Strengthening Sales, Sido Muncul Expands Export Market

Photo: Doc. Sido Muncul

JAKARTA - PT Industri Jamu and Pharmacy Sido Muncul Tbk (SIDO) will boost sales performance, one of which is to expand the export market to Vietnam in the second semester of 2024.

"For the international market, SIDO will continue to strengthen awareness and distribution of products, especially in several countries, as well as expand in the markets of new countries, including the target for the first export to Vietnam in the second semester of 2024," said Sido Muncul Finance Director Budiyanto during Public Expose Live, Wednesday 28 August.

Not only Vietnam, SIDO is also conducting an assessment to expand the export market to the African continent. Then, SIDO also encouraged candy products to enter the Philippine and Malaysian markets.

Budiyanto explained that SIDO's business in the international market grew significantly. This is supported by several focused countries with high sales achievements.

"The growth in export sales in the first half of 2024 reached 73 percent (year on year/yoy) compared to the first half of last year. And also export sales contributed 8 percent yoy to total sales from SIDO," he said.

Teracat, Malaysia became the main export destination country from SIDO, where export sales to Malaysia contributed 4 percent to total sales. Then, the Philippine export market contributed 1-2 percent to sales. Finally, the Nigerian export market contributed 1-2 percent to the company's total sales.

Citing financial reports, SIDO sales were observed to increase by 14.67 percent year on year (yoy) from Rp1.65 trillion to Rp1.89 trillion per semester I-2024. Meanwhile, net profit grew 35.79 percent from Rp448.10 billion to Rp608.49 billion.

In terms of sales, the herbal herbal medicine and supplement segments are still the largest contributors to Rp1.11 trillion. Then followed by the sale of food and beverage amounting to Rp716.70 billion and the sale of pharmaceuticals of Rp66.19 billion.