EMEA News
Bunker-Saving Coatings Manufacturer Jotun Group Enjoys 57% Jump in Operating Profit
Norwegian paint and coatings manufacturer Jotun Group Thursday reported strong financial results for 2015, saying its bunker saving marine products had enjoyed strong demand.
"For the first time in recent memory, Jotun had growth in all segments and regions. We performed particularly well in the Marine Coatings segment, where Jotun remains the global market leader," said Morten Fon, President and CEO of Jotun.
Operating profit was up 57.1 percent to a Group record NOK 2 billion ($233 million), although a breakdown by segment was not provided.
The company said it performed especially well in the Middle East, Southeast Asia and North East Asia.
"However, in the Americas we wish for improved results," said Fon.
The majority of Jotun's activities take place outside Norway and Jotun said its results were somewhat inflated by the weakening of the Norwegian krone against the US dollar.
"However, even when adjusting for currency effects, Jotun's underlying growth was 10 per cent in 2015," said Fons.
He believes the company is in a strong position to sustain this growth trend in 2016.
In June of 2015 Ship & Bunker reported that Jotun was involved in a new hull performance project with DNV GL to improve hull performance in an effort to reduce customers' emissions and fuel costs.
