Sido Muncul Recipe Can Earn IDR 608 Billion Profit In Semester I 2024

Photo: Doc. Sido Muncul

JAKARTA - PT Industri Jamu and Pharmacy Sido Muncul Tbk (SIDO) earned a net profit of IDR 608 billion in the first semester of 2024 which was influenced by a number of driving factors.

Finance Director of PT Industri Jamu and Pharmacy Sido Muncul Tbk (SIDO) Budiyanto said that net profit in the first semester of 2024 grew by 36% from IDR 448 billion in the first semester of 2023.

"The net profit ratio has also increased from 27 percent to 32 percent. Especially because sales growth is higher, the efficiency of expenses, and business risks are under control," he said during Public Expose Live, Wednesday, August 28.

He explained that SIDO's operating profit also increased 35 percent from Rp563 billion in the first semester of 2023 to Rp759 billion in the first semester of 2024. The operating profit margin also improved from 34 percent to 40 percent this year.

"Especially because of the efficiency of operating expenses, especially in general and administrative expenses, as well as from the ratio of lower fixed operating expenses," he said.

As for cash and cash equivalents, SIDO also claims to have a stable cash position with the last cash position at IDR 720 billion.

"SIDO always maintains a cash position between IDR 700 billion to IDR 1 trillion. This is the result of strong financial management," he said.

Then, for overall sales, Sido Muncul recorded an increase of 15 percent from Rp1.6 trillion to Rp1.9 trillion. When detailed per segment, the herbal and supplement segment recorded 11 percent sales growth, mainly supported by double-digit growth from the Tolak Angin, Esemag and also soft capsule groups.

Then, in the second segment, food and beverages contributed by growth of 20 percent, mainly driven by Kuku Bima energy drinks, both in the domestic and export markets, as well as the growth in sales of healthy drinks and vitamin C. Then, the third segment, namely pharmaceuticals, also grew 20 percent, due to the recovery in performance after low performance last year, due to the ban by the Food and Drug Supervisory Agency (BPOM) on the product format.

To note, PT Industri Jamu and Pharmacy Sido Muncul Tbk (SIDO) has the main segment, namely herbs and supplements which contribute 59 percent of sales with the main product, namely Tolak Angin. In addition, SIDO also has herbal medicines that are modernized using various ingredients and natural medicinal plants typical of Indonesia.