ZURICH, Feb 28 Reuters Holcim will launch a 1 billion Swiss francs 1.14 billion share buyback by the end of the year, the building materials giant said on Wednesday after reporting fourthquarter earnings slightly ahead of forecasts.

The Swiss cement maker, which last month announced plans to spin off its fastgrowing American business, was in confident mood after posting record annual operating profit on the back of efficiency gains and price increases.

For the fourth quarter, Holcim posted recurring operating profit of 1.12 billion Swiss francs, slightly above analyst expectations of 1.07 billion francs.

Sales rose 2.1 to 6.6 billion francs, against the 6.5 billion francs forecast by analysts.

Shares were up 2.6 in premarket trading in Zurich.

Chief Executive Jan Jenisch highlighted the company39;s higher profitability during 2023, supported by 28 acquisitions and a focus on highermargin businesses.

Holcim continued to reshape its portfolio over the year by selling its operations in Uganda, South Africa and Tanzania while boosting its presence in the North American market.

Moving our business from volume to value, we have successfully shifted to the most attractive markets with strong growth drivers and margins, Jenisch said in a statement.

For the full year, Holcim increased organic sales which cut out currency and acquisition effects by 6.1, meeting its goal for an increase of 6 or better.

However, Holcim the results of which are widely viewed as a proxy…