Sido Muncul Believes That The 15 Percent Performance Growth Target This Year Will Be Achieved

JAKARTA - PT Industri Jamu and Pharmacy Sido Muncul Tbk (SIDO) recorded sales performance growth of 11 percent in the first quarter of 2022. Until the end of the year, the company targets to be able to record 15 percent growth in performance.

The producer of Tolak Angin and Kuku Bima achieved sales growth of 11 percent to IDR 880 billion compared to the previous year. In line with sales growth, net profit also recorded a solid growth of 10 percent to IDR 295 billion from the previous year in the same period of IDR 269 billion.

Director of Sido Muncul's Herbal and Pharmaceutical Industry Leonard said Sido Muncul still recorded healthy performance growth. Growth was mainly driven by improving international business performance as well as stable domestic demand.

"We also see that improving community mobility will increase economic activity, and this can be a positive catalyst for demand for Sido Muncul products. We are still optimistic that we will achieve 15 percent growth in 2022," he said, quoted Monday, April 25.

Some of these positive catalysts are, a high vaccination rate followed by a decrease in the number of COVID-19 cases, improved mobility, reopening and ease of travel, as well as a healthier people's lifestyle.

SIDO posted sales of IDR 880.49 billion during the first quarter of 2022. This value increased by 10.97 percent YoY compared to the first quarter of 2021 of IDR 793.41 billion.

The majority of sales were contributed by the herbal and supplement segment which reached IDR 529.01 billion, up 4.56 percent YoY compared to the first quarter of 2021 at IDR 505.76 billion.

The food and beverage segment followed as the second-largest contributor with sales of IDR 308.71 billion, while the pharmaceutical segment contributed IDR 42.75 billion. In line with the increase in sales, SIDO also posted an increase in cost of goods sold by 15.93 percent YoY to IDR 398.67 billion in the first quarter of 2022, from IDR 345.47 billion in the first quarter of 2021.

As a result, Sido Muncul's gross profit only rose 7.56 percent YoY from IDR 447.93 billion to IDR 481.82 billion. Meanwhile, net profit for the year attributable to owners of parent entity SIDO rose 9.66 percent YoY to IDR 295.03 billion from IDR 269.04 billion previously.