Sido Muncul Raup Pertumbuan Kinerja Yang Kuat Di Kuartal III 2024

Photo: Doc. Sido Muncul

JAKARTA - PT Industri Jamu Dan Farmasi Sido Muncul Tbk (SIDO), the largest herbal medicine producer in Indonesia, announced its financial performance for the first nine months of 2024.

The company managed to record strong sales growth across all segments. During the first nine months of 2024, SIDO recorded net sales of IDR 2.63 trillion, an increase of 11 percent on an annual basis compared to the same period in 2023. This growth was driven by the strong performance of SIDO's main products both in the domestic market and exports. Export sales grew 75 percent compared to last year, contributing 8 percent to total sales.

Gross SIDO's profit increased 17 percent in nine months in 2024 to IDR 1.49 trillion, with the increase in Gross Profit Margin to 57 percent (compared to 54 percent in nine months 2023). This increase was driven by effective cost management, indirect production expense reduction, and falling raw material prices, especially in the F&B segment.

Operating profit for the first nine months reached IDR 969 billion, reflecting an annual gain of 32 percent. Operating profit margins increased to 37 percent from 31 percent in nine months 2023, demonstrating the company's operational efficiency and strict control of operating expenses.

Net profit increased 33 percent on an annual basis to IDR 778 billion, driven by increased sales, cost efficiency, and SIDO's ability to manage risks amid global economic uncertainty.

SIDO's balance sheet remains solid with cash of IDR 978 billion and without debt, which shows the safety of the company's finances and liquidity. The capital expenditure for nine months of 2024 is IDR 35 billion, most of which is allocated for maintenance projects.

Entering the fourth quarter, SIDO remains optimistic about prospects for the remainder of 2024. With the increase in seasonal demand expected to occur over the end of the year and weather conditions supporting consumption, the company is on track to achieve its annual sales growth target of more than 10 percent.

SIDO's strategic focus in strengthening distribution networks and introducing new products, both in the domestic market and major export markets, puts the company in a good position for sustainable growth.