Revenue Down, Net Profit of Sido Muncul (SIDO) Shrinks by 13.94% in 2023

CORPORATE STRATEGIC - JAKARTA. PT Industri Jamu dan Farmasi Sido Muncul Tbk (SIDO) recorded a decline in financial performance in 2023. This is reflected in the decrease in revenue of this pharmaceutical issuer throughout last year.

According to the financial report as of December 31, 2023, SIDO recorded sales of IDR 3.56 trillion. This achievement decreased by 7.75% annually or Year on Year (YoY) from IDR 3.86 trillion. 

In detail, sales of herbal medicine & beverages contributed IDR 2.34 trillion, the food & beverage segment contributed IDR 1.1 trillion, and the pharmaceutical segment reached IDR 115.68 billion. 

As a result, the net income for the year attributable to the parent entity of SIDO decreased by 13.94% annually to IDR 950.64 billion. Whereas in 2022, SIDO recorded a net profit of IDR 1.1 trillion. 

Read Also: Sido Muncul (SIDO) Prepares Capex of IDR 102 Billion for 2024

On the other hand, the cost of goods sold of this Tolak Angin producer decreased by 8.81% YoY to IDR 1.54 trillion in 2023. In the previous year, SIDO's cost of goods sold reached IDR 1.69 trillion.

The total assets of Sido Muncul reached IDR 3.98 trillion as of December 31, 2023. This figure is down from the position as of December 31, 2023, which was at the level of IDR 4.08 trillion. 

Then the total liabilities of SIDO decreased from IDR 575.96 trillion to IDR 504.76 billion as of December 31, 2033. Then, the total equity of SIDO also decreased from IDR 3.5 trillion to IDR 3.38 trillion.