Jotun, the world’s leading producer of marine paints, had a strong performance towards the end of 2018, new data shows.
The privately owned company reported operating revenue of nearly NOK 17.7bn last year ($2.2bn), an increase of 8% compared to 2017.
The Norwegian company delivered an operating profit of NOK 1.36bn up marginally from 2017.
The Sandefjord-based company has been hit by the collapse in the newbuilding market.
Jotun CEO Morten Fon said: "We have higher expectations and are not satisfied with these results."
He is however positive about the outlook for 2019.
"We have secured far more newbuilding contracts in 2018 than in the previous year and commence deliveries towards the end of 2019," he said.
Jotun has some 10,000 employees and is represented in more than 100 countries. The company was founded by Odd Gleditsch in 1926. The Gleditsch family still controls 54% of the shares.
