Sido Muncul Mau AGMS On March 29, Get Ready To Distribute Dividends

Photo: Doc. Sido Muncul

JAKARTA - Jamu producer issuer PT Industri Jamu and Pharmacy Sido Muncul Tbk (SIDO) will hold an annual general meeting of shareholders (AGMS) on March 29, 2023. One of the agendas is the Determination of the use of the Company's net profit for the 2022 financial year.

SIDO experienced a decrease in profit of up to 12.38 percent to IDR 1.1 trillion, and sales decreased by 3.86 percent to IDR 2.23 trillion in the second semester of 2022. However, the company is still committed to distributing dividends.

SIDO Leonard's director said the decline in sales and profits was caused by several factors such as normalization of demand from a high base due to the spread of the Delta variant of COVID-19. In addition, the high inflation and the increase in raw material prices are also said to affect sales.

"SIDO maintains a healthy financial position with a net cash position and a dividend payment ratio that is high above 90 percent, and this shows how healthy the company's business performance is," Leonard said in a press release, quoted on Saturday, March 11.

Based on financial reports as of December 31, 2022, SIDO recorded sales of IDR 3.86 trillion. This figure is down 3.86 percent from IDR 4.02 trillion in the same period last year.

SIDO's sales consisted of herbal herbs and supplements, food and beverages, and pharmaceuticals. In detail, herbal herbs and supplements decreased 2.23 percent to Rp2.63 trillion, food and beverages decreased 8.49 percent to Rp1.08 trillion, and pharmaceuticals increased 4.3 percent to Rp143.04 billion.

Furthermore, SIDO recorded a decrease in direct expenses from Rp1.73 trillion to Rp1.7 trillion in the second semester of 2022. Meanwhile, SIDO's gross profit fell 5.39 percent to Rp2.16 trillion. After deducting various equivalent expenses, SIDO recorded profit for the year attributable to owners of the parent entity of Rp1.1 trillion in the second semester of 2022.

This figure is down 12.38 percent from IDR 1.26 trillion in the same period last year. Meanwhile, SIDO's total assets increased slightly by 0.30 percent from IDR 4.06 trillion at the end of 2021 to IDR 4.08 trillion on December 31, 2022.

On the other hand, total liabilities decreased by 3.64 percent from Rp597.78 billion on December 31, 2021 to Rp575.96 billion on December 31, 2022. Then for cash and late cash equivalents, the period decreased by 14.7 percent from Rp1.08 trillion to Rp923.04 billion.