Sido Muncul Records Export Sales Growing 125 Percent In The First Quarter Of 2022

Illustration. (Photo: Doc. Antara)

JAKARTA - The first three months of this year have been an exciting period for PT Industri Jamu and Pharmacy Sido Muncul Tbk (SIDO). The reason is, the company was able to record a 10.97 percent increase in sales year on year (YoY) to IDR 880.49 billion per the first quarter of 2022.

Sido Muncul's Finance Director Leonard said that Sido Muncul's increased performance in the first quarter of 2022 was supported by the restoration of community mobility which had an impact on increasing demand for products made by the company from within the country. Not only that, the demand for product sales to the export market as well as products sold online was also able to increase significantly in the first quarter of 2022.

"Our export sales increased by 125 percent compared to the same period last year. Online sales also increased 90 percent compared to the previous period, while sales in modern trade grew by double digits," Leonard said some time ago.

Sido Muncul's management is also optimistic about the business prospects for the rest of this year. The company still maintains its sales and net profit growth target this year at above 15 percent.

For information, SIDO's net profit grew 9.66 percent yoy to IDR 295.03 billion in the first quarter of 2022.