JAKARTA PT Industri Jamu Dan Pharmacy Sido Muncul Tbk (SIDO) targets performance growth throughout 2024, both profit and revenue, to double digits compared to 2023.
"We are targeting growth of 10 percent to 15 percent from 2023," said President Director of PT Industri Jamu and Pharmacy Sido Muncul Tbk (SIDO) David Hidayat to VOI, Friday, March 1, 2024.
David said, to be able to achieve this target in 2024, the company plans to break the sales distribution chain to further increase efficiency which could have an impact on increasing sales and company profits.
"We are optimistic that 2024 will be a starting point for better performance improvements, because we plan to add or change professionals to achieve the growth we plan to achieve," he explained.
According to David, in the future his party will also add new products to be launched in 2024 and penetrate the international market.
In addition, David also said that in 2024 the company has not planned an expansion at this time because the currently available capacity can still meet the addition of demand of up to 50 percent.
According to him, in the future the company's performance will be influenced by geopolitical conditions, causing an increase in raw material prices.
"Geopolitic conditions that might affect the supply of some raw materials originating from abroad," he said.
David said the company's performance throughout 2023 improved, especially in the fourth quarter of 2023. Meanwhile, sales growth in addition to the increase in domestic sales was also supported by an increase in export sales by 37 percent compared to 2022.
"We are targeting export growth this year to reach 49 percent," he said.
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Based on financial reports as of December 31, 2023, issuers coded SIDO recorded less impressive performance after posting a decrease in revenue and net profit throughout 2023.
Meanwhile, SIDO scored sales of IDR 3.56 trillion, down 7.75 percent from revenue in the same period last year of IDR 3.86 trillion.
In addition, profit for the period attributable to owners of the parent entity throughout 2023 was IDR 950.64 billion, down 13.95 percent from the same period last year of IDR 1.10 trillion.
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