Matahari Department Store Owned By Conglomerate Mochtar Riady Shines Bright In 2021, Earns IDR 913 Billion In Profit From Previous Loss Of IDR 873 Billion

JAKARTA - The retail company of the Lippo Group owned by conglomerate Mochtar Riady, PT Matahari Department Store Tbk will shine brightly in 2021. The issuer with the stock code of LPPF has succeeded in boosting revenue performance and turning a net profit.

LPPF recorded gross sales of around IDR 10.3 trillion for the full year ending December 31, 2021, up 20 percent from the same period in 2020. From this achievement, LPPF's net income was recorded at around IDR 5.6 trillion, or an increase of 15 percent compared to last 2020.

From the bottom line, LPPF achieved a net profit of IDR 913 billion in 2021. This record is certainly much better than the net loss suffered by LPPF of IDR 873 billion in 2020.

Matahari's Vice President Director and CEO Terry O'Connor said that the positive achievement of the LPPF was supported by the trading performance of the fourth quarter of 2021 which was in line with the easing of the PPKM. This condition helps the recovery condition in addition to the initiatives run by Matahari Department Store.

By the end of 2021, Matahari operates 139 outlets in 77 cities throughout Indonesia, after opening 3 new outlets in 2021 in Balikpapan (East Kalimantan), Batam (Riau Islands), and Cianjur (West Java).

Matahari plans to open 12-15 outlets per year in the short to medium term with a minimum of 10 outlets by 2022. Including new signature outlets under construction at Taman Anggrek Jakarta and Plaza Ambarukmo Jogjakarta. Work on the concept of a new format is also underway, and Matahari is nearing completion of the new format at Supermal Karawaci Tangerang.

"The Omicron peak in Jakarta has passed and has improved nationally, thus providing a full and uninterrupted Eid trade opportunity," Terry said in a written statement, quoted Friday, March 4.

With the number of visits to shopping centers (malls) turning positive after the spread of omicron, Terry said that clothing products for travel and formal wear became more relevant. He hopes the revival of fashion retail can continue in 2022, as it did in the United States and Europe.