Mochtar Riady's Sun Profit Rose 51.5 Percent To IDR 1.4 Trillion In 2022

Illustration of the Sun (Photo: Antara)

JAKARTA - PT Matahari Dept Store Tbk (LPPF) recorded a net profit of IDR 1.4 trillion throughout 2022. This amount increased by 51.5 percent from IDR 912.85 billion in 2021 and slightly above 2019.

Citing information disclosure, Sunday, February 26, Matahari's net income rose 15.55 percent to Rp6.45 trillion. Where, in the previous year it was recorded at Rp5.59 trillion.

Penjualan menjadi Rp12,4 Triliun, naik 20,7 persen dari tahun lalu. EBITDA tahun 2022 mencapai Rp2 triliun, lebih tinggi 50,9 persen dari tahun lalu dan di atas konsensus.

In the fourth quarter of 2022, the effects of inflation in October and November trading were offset by strong double-digit growth in Christmas trading, resulting in overall sales growth of 5.2 percent for the quarter.

The top of pre-pandemic profitability has been achieved and we have moved into a new growth phase going forward. By carrying out our strategy rigorously, we expect EBITDA performance of IDR 2.3 trillion or better by 2023," said Matahari CEO Terry O'Connor.

Matahari is committed to maximizing the value of shareholders and therefore the Board of Commissioners recommends dividends of IDR 525 per share for the 2022 financial year and an extension of the share buyback program which is currently running until December 2023. In 2022, Matahari will use funds of IDR 1.1 trillion to buy 252.8 million shares.

In 2022, Matahari opens 10 new outlets with new views and nuances, and has determined 7 new locations for opening new outlets before Lebaran 2023.

The company is accelerating the opening of new outlets to have an optimal impact in the upcoming Eid season. The two most recently opened outlets are at REVO Town Mall, Bekasi and Pollux Mall Chadstone, Cikarang, West Java.

The next five new outlets will open in Central Java (The Park Semarang, Uptown Mall Semarang, and Sleman Mall Jogjakarta), Bali (Discasovery Mall Kuta) and East Kalimantan (Plaza Balikpapan).

These outlets will open between March and early April 2023, with openings getting faster during Ramadan.