JAKARTA - PT Industri Jamu and Pharmacy Sido Muncul Tbk (SIDO) recorded an increase in product sales in the export market in the third quarter of 2021. Sales from the company's exports were able to soar by almost 40 percent, even though it was still in the COVID-19 pandemic situation.
SIDO Finance Director Leonard said this growth indicated a recovery in the export market which had weakened due to the COVID-19 pandemic. Sido Muncul will also continue to expand its export market from neighboring countries such as Malaysia and the Philippines to Nigeria.
"We will not stop creating strategic initiatives that are fast and relentless to improve our position in the market, and create a wider economic system by expanding exports to Nigeria," Leonard said at the virtual MNC Group Investor Forum 2022, Monday, March 14.
Leonard further said that SIDO has started its export focus since 2019 in Malaysia, the Philippines, and Nigeria. The company is preparing an expansion strategy to new countries, which is targeted to start this year by targeting countries in Southeast Asia and West Africa as the main targets.
"This year we will also focus on developing new products, especially R&D to develop higher-quality essential oils and explore potential target markets (the European Union and the United States)," he said.
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Furthermore, Leonard explained that SIDO also increased the contribution of the international market with the export performance which increased 86 percent after the Nigerian and Malaysian market sales recovered, as well as the contribution of essential oils.
"Many local traders in Nigeria buy from Indonesian sellers and retailers. If we continue to develop it, then this will be an opportunity and an increasing export potential," he concluded.
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