Sido Muncul Targets Performance To Grow 10 Percent By The End Of 2024

Photo: Doc. Sido Muncul

JAKARTA - PT Industri Jamu dan Pharmacy Sido Muncul Tbk (SIDO) targets sales performance growth and net profit in the range of 10 percent by the end of 2024.

Sido Muncul President Director David Hidayat said the strategy to be maximized in the second half of this year is to focus on expanding the distribution network to ensure the availability of Sido Muncul products in the market.

"We continue to strengthen cooperation with distributors both at home and abroad," said David, recently.

Furthermore, said David, Sido Muncul also consistently launched a minimum of two to three new products per year which are expected to boost business growth in the future. Social media and digital marketing are also continuously maximized to increase brand awareness and sales of e-commerce.

In addition, SIDO also continues to encourage export market growth this year. Although he did not mention in detail, David said that SIDO plans to penetrate the new export market.

"And introduce new Sido products to appear in the international market," he said.

This year, SIDO has prepared a capital expenditure (capex) allocation of IDR 150 billion-IDR 200 billion. The capex funds will mainly be used for factory maintenance and additional pharmaceutical business segment capacity.

As of June 2024, the capex funds that have been used are IDR 27 billion.

SIDO's sales were observed to increase by 14.67 percent year on year (yoy) from IDR 1.65 trillion to IDR 1.89 trillion in the first semester of 2024.

The sale is still supported by sales of herbal herbs and supplements which reached Rp1.11 trillion. Then followed by sales of food and beverages amounting to Rp716.70 billion and pharmaceutical sales of Rp66.19 billion.

Until the end of June 2024, SIDO managed to achieve a profit for the period attributable to owners of the parent entity, aka a net profit of IDR 608.49 billion. This figure grew 35.79 percent yoy from IDR 448.10 billion last year.