Sido Muncul Owned By Irwan Hidayat's Conglomerate Makes IDR269 Billion Profits In The First Quarter Of 2021

Illustration. (Photo: Doc. Antara)

JAKARTA - PT Industri Jamu and Pharmaceuticals Sido Muncul Tbk (SIDO) recorded performance growth in the first quarter of 2021. The herbal and health drink company's profit grew 16 percent to IDR269 billion in the first quarter of 2021.

Quoted from Sido Muncul's financial report, Monday, April 26, the net profit growth is in line with the sales growth of the company owned by the conglomerate Irwan Hidayat. In the first quarter of 2021, Sido Muncul recorded net sales of IDR 793 billion, or grew 9 percent on an annual basis (year on year / yoy).

If detailed, the food and beverage segment contributed Rp257.45 billion, an increase of 30.22 percent from Rp197.70 billion yoy. Then followed by herbal herbs and supplements as much as IDR 505.76 billion, which edged up 1.11 percent yoy and pharmaceutical sales recorded at IDR 30.20 billion.

"Sido Muncul maintains production and operational costs through a cost effective management policy. As a result, sales grow with controlled expenses and cause profitability to increase," explained Sido Muncul's management.

As a result, SIDO's operating profit and net profit grew by 16 percent respectively to Rp332 billion and Rp269 billion in the first quarter of 2021 compared to the same period last year. Sido Muncul also declared a dividend distribution with a payout ratio of 100 percent at the results of the GMS last March.

In 2021, SIDO targets sales and net profit growth of above 10 percent respectively. The producer of Tolak Angin and Kuku Bima Ener-G has budgeted a capital expenditure (capex) of IDR 180 billion - IDR 200 billion for maintenance and completion of expansion of production facilities.