Even Though There Are Many Challenges, Sido Muncul Is Still Able To Raise High Revenue In The Third Quarter Of 2023

Photo: Doc. Sido Muncul

JAKARTA - PT Industri Jamu and Pharmacy Sido Muncul Tbk (SIDO) announced its financial performance until September 2023. The Company has still managed to record a satisfactory performance amid many challenges for the Indonesian economy in the third quarter of 2023.

In SIDO's financial report, quoted on Friday, November 3. Sido Muncul recorded sales of IDR 2.36 trillion until September 2023. Sido Muncul Sales continued 9.7 percent from the same period the previous year of IDR 2.61 trillion.

The company said a number of business segments had fallen until September 2023. The herbal segment was under 12.1 percent, the food and beverage segments had fallen 2.6 percent and the pharmaceutical segment slipped 25.6 percent.

This prompted profit for the period attributable to owners of the parent entity to fall 18.6 percent to Rp586 billion until September 2023 from the same period the previous year of Rp720.44 billion.

The company noted that the cost of goods sold fell 9.9 percent to IDR 1.09 trillion until the same period the previous year of IDR 1.21 trillion. Gross profit was recorded at IDR 1.26 trillion until the third quarter of 2023. Gross profit was 9.4 percent from the third quarter of 2022 period of IDR 1.39 trillion.

The company recorded an increase in sales and marketing expenses to IDR 366.28 billion as of September 2023 from the same period the previous year of IDR 345.96 billion.

However, on the other hand, the company suppressed general and administrative expenses to Rp163.98 billion until September 2023. In the same period the previous year, general and administrative expenses of revenue were recorded at Rp171.89 billion.

Thus, operating profit fell 18.8 percent to IDR 735.37 billion until September 2023. In the same period last year, operating profit was recorded at IDR 905.89 billion.

By looking at this condition, the basic profit per share attributable to owners of the parent entity is IDR 19.55 to September 2023 from the same period the previous year of IDR 24.01.

Total equity decreased to IDR 3.40 trillion until September 2023 from December 2022 IDR 3.50 trillion. The company suppressed liabilities until the third quarter of 2023.

The company's liabilities continued to Rp34.46 billion as of September 2023 from December 2022 amounting to Rp575.9 billion. The company's assets were recorded at Rp3.75 trillion until September 30, 2023.

In the period December 2022, the company's assets were IDR 4.08 trillion. The company has cash bags and cash equivalents of IDR 783.19 billion until September 2023.