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Indofarma's sales decline by 25% YoY in Q1 2020

05 June 2020 12:08

JAKARTA. PT Indofarma (Persero) Tbk (INAF), a pharmaceutical company owned by the Indonesian government, estimates that its sales during the first quarter (Q1) 2020 will decline by around 25%, unlike other pharmaceutical companies that gained momentum during the COVID-19 pandemic in Indonesia.

INAF management explained that during the COVID-19 pandemic, the company had difficulty in selling its products to hospitals because field workers were unable to make working visits. in addition, the company also experienced obstacles in importing raw materials and collecting receivables.

"The collection staff cannot collect payment from the company's partners," explained INAF management through information disclosure on the Indonesia Stock Exchange (IDX) on Thursday (4/6). 

Meanwhile, other pharmaceutical companies, such as PT Kimia Farma Tbk (KAEF), actually gained some momentum during the COVID-19 pandemic. KAEF even recorded positive sales growth during Q1 2020.

"[COVID-19 Pandemic] had increased the demand for health products related to COVID-19, which also increases the company's revenue," KAEF management said through information disclosure.

Like KAEF, PT Industri Jamu dan Farmasi Sido Muncul Tbk (SIDO) also recorded positive performance during Q1 2020. SIDO posted a 2.9% sales growth on a year-on-year basis (YoY) in Q1 to Rp 730.72 billion. (KR/AR)

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