Expand Export Network, Sido Muncul Baru Serap Capex Rp12 Billion Until March 2024

Sido appears (Photo: Antara)

JAKARTA - PT Sido Muncul Tbk (SIDO) explained that the Company has absorbed a capital expenditure (capex) budget of IDR 12 billion until March 2024.

Sido Muncul President Director David Hidayat revealed that in 2024 SIDO has prepared a capital expenditure (capex) budget of IDR 150 to IDR 200 billion.

David said that the Company's capital expenditure budget will mainly be used for factory maintenance and additional pharmaceutical business segment capacity.

"As of March 2024, the capex funds that have been used are IDR 12 billion," he told VOI, Wednesday, July 10.

David conveyed a strategy to improve the Company's performance in the future, namely to expand the distribution network to ensure the availability of SIDO products in the market and increase penetration of new products. In addition, it will strengthen cooperation with distributor networks, both domestic and foreign markets.

"We are also consistently launching at least 2-3 new products per year which are expected to boost business growth in the future," he added.

David said the company also continues to develop the use of social media to improve brand awareness and product knowledge, specifically to encourage sales through e-commerce.

"We also plan to penetrate the new export market and introduce new Sido Muncul products in the international market," he explained.

Therefore, David targets the Company's revenue and net profit growth by the end of 2024 to increase to a minimum of 10 percent compared to the previous year.

For information, SIDO recorded sales of IDR 1.05 trillion in the first quarter of 2024, an increase of 16.1 percent compared to the same period last year of around IDR 907.3 billion.

Meanwhile, the profit for the year recorded was IDR 390.4 billion in the first quarter of 2024, an increase of 30 percent compared to the first quarter of 2023 of IDR 300.2 billion.