Sido Muncul Earns IDR 390.49 Billion Net Profit In The First Quarter Of 2024

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

JAKARTA - PT Industri Jamu and Pharmacy Sido Muncul Tbk. (SIDO) posted performance growth throughout the first quarter of 2024 by recording an increase in net profit and income.

Referring to the Perseron's financial report on the Indonesia Stock Exchange (IDX) website, quoted Monday, April 29, SIDO recorded a net profit of IDR 390.49 billion, or an increase of 30.04 percent year-on-year (YoY) compared to the first three months of 2023 of IDR 300.27 billion.

The increase in SIDO's net profit was driven by sales which also increased 16.10% YoY to IDR 1.05 trillion in the first quarter of 2024, compared to the same period in 2023 of IDR 907.3 billion.

In detail, based on the segment, SIDO's sales were supported from herbal herbs and supplements amounting to Rp626.88 billion, followed by food and beverages amounting to Rp396.11 billion, and pharmaceuticals amounting to Rp30.42 billion.

Despite the increase in double-digit income, SIDO managed to reduce the cost of the principal by only slightly increasing by 0.99 percent to Rp428.31 billion, compared to the same period the previous year of Rp424.1 billion. As a result, the company's gross profit jumped 29.37 percent YoY to Rp625.11 billion, from the position in the first quarter of 2023 of Rp483.19 billion.

Meanwhile, the cash and cash equivalents for the SIDO period fell slightly by 0.22% to Rp1.101 trillion as of March 31, 2024, from the same position in 2023 of Rp1.104 trillion.

Based on the balance sheet, SIDO's total assets were observed to increase to IDR 4.25 trillion in the first three months of 2024, compared to the position as of December 31, 2023 of IDR 3.89 trillion. The company's liabilities rose to IDR 460.72 billion, compared to the position at the end of 2023 of IDR 504.76 billion.

Meanwhile, SIDO's equity rose to IDR 3.79 trillion in the first quarter of 2024, compared to December 2023 of IDR 3.38 trillion. For information, SIDO's superior product, namely Tolak Angin, followed by other products, namely Alang Sari Cool (RTD product), Sido Muncul Vitamin C + D (VCD/RTD product), Esemag (Herbal), Sari Kunyit Plus (Herbal), and Female Balance (Herbal).