Sido Appears, This Reject Wind Manufacturer Earns Rp445 Billion Profit In Semester I 2022

JAKARTA - Tolak Angin producer, PT Industri Jamu and Pharmaceutical Sido Muncul Tbk (SIDO) recorded sales of Rp. 1.61 trillion and net profit of Rp. 445.59 billion in the first semester of 2022.

In SIDO's financial report, quoted on Friday, July 29, the company recorded a sales decline of 2.53 percent to Rp1.61 trillion compared to the same period last year of Rp1.65 trillion.

The cost of goods sold for the producers of these herbs also increased 4.55 percent to Rp. 757.61 billion from Rp. 724.71 billion. Gross profit was eroded from IDR 930.08 billion to IDR 854.48 billion in the first six months of 2022.

Actually, SIDO was able to reduce sales and marketing expenses from Rp223.95 billion to Rp195.24 billion. However, the general and administrative expenses actually increased from Rp98.68 billion to Rp119.86 billion.

This made SIDO's operating profit performance decreased by 10 percent to IDR 558.61 billion as of June 30, 2022 from IDR 620.74 billion in the same period last year.

After deducting income tax and other expenses, profit for the period attributable to owners of the parent company decreased 11.35 percent from Rp502 billion to Rp445.59 billion in the first 6 months of 2022.

SIDO's asset position also eroded to Rp3.57 trillion as of June 30, 2022 from the position of Rp4.06 trillion at the end of last year. This was in line with a sharp decline in the cash and cash equivalent position to Rp601.32 billion from Rp1.08 trillion.

On the other hand, SIDO's total liabilities improved by decreasing to Rp337.18 billion from Rp597.78 billion at the end of last year. The decrease was in line with short-term liabilities in accrued expenses, taxes payable, and third party trade payables which were successfully reduced.

Meanwhile, the equity position tends to be healthy with a value of Rp3.24 trillion, down compared to the end of 2021 at Rp3.47 trillion.