Norway's Jotun, the world’s biggest producer of marine paints, has reported a record result in 2020 despite the impacts of Covid-19.
The Sandefjord-based company logged a pre-tax profit of NOK 3.158bn ($303.7m), which is an increase of 52% from 2019. Jotun's operating revenue increased by 7% to NOK 19.65bn.
When the pandemic hit a year ago, the company focused on avoiding infection and illness among the staff, while continuing production whenever it was not stopped by authorities.
But cuts in costs also contributed to the record result.
“Jotun is a long-term player and we shall be there for our customers when the situation normalises again. It is our staff that is the company’s biggest resource,” company chief executive Morten Fon told Norwegian business newspaper Finansavisen.
He said he does not promise a repeat of last year’s result, pointing to the reduction in orders of newbuildings and falling activity for oil and gas.
In spite of uncertainties over forward orderbooks for the shipyards, Fon stressed the need for paint for maintenance of the existing fleet.
Fon said there have been difficult periods in the shipyard industry in the past.
“But we have learned how to cope with this as a cyclical industry,” he said.
The Gleditsch family holds 54% of the shares in the privately owned company, while industrial conglomerate Orkla holds the remaining stake.
Jotun, which was created in 1926, has about 10,000 employees and is represented in more than 100 countries.
