Sido Muncul Earns IDR 300.27 Billion Profit In The First Quarter Of 2023

Photo: Doc. Sido Muncul

JAKARTA - PT Industri Jamu dan Pharmacy Sido Muncul Tbk (SIDO) recorded an increase in sales and net profit during the first quarter of 2023.

Based on the company's financial statements, quoted on Monday, May 1, SIDO posted sales of IDR 907.30 billion, an increase of 3.04 percent compared to the same period last year of IDR 880.49 billion.

The increase in sales was supported by three segments, namely sales of herbal herbs and supplements amounting to Rp553.26 billion, food and beverages amounting to Rp330.75 billion and pharmaceuticals amounting to Rp23.28 billion.

The composition of sales, namely sales to related parties amounted to IDR 547.09 billion in the first quarter of 2023 and IDR 449.21 billion in the same period last year.

Along with the increase in sales, SIDO's cost of goods was also observed to have increased by 7.06 percent to IDR 444.1 billion compared to the first quarter of 2022 of IDR 396.1 billion. As a result, SIDO's gross profit actually fell slightly to IDR 483.19 billion from the first quarter of 2022 which amounted to IDR 484.38 billion.

However, operating profit increased 0.66 percent to IDR 369.53 billion. Meanwhile, net profit attributable to owners of the parent entity amounted to IDR 300.27 billion, up 1.77 percent from the first quarter of 2022 which was recorded at IDR 295.03 billion.

Meanwhile, SIDO's obligations jumped 91.46 percent to Rp1.10 trillion during the first quarter of 2023, while on December 31, 2022, it was recorded at Rp575.96 billion. The details of these liabilities are short-term liabilities of Rp1.06 trillion and long-term liabilities of Rp36.80 billion.

Management revealed that the 91.46 percent increase in liabilities was caused by dividend debt on March 31, 2023 on dividends announced on March 29, 2023 and will be paid on April 28, 2023.

Then, SIDO's equity was recorded at IDR 3.11 trillion and total assets reached IDR 4.21 trillion.