ZURICH, Oct 3 Reuters Sika expects to increase its sales by 69 per year, the Swiss construction chemicals maker said as it unveiled its strategy for the next four years at its Capital Market Day on Tuesday.

The company, the products of which are used to strengthen and waterproof walls, floors and roofs, said it was aiming to increase its profitability target to an earnings before interest, taxes, depreciation and amortisation EBITDA margin of 2023 between 2024 and 2028.

Sika also said it reported strong sales growth of 12.2 for the first eight months of the year.

The new target is a step up from the 68 annual growth goal Sika had for the period between 2019 and 2023.

Growth is expected to be driven by increased customer demand stemming from a growing world population, urbanisation and resource scarcity, Sika said.

The company also aims to increase its operating profit margin. In its previous set of goals, it had targeted a profit margin of 1518.

The Swiss company has enjoyed rapid growth in recent years, boosted by increased construction spending underway or planned around the world.

It has also upped its number of plants to 410 facilities worldwide and has continued to make acquisitions.

Sika in August said it aimed for a sales increase of more than 15 during 2023, boosted by its acquisition of MBCC, the former construction chemicals business of BASF. It also added it aimed for its operating profit to grow at a higher rate than sales.

Reporting by Noele Illien;…