Alfamidi And Lawson Managers Owned By Conglomerate Djoko Susanto Achieve 2-fold Profit Growth To IDR89.13 Billion In The First Quarter Of 2022

Alfamidi outlet. (Photo: Wikimedia Commons)

JAKARTA - The company that manages Alfamidi and Lawson retail, PT Midi Utama Indonesia Tbk (MIDI) posted performance growth in the first quarter of 2022. The profit of the company owned by the conglomerate Djoko Susanto nearly doubled on an annual basis, in the first three months of this year.

In MIDI's financial report, quoted on Sunday 5 June, profit for the period attributable to owners of the parent entity reached Rp.89.13 billion, up 94.09 percent compared to Rp.45.92 billion in the first quarter of 2021.

This profit was supported by MIDI's net income in the first quarter of 2022 which reached Rp3.58 trillion, an increase compared to the first quarter of 2021 of Rp3.06 trillion. The majority of revenue was contributed by sales of food products amounting to Rp. 2.57 trillion, while sales of non-food products amounted to Rp. 1.01 trillion.

MIDI's cost of revenue also rose to Rp.2.64 trillion, from the previous Rp.2.25 trillion. However, the company still posted an increase in gross profit of 16.74 percent YoY to IDR 939.95 billion and operating profit increased by 54.31 percent YoY to IDR 150.66 billion.

The company targets moderate performance growth this year, amid anticipation of inflation and rising interest rates. In 2021, MIDI posted a consolidated net income of IDR 13.58 trillion, growing 7.30 percent from IDR 12.66 trillion in 2020.

Annual growth in 2021 is lower than 2020 which reached 8.90 percent. The company stated that the realization of lower revenue growth in 2021 was due to economic conditions that had not fully recovered due to the COVID-19 pandemic.

"We see that this year economic data is starting to improve, with a record homecoming, we are optimistic that we can grow more than that. But we are trying to be moderate, we are not too aggressive but still trying to grow, at least the same as last year. In terms of profit, too, " said MIDI Finance Director Suantopo Po in a public presentation, last Wednesday, May 25.

To achieve the 2022 target, Suantopo said MIDI will strengthen its position as a multi-format retail company. The company so far manages a retail network under the Alfamidi, Alfamidi Super, Midi Fresh, and Lawson brands with a total of 2,095 outlets until the end of December 2021.

"We will also optimize online shopping services through the Midi Kriing application and also through other channels. In terms of merchandising, we will provide more complete products to maximize sales area and optimize margins at competitive prices," he said.