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Sido Muncul recorded net profit growth of 10.85% YoY in Q1 2020

21 April 2020 11:19

JAKARTA - PT Industri Jamu and Farmasi Sido Muncul Tbk (SIDO) recorded a net profit of Rp 231.53 billion in Q1 2020, 10.85% higher than its record of Rp 208.87 billion in Q1 2019.

SIDO's success can be attributed from the company's sales that grew by 2.4% to Rp 730.72 billion from Rp 713.68 billion in Q1 2019. At the same time, cost of goods sold went down 3.71%, from Rp 335.61 billion in Q1 2019 to Rp 323.17 billion in Q1 2020. Hence, gross profit grew by 7.79% from Rp 378.06 billion in Q1 2019 to Rp 407.53 billion in Q1 2020.

Leonard, Independent Director of SIDO, said in a official statement on Monday (21/4) that growth can be attributed to increasing domestic demand for products that can increase body's resistance during this Covid-19 pandemic. However, he continued, the company's export sales got weaker, with export destination countries implementing lockdown since the pandemic began to emerge, such as the Philippines, Malaysia and Nigeria. However, the company is optimistic that profit and sales will continue to grow this year. (ARM/AR/AC)

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