JAKARTA - Despite recording a decline in performance in 2022, PT Industri Jamu and Pharmacy Sido Muncul Tbk (SIDO) remains optimistic about the year 2023. This is evident from the improving performance of the company in the third and fourth quarters of last year.

Director of Sido Muncul Leonard revealed that the realization of SIDO's performance in 2022 was influenced by several factors. Especially the normalization of demand from high bases in the previous year due to the spread of the Delta variant.

Another factor that hampers SIDO's performance in 2022 is high inflation which affects customer purchasing power. In addition, there is an increase in raw material prices.

In long-term growth, Leonard said that SIDO still posted a compounded Annual Growth Rate (CAGR) growth in double-digit net profit for the last four years.

"SIDO maintains a healthy financial position with a net cash position and a high dividend payment ratio of above 90 percent, and this shows the company's business performance is healthy," Leonard said through information disclosure on the Indonesia Stock Exchange website, quoted Monday, February 13.

Although it fell on an annual basis, SIDO management reported a significant increase in the last quarter of 2022. SIDO management reported a 25 percent increase in net sales and 40 percent higher in net profit after tax compared to the previous quarter (QoQ).

"In accordance with the commitment, the Company continues to show improvement, especially in the second half. SIDO targets an increase in net profit of 20 percent in Q4 from Q3, and has managed to record a net profit growth of 40 percent QoQ," explained Leonard.

Referring to the annual financial report, SIDO achieved a net profit of IDR 1.10 trillion until the end of 2022, a 12.69 percent decline compared to net profit in 2021. SIDO scored sales of IDR 3.86 trillion, down 3.98 percent compared to the realization of SIDO sales in 2021.

SIDO sales are still obtained from three business segments. The herbal medicine and supplement segment dominates Rp2.63 trillion or contributes 68.13 percent to SIDO's total revenue. Sales in this segment decreased by 2.23 percent on an annual basis.

SIDO's sales were also supported by the food and beverage segment with Rp1.08 trillion throughout 2022 or contributed 27.97 percent. Sales in this segment decreased 9.24 percent on an annual basis.

SIDO's sales increased in the pharmaceutical segment. There was an increase of 4.30 percent from IDR 137.14 billion to IDR 143.04 billion. However, the contribution to SIDO's total sales was the smallest, namely 3.7 percent.


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