(Reuters) – James Hardie (NYSE :), world’s biggest fibre cement manufacturer, raised Monday its annual profit forecast by four times this fiscal year. It also aims to increase earnings in next year due to a strong housing market in North America.

The 70% share of company revenue comes from new home sales in America. These numbers rose every month in December and will continue to rise despite higher mortgage rates. This should drive up the demand for building materials.

It is likely that this will support the company’s prospects, even while it searches for a chief executive. This comes after Jack Truong was fired last month amid allegations of misconduct and criticisms about Truong’s leadership style. Truong denied the claims.

Dublin-based business said it expects to adjust net income between $620million and $630million for fiscal 2022. That’s up from $605million to $625million in its previous forecast.

It forecasts an adjusted profit between $740million and $820million for fiscal 2023.

Also, it posted an adjusted net profit of $154.1 millions in December quarter, an increase from $123.3million a year earlier.

Quarterly net sales reached $900 million. This was 22% more than last year. The North America segment contributed $644.9 Million.