Sido Muncul Pacu Exports Herbal Products To ASEAN Areas

Photo: Doc. Sido Muncul

JAKARTA - PT Industri Jamu and Pharmacy Sido Muncul Tbk (SIDO) stated that it is currently selling exports to spur future business growth. The Southeast Asian region was chosen to encourage sales of SIDO herbal products, in addition to increasing brand-awareness towards foreign markets.

"Our plan is to export in neighboring countries in Southeast Asia, especially for herbal products, and for countries in Africa more in the energy drink segment," said SIDO Finance Director Leonard at the Public Expose Live 2023, Wednesday 29 November.

In the ASEAN market, the company plans to add new distributors in the Philippines. The latest news is that this preparation has been completed and is starting to operate.

Leonard hopes that this will have an effective impact on sales in early 2024. Currently, SIDO products exist in Nigeria.

Based on the latest report, the company has an Muncul entity Nigeria Limited which focuses on the company's product trading sector. Although the African market has also been targeted by the company, Leonard said the company is monitoring political conditions in the local area, especially those that have an impact on the sale of SIDO products.

As of September 2023, SIDO's sales reached IDR 2.36 trillion, slightly sloping compared to the same period last year of IDR 2.61 trillion. All segments have decreased, ranging from herbal medicines, food and beverages, to pharmaceuticals.

The net profit was held at IDR 586.57 billion, down 18.58% yoy compared to September 2022 worth IDR 720.44 billion. SIDO's Earnings per share (EPS) reached IDR 19.55 per share, from IDR 24.01 per share.