Jotun Q4 Report 2022

The strong sales growth continued in the fourth quarter of 2022, with reported sales growth of 19 per cent compared to the same period in 2021. Excluding positive currency translation effects due to a weaker Norwegian krone, the underlying sales growth was 17%.
The strong underlying growth was driven by solid volume growth as well as increased prices to compensate for higher raw material costs. Sales growth was particularly strong in the Marine segment, driven by a resurgence of newbuilding activity as well as a strong maintenance market. The Decorative and Protective segments also delivered solid growth, while sales development in the Powder segment was weaker.
All regions saw double-digit sales growth in Q4, except for Scandinavia where sales declined as markets softened after two strong years with unprecedented demand during the pandemic.