the same period in 2022. Excluding the positive currency translation impact from the depreciation of the Norwegian krone, underlying sales were up 18 per cent.

The strong underlying growth is due to considerable volume growth and the continued impact of price increases implemented to offset raw material inflation during the pandemic. Sales growth was particularly strong in the decorative, Marine and protective coatings segments. Underlying sales growth for powder coatings was more modest, in part due to the challenging market, particularly in Western Europe. All regions except Scandinavia achieved double-digit sales growth in the first quarter.

Jotun expects sales revenue to continue to grow and margins to improve year over year in the next quarter of 2023. While the outlook for Jotun is positive, significant uncertainties remain, including increased currency volatility in key markets, rising global inflation and interest rates, and a slowing outlook for global economic growth. However, Jotun believes it is well positioned to achieve further profitable growth and sustain its long-term growth and investment plans.

Headquartered in Sandfjord, Norway, Jodun is one of the world's leading manufacturers of decorative, Marine, protective and powder coatings. Divided into four divisions and six geographical regions, the Group has 67 companies and 40 production sites worldwide, employing more than 10,000 people. Jotun's products are sold in more than 100 countries through its own subsidiaries, joint ventures, associates, branches, dealers and distributors. Jotun Group had sales of NOK 27.8 billion in 2022.