Siemens expects supply chain problems that have hindered industrial revival in the wake of the pandemic will ease next year, the engineering and technology company said on Thursday, as its fourth quarter sales and orders beat forecasts.

The maker of factory software and trains said it expected further profitable growth as problems thrown up by shortages of components and log-jammed logistics networks are expected to improve during its 2022 fiscal year.

In the three months to the end of September, Siemens’ sales rose 18 percent to 17.44 billion euros ($20.17 billion), surpassing analysts’ forecast of 16.82 billion.

Orders rose 26 percent to 19.07 billion euros, ahead of expectations for 17.56 billion, it added.

The German company said it was seeing growth opportunities in key markets despite “supply chain risks associated primarily with electronics components and raw materials,” although it had cut the impact of such problems during the quarter.

But profit was held back by one-off gains reported a year earlier, Siemens added.

Adjusted operating profit from its industrial business fell 14 percent to 2.27 billion euros, missing a forecast of 2.45 billion. Net income declined 29 percent to 1.33 billion euros.

On an annual basis, net profit rose 59 percent to 6.69 billion euros, exceeding forecasts and the company’s own guidance of 6.1 billion to 6.4 billion euros.

“In a challenging environment, we have won market share and clearly exceeded our net income guidance,” said Roland Busch, its president and chief executive. “This momentum will continue in fiscal 2022.”

Busch, who took control from longstanding predecessor Joe Kaeser in October, has been helped by a post-COVID recovery as industrial activity and demand pick up.

The momentum helped Siemens hike its guidance four times during its 2021 business year.

But, like other firms, the company has also faced difficulties getting semiconductor chips and other components because of jammed-up logistics chains and suppliers’ stuttering restarts of production after pandemic shutdowns.

Last month, Swiss rival ABB said it expects the supply chain crunch to continue next year as it cut its 2021 sales outlook.

For its 2022 business year, Siemens said it expected mid-single-digit comparable revenue growth, net of currency translation and changes to its portfolio of companies.

Siemens also proposed raising its dividend to 4.00 euros from 3.50 a year earlier.