Swiss chemical maker Sika backs annual forecast after 9.2% jump in half-year sales

ZURICH: Swiss chemicals maker Sika AG, on Tuesday, reported a 9.2% jump in sales for the first half of the year and reiterated it expects local currency sales growth of 6-9% and an “over-proportional” increase in EBITDA for the year.

The company, whose products are used to reinforce and waterproof building materials, reported sales of 5.83 billion Swiss francs ($6.54 billion) for the six months ended June, up from 5.35 billion francs a year earlier.

That beat analysts’ average estimate of 5.78 billion francs, according to Vara Research. Sika’s earnings before interest, tax, depreciation and amortisation (EBITDA) rose 24% to 1.09 billion francs, also topping analysts’ estimates of 1.08 billion francs, per Vara Research.

The fortunes of Sika, whose chemical additives and adhesives are used in the construction and automotive industries, are indicators of broader demand in their respective sectors.