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Sika's nine-month operating profit rises, confirms FY target

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Sika's nine-month operating profit rises, confirms FY target
The company logo of Swiss chemicals group Sika is seen outside the headquarters in Zurich, Switzerland, February 23, 2018. REUTERS/Moritz Hager/Files   -   Copyright  MORITZ HAGER(Reuters)
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(Reuters) – Sika AG <SIKA.S> posted a 10.6% rise in operating profit during the first nine months of 2019, the Swiss chemicals company said on Thursday and confirmed its full-year sales target.

The maker of chemicals and adhesives used in the construction industry said its operating profit (EBIT) rose 10.6% to 805.9 million Swiss francs ($813.88 million) in the first nine months from 728.9 million francs last year. Sales increased 15.1% to 6 billion Swiss francs.

Sika, whose products are used to strengthen and waterproof walls and floors, said it expects to increase its annual sales to more than 8 billion francs along with a double-digit growth in its operating profit.

This year, the company acquired four companies and launched factories in Senegal, Egypt, Qatar and Serbia to support its rapid growth.

The Swiss company recently said it plans to increase annual sales by 6%-8% and is aiming for a 15%-18% profit margin from 2020 onwards.

($1 = 0.9902 Swiss francs)

(Reporting by Ann Maria Shibu in Bengaluru and John Revill in Zurich, Editing by Sherry Jacob-Phillips)

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