Home Finance Construction chemicals maker Sika posts highest-ever annual profit

Construction chemicals maker Sika posts highest-ever annual profit

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The brand of Swiss chemical group Sika is seen on barrels on the firm’s headquarters in Zurich, Switzerland October 7, 2021. REUTERS/Arnd Wiegmann

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Feb 18 (Reuters) – Sika (SIKA.S) posted a 27.1% leap in full-year web revenue on Friday and proposed a 16% greater dividend, because the Swiss development chemical substances maker benefited from an upturn in constructing initiatives after the pandemic and a raft of acquisitions.

The corporate, which makes merchandise utilized in reinforcing and waterproofing concrete, posted earnings earlier than curiosity and tax (EBIT) of 1.39 billion Swiss francs ($1.51 billion) for the 12 months ended Dec. 31, up from 1.13 billion Swiss francs in 2020.

The determine exceeded the pre-pandemic degree of 1.06 billion Swaiss franc working revenue for 2019. Sika’s EBIT margin of 15% additionally met its steerage.

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“Sika has generated lasting added worth in a difficult yr…. We’ll pursue our sturdy development in all areas and we are going to proceed to ship spectacular efficiency sooner or later,” Chief Exective Thomas Hasler mentioned in an announcement.

The corporate proposed a 16% rise in its gross dividend to 2.90 Swiss francs per share. Sika expects annual gross sales to surpass 10 billion Swiss francs for the primary time in 2022, pushed by a greater than 10% gross sales leap in native currencies.

Sika, whose merchandise are additionally utilized by carmakers as adhesives, additionally mentioned it expects an annual gross sales development of 6-8% within the years as much as 2023 and an working revenue margin of 15-18% from 2021.

After making seven acquisitions final yr, Sika mentioned it was aiming to extend its share of the development chemical substances market from round 10% now to 12% by 2025.

($1 = 0.9212 Swiss francs)

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Reporting by John Revill in Zurich and Shubhendu Deshmukh in Bengaluru; Enhancing by Rashmi Aich

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