Jotun Half-Year Report 2024

Sales continued to grow in the second quarter, with operating revenue increasing 4% compared to the same period last year. Year to date, operating revenue is also up 4%. However, excluding negative currency translation effects due to a weakening of Turkish Lira, Chinese Yuan, and the Egyptian Pound relative to the Norwegian krone, underlying sales growth year to date is 7%.

The Marine, Protective and Powder segments have all delivered double-digit underlying sales growth year to date, while Decorative sales have increased at a more modest pace. Sales have grown in all regions, with the exception of Southeast Asia & Pacific where sales remained flat. Further, the demand for Decorative paints in Scandinavia continues to be sluggish. 

Jotun’s operating margin remained strong in Q2. However, due to negative currency effects the reported quarterly operating profit decreased 2%. Excluding currency translation effects, underlying earnings are up 2% in the quarter and 9% year to date.

Reported earnings growth year to date is explained by a combination of increased sales and higher gross profit per litre, mainly driven by positive segment and product mix effects. This offsets an increase in operating costs as well as currency losses incurred in both quarters.