Sika's 9-month operating profit rises, confirms FY target

Credit: REUTERS/ARND WIEGMANN

Sika AG 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.

Oct 24 (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)

((AnnMaria.Shibu@thomsonreuters.com; +1 646 223 8780; + 91 80 6749 8912 ;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More