JAKARTA – The revenue of PT Industri Jamu dan Farmasi Sido Muncul Tbk (SIDO) decreased 9.7% year-on-year (yoy) in Q3 2023 following inflation of staple commodities’ price. The decline is expected to stabilised as consumers regain their purchasing power.

In a press release quoted Monday (30/10), Leonard, Director of SIDO, mentioned that the revenue was recorded at IDR 2.36 trillion at the end of Q3 2023, slipping from IDR 2.61 trillion seen in Q3 2022. The decline resulted from the poor purchasing power of consumers following inflation in Q3 2023.

Herbal medicine and supplements’ sales went down to IDR1.45 trillion from IDR 1.65 trillion, as did foods and beverages to IDR 820.39 billion from IDR 842.65 billion, and pharmaceuticals to IDR 85.41 billion from IDR 114.73 billion.

The management of SIDO believed that consumers prioritise their expenses on food staples and transportation in Q3 2023, which resulted in SIDO’s sales decrease.

However, the market share of Tolak Angin rose 1.4% to 73% from the previous 71.6%. It is predicted to be a result from how solid the product branding as consumers’ top herbal medicine choice.

Gross profit was recorded at IDR 1.26 trillion, down from IDR 1.39 trillion, followed by operating profit that also decreased from IDR 905.89 billion to IDR 735.37 billion and current year’s profit that slipped from IDR 720.44 billion to IDR 586.57 billion. (LK/ZH)