Matahari Department Store Owned By Conglomerate Mochtar Riady Raised Sales Of IDR 7.2 Trillion And Profit Of IDR 918 Billion In Semester I 2022

Matahari Department Store outlet. (Photo: Doc. Matahari Dept. Store)

JAKARTA - The retailer of the Lippo Group owned by conglomerate Mochtar Riady, PT Matahari Department Store Tbk (LPPF) recorded gross sales of Rp. 7.2 trillion in the first semester of 2022. This achievement grew 9.2 percent compared to the same period in 2021.

"Successful Lebaran trade supports the achievement of EBITDA of Rp. 1.3 trillion in the first 6 months of 2022, equivalent to full year EBITDA of 2021, and net profit of Rp. 918 billion, growing 72.5 percent compared to Rp. 532 billion in the first semester of 2021," he said. Matahari CEO Terry O'Connor, in an official statement, quoted Saturday 23 July.

Terry explained, LPPF was supported by the strong sales trend in July, the company increased its 2022 EBITDA guidance from Rp2 trillion to Rp2.1 trillion, and is targeting double-digit growth in sales and net profit for 2023.

"In line with that, the company has increased its full year dividend projection to IDR 525 per share or more with annual payments," O'Connor said.

Matahari also opened an outlet with a new concept at Mal Taman Anggrek Jakarta during that period, resulting in 2 new outlets in the first semester of 2022. The company also relaunched the Karawaci outlet with a new and modern concept on July 8, 2022.

The company is accelerating the plan to open stores, namely 8 new outlets in the second half of this year, with 6 outlets of which have obtained contractual certainty, namely in Tangerang (Banten), Gowa (South Sulawesi), Bondowoso (East Java), Semarang (Central Java). ), Kendari (Southeast Sulawesi), and Bontang (East Kalimantan).

This series of openings will bring the total number of stores nationwide to 148 by the end of 2022. The Company is currently developing a plan to open a network in 2023 of 12-15 stores and is confident of further growth in the future.

"The real evidence of this progress is reflected through the entry of our shares into the MSCI Small Cap Index1 in May 2022 and is a driving force for us to continue to improve business performance and investor engagement," he said.

Furthermore, O'Connor added, a select collection of curated merchandising by customers leads to continuous improvement of the company's main exclusive brands with healthy margins and rationalization of brands and product categories, resulting in increased sales and higher productivity.

LPPF will also continue to focus on improving product offerings to customers, operational excellence, and cost acumen. This is to drive superior performance while enhancing employee capabilities and managing business and resources in the most sustainable way.

"As a reflection of our confidence in our core business, we have no acquisition or investment plans and we believe this focus will help us achieve double-digit growth in sales and profit in the next year."