Sido Muncul, Irwan Hidayat's Herbal Medicine Company Successfully Reaches IDR 3.33 Trillion In Sales In 2020

Conglomerate Irwan Hidayat. (Photo; Doc. Forbes)

JAKARTA - PT Sido Muncul Tbk Herbal Medicine and Pharmacy Industry recorded a positive performance in 2020. The company with the stock code of SIDO received a "positive impact" from the COVID-19 pandemic because the demand for Sido Muncul products in the market increased.

Quoting Sido Muncul's financial report, Wednesday, March 24, the company owned by conglomerate Irwan Hidayat recorded revenues of IDR 3.33 trillion in 2020. This figure is up 9 percent from 2019's revenue of IDR 3.06 trillion.

Meanwhile, profit for the year attributable to the parent entity reached IDR 934 billion, growing 16 percent from 2019 which was only IDR 807.6 billion. In terms of total liabilities, the company owned by the 17th richest person in Indonesia also increased to reach Rp.627.77 billion, up from the previous period which was only Rp.464.8 billion.

Meanwhile, total assets in 2020 reached IDR 3.84 trillion, up 9 percent from the previous year which reached IDR 3.52 trillion. Non-current assets decreased to 1.79 trillion from 2019 which reached 1.81 trillion, while current assets increased to IDR 2.05 trillion from 2019 which reached IDR 1.71 trillion.

Meanwhile, total cash and cash equivalents also increased from 2019 which amounted to IDR864 billion to IDR1.03 trillion. Director of Sido Muncul Leonard said, Sido Muncul's performance growth reflects the increasing public demand for herbal health products to help maintain health and maintain increased body immunity.

Sido Muncul's sales sped up the most in the fourth quarter of 2020. At that time, SIDO's sales grew 35 percent compared to the previous quarter.

This shows the strength of Sido Muncul's business during the pandemic. Where the Jamu Herbal & Suplemen segment leads this sales growth with an increase of 50 percent (quarter to quarter) in the fourth quarter of 2020.

The food and beverage segment also recorded double-digit growth with an increase of 12 percent in the fourth quarter of 2020 compared to the previous quarter.

Sido Muncul is a company engaged in the herbal industry such as the medical (pharmaceutical) industry, herbal, cosmetic, food and beverage related to health, trade, land transportation and services. Sido Muncul's popular products in the market include Tolak Angin and Kuku Bima Ener-G.