Sika achieves highest annual sales ever
Published: Wednesday, Jan 10th 2024, 06:20
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The construction chemicals and adhesives manufacturer Sika has grown significantly in the 2023 financial year, mainly thanks to a major acquisition. The Central Swiss company also anticipates a sharp rise in operating profit, which has not yet been communicated.
In 2023, Sika increased sales expressed in local currencies by 14.5 percent to CHF 11.24 billion. The main contributor to this was the competitor MBCC from Germany, which was acquired in May: Sika put the acquisition effect at 13.3 percent on Wednesday.
Sika thus grew organically by 1.2 percent. And this in a market with negative organic growth, as Sika emphasized in the press release. The big downer was the strong currency effect of minus 7.4 percent: calculated in Swiss francs, Sika increased sales by only 7.1 percent.
On average, analysts had expected slightly higher sales of 11.41 billion Swiss francs.
2023 was characterized by high inflation rates, rising interest rates and an appreciating Swiss franc against almost all currencies, Sika explained in the press release. In general, the growth trends of the first nine months continued in the last quarter.
At the same time, Sika confirms its profit targets for 2023, according to which the company expects a disproportionately high increase in operating profit EBIT compared to sales. However, this forecast does not take into account the acquisition of MBCC.
Meanwhile, the takeover of the former BASF Construction Chemicals is on track, explained Sika. As previously emphasized, annual synergies of 180 to 200 million Swiss francs are expected as a result of the takeover.
Sika will present the complete annual financial statements on February 16.
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