Sido Muncul Targets Growing Sales Of 10 Percent In 2023

Photo: Doc. Sido Muncul

JAKARTA - PT Sido Muncul Herbal and Pharmaceutical Industry Tbk (SIDO) targets to be able to record sales growth of around 10 percent amid economic uncertainty in 2023. Director of the Sido Muncul Herbal and Pharmaceutical Industry (SIDO) Irwan Hidayat said that his party was not too worried about the economic conditions this year.

"We are trying to increase by about 10 percent. But the important thing is I am not worried because in general our products are good," Irwan told the media crew, Wednesday, February 15.

Irwan said the company had prepared several strategies, one of which was by selling SIDO products abroad. However, Irwan admitted, it is not easy to sell Sido Muncul products abroad.

"Well, selling herbal medicine in a person's country is not easy. Selling oil commodities is easy," he said.

In addition, said Irwan, the regulations are not easy because the majority of the products sold are herbal medicines.

"What is being sold is not commodities such as oil and palm oil. These are what herbal medicines and many herbal obts are not easy to sell abroad, because the regulations are not easy," he said.

But on the other hand, Irwan is still optimistic, because the trust of customers abroad remains good and will be able to support SIDO's sales targets.

Previously, PT Industri Jamu dan Pharmacy Sido Muncul Tbk (SIDO) announced the company's performance for the financial year ending in December 2022. Throughout this period, both the company's revenue and net profit decreased.

SIDO's revenue was recorded at IDR 3.86 trillion, down 3.87 percent compared to 2021's revenue of IDR 4.02 trillion.

Meanwhile, in terms of cost of revenue, there were not many changes, namely to IDR 1.7 trillion in 2022 from IDR 1.73 trillion in 2021. As a result, the company received a gross profit of IDR 2.16 trillion, a decrease of 5.4 percent compared to the previous year of IDR 2.29 trillion.