MIDI - PT. Midi Utama Indonesia Tbk

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JAKARTA - PT Midi Utama Indonesia Tbk (MIDI) sets up capital expenditure (capex) budget of IDR 1.4 trillion in 2024. This capex will be used to establish 450 new Alfamidi and Lawson outlets.

In the public expose report quoted Wednesday (20/12), Suantopo Po, Corporate Secretary of MIDI, said that the capex is taken out of the company’s internal cash, combined with the rights issue proceeds this year. New outlets that will be opened consist of 200 Alfamidi stores and 250 Lawson outlets, taking forms in 50 stand-alone outlets and 200 store-in-store outlets.

According to Po, the company will develop Lawson outlets after going stagnant for quite a while. In this outlet expansion plan, Po mentioned that the company will be prudent in choosing the location of the outlet.

“We maintain the balance between quantity and quality, as well as prioritising profitability, as one new outlet calls for three-year payback period,” Po explained.

MIDI is known to start expanding Lawson stores in H2 2022 by establishing 127 stores, and another 454 this year.

The revenue until September 2023 was recorded at IDR 12.92 trillion, shifting from IDR 11.55 trillion in the same period in 2022. The gross profit was IDR 3.36 trillion, also increasing from IDR 2.94 trillion, thus resulting in current year’s profit of IDR 390.2 billion, growing from IDR 308.86 billion. (LK/ZH)