Section 02
This section includes notes related to
the consolidated income statement.
Results for
the Year
Back to contents > 22 809
Operating revenue
(NOK million)
2020: 21 070
3 138
Operating profit
(NOK million)
2020: 3 489
13.8 %
Operating margin
2020: 16.6 %
Jotun achieved good sales growth and its
second-best result ever in 2021, despite
challenges imposed by escalating raw materials
prices, a global supply chain crisis and business
interruptions caused by the coronavirus pandemic.
The increase in operating revenue is driven by
growth in all regions and all segments except
Marine Coatings. Sales in Marine Coatings were
affected by the cyclical downturn in newbuilding
activity, but increased maintenance and repair
sales resulted in stable operating revenue for the
year.
Operating profit dropped by 10 per cent in
2021 compared to last year. The drop is mainly
explained by lower gross margins caused by a
rise in raw material prices of almost 60 per cent
in 2021. However, the impact of the raw material
price inflation was partly mitigated by increased
selling prices and low underlying cost growth.
Negative currency translation effects due to a
stronger Norwegian krone, also affected reported
operating profit in 2021.
Jotun Group
Jotun Annual Report 2021 I 21