Construction chemicals maker Sika first-quarter sales jump 20%

Reuters Swiss construction chemicals maker Sika AG reported a 20 jump in its firstquarter sales on Tuesday, as the broader construction industry benefited from an upturn in projects after the pandemic.

The company, whose chemical additives strengthen and waterproof concrete, said sales came in at 2.39 billion Swiss francs 2.57 billion for the three months ended March 31, compared with 2.1 billion francs in the yearago period. Sales in local currencies rose 21.9.

Sika confirmed its annual sales forecast of crossing 10 billion francs for the first time in 2022, driven by a more than 10 sales jump in local currencies.

Sika, whose products are also used by car makers as adhesives, has forecast annual sales growth of 68 in the years up to 2023 and an operating profit margin of 1518 from 2021.

After a series of acquisitions, Sika aims to increase its share of the construction chemicals market to 12 by 2025 from around 10 now.