JAKARTA - PT Industri Jamu and Pharmacy Sido Muncul Tbk recorded performance growth during the first six months of 2021. The net profit of the issuer codenamed SIDO increased 21.32 percent year on year (yoy) to Rp502 billion. in the first semester of 2021.
The increase in profit is inseparable from sales which rose 13.36 percent yoy to Rp 1.65 trillion. The increase in sales in the second quarter was due to the high demand for Tolak Angin products during Ramadan.
The surge in the second wave of COVID-19 cases in Indonesia is allegedly driving an increase in demand for health products such as vitamins and immune-boosting supplements. As a result, this provides a positive catalyst for the sales performance of the company owned by conglomerate Irwan Hidayat.
"SIDO products related to immune-enhancing, such as Tolak Angin, ginger drink products, Vitamin C, Vitamin D, JSH, and Sambiloto, are the main drivers of sales performance growth," said SIDO Finance Director Leonard in a written statement, quoted Wednesday, July 28. .
Sales of the herbal herbal and supplement segment still dominate the achievement of Siod Muncul to Rp 1.06 trillion in the first semester of 2021. This achievement increased by 14.98 percent yoy.
Meanwhile, sales of the food and pharmaceutical segments also grew 12.17 percent yoy to Rp 526.24 billion. The pharmaceutical segment was recorded as the smallest at Rp. 67.10 billion, or slightly decreased by 0.38 percent yoy.
"The increase in net sales plus solid cost management boosted net profit after tax growth by 21% or to Rp502 billion in the first half of this year compared to last year's Rp413.79 billion," Leonard said.
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