Sika achieves the very best annual turnover of all time with 9.24 billion francs

© Reuters. FILE PHOTO: The company logo of the Swiss chemical company Sika can be seen at the headquarters in Zurich, Switzerland, February 23, 2018. REUTERS / Moritz Hager

(Reuters) – Construction chemicals maker Sika AG reported a 17.3% increase in sales in 2021 on Tuesday, fueled by a series of acquisitions and the boom in the construction industry after the pandemic shutdown last year.

The Swiss company, whose products are used to reinforce and waterproof concrete, said total annual sales rose from 7.88 billion Swiss francs in 2020 to 9.24 billion Swiss francs (9.98 billion US dollars).

The annual turnover was the highest in the company's history and exceeded the previous high of 8.11 billion francs in 2019.

Sika, whose products were used on the new metro line in Ecuador, said sales in local currencies rose 17.1% for the full year, beating the company's forecasts by 13% to 17%.

The company is slated to announce its earnings on February 18th.

Sika, which made seven acquisitions last year, aims to increase its share of the construction chemicals market from around 10% today to 12% by 2025.

The company expects the market to grow from the current CHF 70 billion to around CHF 80 billion per year by 2023, with government stimulus programs and trends towards more sustainable buildings fueling a global infrastructure boom.

($ 1 = 0.9262 Swiss Francs)

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