(Reuters) –Sika reported a 27.1% increase in its full-year net profits on Friday. The company also proposed a 16% greater dividend. This was due to the Swiss chemical maker of construction chemicals having benefited from a rebound in the building sector after the pandemic as well as a raft acquisitions.

For the 12-months ended December 31, earnings before interest tax (EBIT), of 1.39 billion Swiss Swiss Francs ($1.51billion), were posted by the company that makes concrete reinforcement and waterproofing products. This is an increase from 1.13 billion Swiss Franks in 2020.

It was more than double the 2018 operating profit of 1.06 Billion Swaiss Francs. Sika also achieved its target of 15% EBIT margin.

“Sika generated long-lasting added value in an extremely challenging year ….” Chief Exective Thomas Hasler released a statement.

According to the company, a 16% increase in its gross dividend was proposed at 2.90 Swiss Francs each share. Sika anticipates that its annual sales will surpass 10 billion Swiss Francs in 2022. This is due to a 10% increase in sales in local currencies.

Sika’s adhesives are used in carmakers’ cars by Sika. It also stated that it anticipates a 6-8% annual growth and a 15%-18% operating profit margin starting in 2021.

Sika announced that, after seven acquisitions made last year it was planning to increase its share in the market for construction chemicals to around 10% by 2025.

($1 = 0.9212 Swiss francs)