JAKARTA. PT Industri Jamu dan Farmasi Sido Muncul Tbk (SIDO) noticed export growth by 38% until September 2021. The company then starts to focus on export market expansion to Nigeria, Malaysia, and the Philippines.
David Hidayat, President Director of Sido Muncul, targeted the performance to be well-maintained by the end of the year. He also confirmed that the company would direct its focus on developing its market in new countries, especially in Asia, to prepare for market penetration in the next year.
Hidayat additionally revealed that one of its subsidiaries, Semarang Herbal Indoplant, had secured a delivery contract by the end of this year. “Thus, the total export increase amounts to USD 3.5 million compared to 2020 gain,” he concluded, as quoted by Bisnis last week.
Through the public expose, Leonard, Financial Director of Sido Muncul, admitted that the COVID-19 pandemic acted as a catalyst to the company’s growth, in which it sent the domestic market demands for herbal and supplement products surging significantly. For the record, SIDO had launched 9 new products in the first half of 2021 and expanded its outlet network to 125,000 wholesalers and retail sellers. (AM/ZH)