ZURICH (Reuters), -Holcim has raised its full year sales outlook after beating analyst predictions for profit and sales during the first quarter.

Swiss firm said that it anticipates sales growth of 8.8% on a similar-forlike basis. This reduces the effect of currency swings and acquisitions. Also, there will be a 10% increase in Swiss francs.

Previous Holcim (SIX) stated that it expected an increase of 6% in like-for-like sales during 2022.

Holcim recently announced that it would be closing its Russian business. It posted 614 million Swiss Francs ($644.21 Million) recurring operating profits. This is 16% more than 528 million Swiss francs one year ago and far ahead of analysts’ forecasts of 443 million.

Revenues rose to 6.4 billion Francs by 20%, surpassing forecasts of just 6.1 billion.

The company’s first quarter revenue and recurring operating profits were both the best, with strong demand and recent acquisitions helping to boost the numbers.

Holcim stated that despite volatile markets and uncertainty in geopolitical areas, it expects the growth momentum to persist across all regions.

Holcim’s record year-start and global positive outlook give Holcim reason to revise its guidance.

($1 = 0.9531 Swiss francs)