Jotun Q2 Report 2023

Operating revenue increased by 18 per cent to NOK 21 589 million in
the first eight months of 2023 (2022: NOK 18 243 million). Adjusted
for positive currency translation effects due to a weaker Norwegian
krone, the underlying sales growth was 14 per cent. The strong
topline growth was driven by volume growth and continued effects
from price increases. 

Operating profit year to date nearly doubled compared to the same period last year driven by improved gross margin, volume growth and good cost control. Gross margin continued to improve through the second quarter, primarily explained by the continued effects of price increases but also helped by lower raw material prices in some markets.
Although raw material prices have come down from the peak reached last summer, not all regions have benefitted, in part due to negative currency translation effects. Raw material prices remained stable in the second quarter.