JAKARTA. PT Industri Jamu and Farmasi Sido Muncul Tbk (SIDO) in the first quarter of 2021 posted an increase in sales of up to IDR 793.42 billion, 8.58% higher than the same period in 2019 of Rp 730.72 billion.
Director of Finance for the Herbal and Pharmaceutical Industry Sido Muncul Leonard explained that his company has succeeded in maintaining production and operational costs through cost effective management. Therefore, as sales growth and expenses were controlled, SIDO's profitability increased. SIDO's operating profit and net profit grew 16% yoy respectively to IDR 332 billion and IDR 269 billion.
The strong demand, especially for health drink products, has caused domestic and export sales to record growth, Leonard said in a press release Monday (26/4/2021).
Based on the financial report, sales of food and beverages rose 30.2% yoy to IDR 257.45 billion, while sales of herbal herbs and supplements edged up 1.11% to IDR 505.76 billion but pharmaceutical sales fell 7.97% yoy to IDR 30.20 billion.
Leonard is optimistic that his company can target sales growth and net profit targets of above 10% each, supported by this year's capital expenditure (capex) allocation of around IDR 180 billion - IDR 200 billion which will be used for maintenance and completion of facility expansion expenditures. production. (AM/LM)