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ISSUER NEWS - JAKARTA. PT Industri Jamu dan Farmasi Sido Muncul Tbk (SIDO) confidence in improving its performance in 2024. SIDO's management targets an increase in revenue and profit of 10%-15% this year.
According to Sido Muncul's CEO, David Hidayat, the company believes that the performance in 2024 will be better than the previous year.
To achieve this goal, the company has designed several strategies. One of them is to increase domestic sales and exports, as well as launching new and diverse products to expand market coverage.
"We are optimistic that the performance in 2024 will improve. This is supported by the export program targeted at countries that are the company's focus. We also add new products and variations and implement various initiatives to increase efficiency, both in production and distribution," David told Kontan on Tuesday (12/3).
The company also collaborates with companies that have a national distribution network. In the global market, SIDO strives to expand its exports, with the current focus mainly in Asia, Indo China, the Arabian Peninsula, and Africa, while introducing new products.
"We continue to develop our export market. Africa is the first focus because our products are already known in Nigeria and its surroundings. We also expand to the Arabian Peninsula market and Indo China countries that have a large population. We are also expanding the market in Japan because our products are in demand there," he added.
Read Also: Revenue Down, Net Profit of Sido Muncul (SIDO) Shrinks by 13.94% in 2023
David explained that the company has prepared a capital expenditure of IDR 102 billion for 2024. The funds will be allocated for the addition of laboratory equipment, development of Research And Development (RnD), and equipment maintenance.
"This year's capital expenditure reached IDR 102 billion. These funds will be used to improve laboratory equipment, RnD development, and equipment maintenance," he said.
Based on the financial report as of December 31, 2023, SIDO recorded a decrease in sales of 7.75% to IDR 3.56 trillion compared to the same period the previous year of IDR 3.86 trillion. Profit attributable to the parent entity also fell by 13.95% to IDR 950.64 billion from IDR 1.10 trillion.
SIDO's cost of goods sold also decreased to IDR 1.54 trillion throughout 2023 from IDR 1.69 trillion in the same period the previous year. SIDO's gross profit also decreased to IDR 2.01 trillion from IDR 2.16 trillion in 2022.
The total assets of SIDO as of December 31, 2023 were recorded at IDR 3.89 trillion, a decrease compared to the same period in the previous year.
