JAKARTA – The performance of PT Industri Jamu dan Farmasi Sido Muncul Tbk (SIDO) was corrected in 2022 as the public’s purchase power weakened. The revenue and profit both decreased 4% and 12% compared to the numbers seen in 2021.

In the press release quoted Friday (10/2), Leonard, Director of Sido Muncul, mentioned that this slight downturn in its performance resulted from several factors. They include the normalisation of demands from its peak during Delta variant spread, high inflation due to consumers’ purchase power, and increased raw materials price. “Within the past four year, the company still managed to detect double-digit growth through CAGR in our net profit,” he stated.

Accoring to Leonardo, the company still has adequate cash, and its dividend payout ratio is still above 90%. Until December 2022, SIDO recorded cash and cash equivalent of IDR 923.04 billion, shrinking from IDR 1.08 trillion in the same period in 2021.

Throughout 2022, the sales reportedly reached IDR 3.86 trillion, while its net profit arrived at IDR 1.10 trillion. Specifically, herbal medicine and supplements generated IDR 2.63 trillion of total revenue, followed by its food and beverages products with IDR 1.08 trillion and pharmaceutical products of IDR 143.04 billion.

In 2021, SIDO’s revenue hit IDR 4.02 trillion mark, resulting in a net profit of IDR 1.26 trillion. Herbal medicine and supplements turned in IDR 2.69 trillion of total revenue, followed by food and beverages of IDR 1.19 trillion and pharmaceutical goods of IDR 137.14 billion. (LK/ZH)