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(Reuters) – Swiss chemical maker Sika AG on Friday reported an 18% increase in first-half sales, supported by its larger production footprint and a post-pandemic recovery in the structural sector.
The company, whose chemical additives and water-resistant concrete, said sales stood at 5. 3 billion francs ($5. 47 billion) during the six months to the end of June, up from 4. 45 billion francs a year earlier.
Foreign exchange sales increased by 19. 5%.
“Market situations are also more challenging for us,” lead executive Thomas Hasler said in a statement.
“The existing demanding situations will persist in the current part of 2022, but I am confident that we will be in achieving our goals to
2022, thanks to our committed employees. “
Operating profit rose 22. 7 percent to 841. 9 million francs, while net profit after tax rose 21 percent to 598. 8 million francs, Sika said.
During the months of April to June, Sika expanded its production of concrete additives in the United States and doubled its production capacity in Bolivia.
Sika showed its annual sales forecast of exceeding CHF 10 billion for the first time in 2022, driven by a more than 10% increase in foreign exchange sales.
It said it still aims to increase its operating profit faster than its local currency sales and plans to complete its acquisition of CHF 5. 5 billion from MBCC Group, the former BASF Construction Chemicals company, in the current part of the year.
($1 = 0. 9682 Swiss francs)
(Reporting through John Revill and Sneha Bhowmik; Editing through Sherry Jacob-Phillips and Rashmi Aich)