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Sika FY20 Sales Up 3.4% In Local Currencies; Confirms 2023 Strategic Targets

Sika (SXYAY.PK,SKFOF.PK), a specialty chemicals company, reported that its fiscal 2020 sales decline 2.9 percent from last year to 7.88 billion Swiss francs. In local currencies, sales rose 3.4 percent. The negative currency effect (-6.3%) caused sales in Swiss francs to decline, which includes a negative currency impact of around 500 million Swiss francs.

The EMEA region reported a sales increase in local currency of 4.4 percent and the Americas region recorded sales growth in local currencies of 1.0% in 2020. Growth in the Asia/Pacific region amounted to 12.6%.

Sika also specified the establishment of new factories in Colombia and China, alongside factory expansions in the United Arab Emirates, France, and Switzerland.

For the 2020 fiscal year, Sika expects over-proportional increase in EBIT and an EBIT margin of around 14%.

From 2021, the company is aiming for a higher EBIT margin of 15%-18%.

Looking ahead, Sika is confirming its 2023 strategic targets. The company remains aligned for long-term success and profitable growth. With its focus on the six strategic pillars - Sika is seeking to grow by 6%-8% a year in local currencies up to 2023.

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