Despite supply shortages in raw materials and a highly inflationary environment, Sika reported increased sales in the first quarter of 2022, posting a new record figure of nearly CHF 2.4 billion (approximately $2.6 billion). This equates to an increase of 21.9% in local currencies compared to the previous year. Sika reports that all regions were able to tap into the dynamic momentum of the construction economy and contribute to the strong sales growth.

Sales growth in Swiss francs amounted to 20%, which includes a negative currency effect of 1.9%, while the acquisition effect was 4.3%. Organic growth in the first quarter amounted to 17.6%.

“In the first quarter of the current fiscal year, we were confronted by ongoing strong raw material price increases,” said Thomas Hasler, CEO. “In addition to solid volume growth, we were able to implement consistent price adjustments. With our environmentally-friendly and innovative solutions we are positioning ourselves as a sustainability champion, and together with our customers, making a key contribution to climate neutrality in the construction and transportation industries. This first and foremost benefits the environment as well as current and future generations.”

Sika reports that the construction sector is benefiting from significant global economic support programs and is being shaped by the megatrend of climate change, which is ushering in a paradigm shift for the construction industry. Solutions for reducing CO2 emissions and conserving resources are becoming increasingly sought after in the world of construction. Sika offers customers solutions that allow them to reduce their CO2 footprint while at the same time enhancing longevity and minimizing the use of resources in construction.

The Europe, Middle East, Africa (EMEA) region reported a sales increase in local currencies of 18.1% for the 2022 first quarter. Above-average growth was recorded by the distribution and renovation business, as well as by the sale of Sika product solutions through e-commerce platforms. Nearly all countries in the region achieved double-digit growth rates. Particularly strong growth was recorded in Africa and the Middle East.

The Americas region recorded growth in local currencies of 36.2%. The U.S. in particular exhibited a strong level of momentum in business. The key drivers here were large-scale refurbishment and new-build projects in connection with distribution and data centers. Strong growth rates were also reported by Mexico, Colombia, Brazil, and Chile. In the Americas region, Sika reports that its strategic focus of business activities on big cities and metropolitan areas continued to pay off, as did the concentration on major infrastructure projects and the targeted realization of cross-selling potential.

Sales in local currencies in the Asia-Pacific region increased by 18.6%. In China, it was mainly the distribution business that benefited from ongoing strong growth momentum, recording double-digit growth rates, whereas the project business was impacted by numerous lockdowns. Nevertheless, China as a whole achieved double-digit growth. India, Bangladesh, and Sri Lanka saw a dynamic development, while the countries in Southeast Asia and Japan managed to record high single-digit growth in challenging markets.

In the Global Business segment, Sika achieved growth in local currencies of 10.4%. The automotive industry once again saw significant supply chain bottlenecks. Sika anticipates continued strong growth stimuli from the megatrends evident in modern automotive production, namely: electromobility and lightweight construction. In particular, the transition from traditional drive systems to electromobility has accelerated considerably over the last few years and is being underpinned by a number of government support programs.

In November 2021, Sika signed a binding agreement to acquire the MBCC Group (the former BASF construction chemicals business). The acquisition will complement and broaden Sika’s portfolio in four of five core technologies and seven of eight Sika Target Markets while further strengthening the company’s geographic footprint. The acquisition is subject to approval by the authorities. Sika is confident it will receive all required clearances in a timely manner and will cooperate closely with the authorities to this end. The closing of the acquisition remains targeted for the second half of 2022.

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