Sido Muncul Profit Down 12.39 Percent In 2022 Impact Of Inflation And Normalization Of Requests

JAKARTA - PT Industri Jamu dan Pharmacy Sido Muncul tbk (SIDO) recorded a decline in performance in 2022. This was influenced by several factors.

SIDO reported a decrease in profit for the year attributable to owners of the parent entity by 12.39 percent to IDR 1.1 trillion in 2022. Meanwhile, in 2021, the Company recorded a profit of IDR 1.26 trillion.

This is in line with sales which decreased 3.87 percent in 2022 to IDR 3.87 trillion. This amount is compared to the previous year which amounted to IDR 4.02 trillion.

If detailed, sales of herbal medicine and supplements fell 2.24 percent. Meanwhile, food and beverage sales fell 8.49 percent.

Only pharmaceutical sales experienced an increase of 0.43 percent. However, this increase is not significant, which has an impact on overall sales.

Director of SIDO, Leonard said, the decline was due to normalization of demand from high bases last year due to the spread of the delta variant.

"(In addition), high inflation affects customers' purchasing power this year and the increase in raw material prices," said management citing information disclosure, Friday, February 10.

If you look at the financial position, SIDO noted that total assets in 2022 rose slightly by 0.31 percent to IDR 4.08 trillion. Where previously it was in the position of IDR 4.07 trillion in 2021.

Meanwhile, total liabilities decreased from IDR 597.76 billion in 2021 to IDR 575.97 billion in 2022. Meanwhile, equity increased from IDR 3.47 trillion to IDR 3.51 trillion in 2022.

In the long-term growth track, SIDO still posted CAGR growth in double-digit net profit over the past 4 years. SIDO maintains a healthy financial position with a net cash position and a high dividend payment ratio of above 90 percent.

"This shows how healthy the Company's business performance is," he said.