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Jotun handled global challenges well and set new records in 2024, with sales up 7% to $3.074 billion.
February 18, 2025
By: DAVID SAVASTANO
Editor, Ink World Magazine
Solid sales growth in all business segments gave the Jotun Group a total operating revenue of NOK 34,206 million ($3.074 billion) in 2024. This was an increase of 7% from the previous year, mainly driven by increased volume. Earnings rose 5% from 2023 to NOK 6,766 million ($608 million), due to increased volume, stable raw material prices and cost control. “2024 was another fantastic year for Jotun. We increased sales in all segments and geographical regions. At the same time, we maintained good profitability, and we are very satisfied with that,” said Morten Fon, Jotun’s president and CEO. For years, Jotun has been the world’s largest supplier of marine coatings, now with an estimated 25% of the market. Historically, shipping has shown highly cyclical development, but Jotun now expects continued high activity. The company is also a significant player in decorative paints and anti-corrosion coatings, as well as powder coatings. “We live in a world of uncertainty, and our setup with various business segments provides a great safety for us. In 2024, we particularly experienced challenges related to currency, but we got through that as well,” said Fon. Jotun has good momentum into 2025, and the positive development is expected to continue. However, geopolitical tensions, lower growth forecasts and disruptions in the logistics markets cause persistent and significant uncertainty. “Our ambition is to continue growing more than the market in 2025, but this uncertainty will affect us. In addition, tough competition and increased price pressure means we expect a result on par with the last two years,” added Fon.
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