Moncer Performance Reaches Trillions Of Revenue In Semester I, Matahari Department Store Owned By Conglomerate Mochtar Riady Targets To Have 148 Outlets By The End Of 2022

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

JAKARTA - Retailer from the Lippo Group owned by conglomerate Mochtar Riady, PT Matahari Department Store Tbk (LPPF) targets to have 148 outlets by the end of 2022. This is in line with the company's expansion plan.

In a written statement from the LPPF, quoted on Monday, July 25, during the first semester of 2022, the company has opened two outlets with a new concept, namely the outlet at Mal Taman Anggrek Jakarta and the relaunch outlet in Karawaci. LPPF will continue to add outlets in the second half of 2022 with a plan to open eight new outlets by the end of the year, with six of them having secured contracts.

The six units include outlets 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 number of stores nationwide to 148 by the end of 2022. The company is developing a plan to open a network in 2023 consisting of 12 to 15 stores and is confident of further growth in the future," said Matahari Department Store CEO Terry O'Connor.

Terry said the company will continue to focus on increasing product offerings to customers, providing operational excellence, and paying close attention to costs to drive superior performance. LPPF is also committed to managing its business and resources in a 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," he said.

The addition of outlets until the end of this year is expected to be an impetus for the positive performance recorded throughout the first semester of 2022. During this period, LPPF's net income was recorded to increase to Rp3.76 trillion in January-June 2022, from Rp3.57 trillion in the same period last year. the previous year.

Retail sales were still the largest revenue contributor with a value of Rp2.18 trillion, although it was a slight decrease compared to the realization in the first semester of 2022 of Rp2.19 trillion. Meanwhile, LPPF's gross sales reached Rp. 7.2 trillion in the first semester of 2022 or 9.2 percent higher than the same period last year.

Meanwhile, same-store sales growth (SSSG) in semester I/2022 was at 10.9 percent with a gross margin of 36 percent, higher than 34.9 percent in semester I/2021. Supported by strong trading activities during Lebaran, the company's EBITDA in the first half of 2022 reached Rp1.3 trillion or equaled the achievement throughout 2021.

Reflecting on the positive performance that continued in July 2022, Matahari has decided to increase its 2022 EBITDA guidance from Rp2 trillion to Rp2.1 trillion. LPPF also raised the projected dividend for the full year of 2022 to Rp525 per share, from the previous Rp500, which was the highest in the company's history. This projection is in line with the improving outlook and better cash flow projections.

"In line with that, we are increasing our full year dividend projection to IDR 525 per share or more with annual payments," said Terry.