Hero Supermarket Raises Revenue Of IDR 2.252 Trillion In Semester I 2024

Illustration. (Photo: Doc. Antara)

JAKARTA - Issuers engaged in the supermarket, hypermarket, minimarket, and other forms of retail businesses, PT Hero Supermarket Tbk (HERO) posted a net income of IDR 2.252 trillion in the first semester of 2024. This achievement increased 4 percent compared to the same period last year (year on year/yoy).

In a written statement from HERO, Wednesday, July 31, it was stated that the company posted a profit from the continued operation of Rp. 8 billion for the first semester of 2024, a significant increase compared to the Rp144 billion loss recorded in the previous same period (yoy).

Profit recorded in this period was IDR 162 billion, driven by profits from the transfer of Hero Supermarket's business as well as non-core property.

Guardian Health and Beauty continued to show positive results in the first half supported by increased visits at premium malls and tourist sites. Like-for-like sales increased in double digits and profit grew significantly compared to the previous year.

The Guardian continues to strengthen its value proposition by optimizing a series of products and expanding the presence of omnichannels to increase customer accessibility. Meanwhile, the decline in household furniture demand still affects IKEA's business.

In response to this challenging market condition, IKEA continues to implement measures to manage financial performance, including space optimization, cost control initiatives, and inventory management, which have supported increased profitability.

At the end of June 2024, the Company has completed the transfer of the Hero Supermarket business segment to its affiliate, PT Hero Retail Nusantara. After completion, the Company's operations will fully focus on the Guardian and IKEA business in Indonesia.

The sales profit of IDR 28 billion was recorded in the first half of 2024 as a result of this transaction.

During the first semester of 2024, the Company also completed sales of three non-core properties, which further strengthened the Company's financial position.

Responding to the various conditions above, Hadrianus Wahyu Trikusumo as President Director of HERO said that the Company anticipates a sustainable positive momentum for the Health and Beauty business segment, despite the uncertainty regarding the recovery of the household furniture business.

"Despite facing this challenge, the Company is in a good position to achieve sustainable growth in the medium to long term," explained Hadrianus Wahyu.