Section 02
This section includes notes related to
the consolidated income statement.
Results for
the Year
21 070
Operating revenue
(NOK million)
2019: 19 652
3 489
Operating profit
(NOK million)
2019: 2 320
16.6 %
Operating margin
2019: 11.8 %
In 2020, Jotun achieved good sales growth and
record-breaking profitability despite challenges
related to the coronavirus pandemic.
Coronavirus containment measures imposed by
local governments hampered growth in several
key markets, most notably in the Middle East
and South East Asia. However, due to a surge in
demand in selected markets, like Scandinavia,
Turkey and China, the Group reported overall
growth in operating income. Operating income
increased in all segments, with the strongest
growth in Decorative Paints.
Operating profit increased by 50 % in 2020
compared to last year, and operating margin
reached a new all-time high at 16.6 %. The
improvement in operating profit and profitability
is mainly explained by stronger gross margins
due to lower raw material costs. In addition,
positive currency translation effects and low
underlying cost growth contributed positively.
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Jotun Group
Jotun Annual Report 2020 I 21