I have been wanting to do this presentation for a few years now. Covid ate up two years of the series and I was fortunate to have a full slate of presenters in 2022 and 2023. I kept this presentation as a backup just in case someone could not do a presentation.
Jotun: Strong Results in an Unusual Year
Jotun recorded sales of NOK 21,070 million in 2020, an increase of seven per cent compared to the previous year. Operating profit ended at NOK 3,489 million in a year that was strongly affected by the coronavirus pandemic.
The pandemic had a negative impact on sales in all segments in 2020 and adjusted for currency effects as a result of a weaker Norwegian krone, underlying sales growth was three per cent. The growth was primarily achieved by good growth in sales of decorative paints.
According to CEO Morten Fon, the impact of the coronavirus pandemic on Jotun s business in 2020 varied from region to region. We have experienced a decline in sales in South East Asia and low growth in the Middle East but recorded strong sales growth in important markets such as Scandinavia, Turkey and Saudi Arabia, he says. Throughout this period, Jotun has focused on business continuity measures and avoided laying off employees, helping the company to op