Solid progress for Jotun, but outlook is uncertain

Sandefjord, September 30 2021. Jotun achieved record high revenue of NOK 14 975 million in the first eight months of 2021. The operating profit was NOK 2 496 million, but high raw material prices put pressure on the operating margin.

Market situation

Sales in the segments for Decorative Paints, Performance Coatings and Powder Coatings have shown a positive development so far this year. In the Marine Coatings segment, Jotun has experienced a decline in sales due to reduced newbuilding activity for ships.

The strong growth in the first eight months of the year is attributable, among other factors, to the Covid-19 pandemic that resulted in lower activity in the same period of last year. There remains significant uncertainty, but the markets are now showing positive signs.

“We are satisfied to have achieved another record result in a challenging period. Despite high raw material prices and continued uncertainty surrounding the pandemic in individual markets, Jotun has delivered a solid performance in most business areas,” President & CEO Morten Fon says.

President & CEO Morten Fon
President and CEO Morten Fon at Jotun's headquarters in Sandefjord, Norway. Photo: Morten Rakke.

Raw material prices

Jotun has experienced a significant increase in raw material prices since autumn 2020. The reason for this is an imbalance between supply and demand, which has had a persistent and increasingly negative effect on Jotun’s raw material costs in 2021.


The fire in Sandefjord on September 15th is expected to have little impact on Jotun’s delivery capability. Lower newbuilding activity for ships, the pressure on raw material prices and uncertainty related to the pandemic, however, make the development going forward uncertain.

Raw material prices are assumed to continue their upward trend, which will negatively affect the operating result in the next four-month period.

“Further price increases will be necessary in all business segments,” Fon says.

Jotun remains well-positioned for further profitable growth, and the company continues to adhere to its long-term growth strategy and investment plan.


Key financials (NOK million) T1 + T2 2021 T1 + T2 2020 % Change

Operating revenue

14 975 13 916 8%

Operating profit

2 496 2 402 4%

Profit before tax

2 315 2 122 9%


For more information:

Morten Fon, President and CEO, mobile: +47 909 19 822,

Asne Vitterso Kvamme, Group Communications Director, +47 99244648,

Study shows Jotun HPS gives 20% carbon cut

Study based on European Union MRV data reveals vessels using Jotun Hull Performance Solutions report 20% lower carbon intensity in operations.

The fire at Jotun September 15, 2021

A fire near Jotun’s binder factory, close to Group HQ in Sandefjord, Norway, caused no serious injuries.

Strong results in first four months of 2021

Jotun revenue is NOK 7 441 million and operating income NOK 1 469 million in first four months of the year. Sales and earnings at record levels for the period.