Sido Muncul Earns Sales of IDR 907.30 Billion in the First Quarter of 2023

Director of Sido Muncul, Irwan Hidayat. (Photo: Doc. Sido Muncul)

JAKARTA - PT Industri Jamu dan Farmasi Sido Muncul Tbk (SIDO) recorded sales of IDR 907.30 billion in the first quarter of 2023. This achievement in the first three months of 2023 increased 3.04 percent year on year (YoY) compared to SIDO sales in the first quarter 2022 which is IDR 880.49 billion.

In SIDO's financial report, quoted on Friday April 28, the company's sales in the first three months of this year were dominated by the herbal medicine and supplements business segment amounting to IDR 553.26 billion. Followed by food and beverage sales of IDR 330.75 billion and pharmaceuticals of IDR 23.29 billion.

SIDO's cost of goods sold increased 7.07 percent YoY to IDR 424.11 billion in the first quarter of 2023, compared to the company's cost of goods sold in the first quarter of 2022 of IDR 396.11 billion.

In contrast, SIDO's selling and marketing expenses fell 10.07% YoY to IDR 76.60 billion in the first quarter of 2023, compared to selling and marketing expenses in the same quarter the previous year of IDR 85.18 billion.

Until the end of the first quarter of 2023, SIDO posted a net profit for the period attributable to owners of the parent entity of IDR 300.28 billion. This result increased 1.78 percent YoY compared to the company's net profit in the first quarter of 2022 of IDR 295.04 billion.

SIDO had total assets of IDR 4.22 trillion at the end of the first quarter of 2023 or grew 3.43 percent compared to total assets at the end of 2022 of IDR 4.08 trillion.

SIDO's total liabilities until the end of the first quarter of 2023 were recorded at IDR 1.10 trillion. At the same time, the company's equity amounted to IDR 3.11 trillion.