WASHINGTON (dpa-AFX) - Swiss specialty chemicals company Sika AG (SXYAY.PK, SKFOF.PK) reported that its profit after tax for the first nine months of the year increased to 566.8 million Swiss francs from last year's 527.7 million francs.
Operating profit or EBIT improved 10.6 percent to 805.9 million francs from prior year's 728.9 million francs. At EBITDA level, profit increased 18.2 percent to 1.04 billion francs.
Sika was able to increase its gross margin to 53.5 percent from previous year's 53.3 percent.
Net sales were 6.01 billion francs, up 12.9 percent from 5.32 billion francs last year. Sales grew 15.1 percent in local currencies, whereby the acquisition effect accounted for 11.0 percent and organic growth 4.1 percent. The company reported growth in all regions.
Looking ahead for the 2019 financial year, Sika expects an increase in sales to more than 8 billion francs along with double-digit EBIT growth.
Under the Strategy 2023 initiative, the company is seeking to grow by 6-8 percent a year up to 2023. It is aiming for a higher EBIT margin of 15-18 percent by 2021.
Copyright RTT News/dpa-AFX
© 2019 AFX News
