JAKARTA. PT Mitra Adiperkasa Tbk (MAPI), a retail company managing several renowned food and beverages (F&B) and fashion outlets, recorded net profit of IDR 501 billion in Q1 2024.

This net profit grew 5% year-on-year (yoy) or from the same quarter last year, in which the company only managed to score IDR 477 billion of net profit.

MAPI’s net profit growth in Q1 2024 is in line with the company’s net sales, which amounted to IDR 8.8 trillion. Its net sales also increased by 17.8% yoy in this period from IDR 7.5 trillion in Q1 2023.

“Compared to the fairly satisfactory performance in Q1 2023 following the lifting of COVID-19 restriction, we continue to attain better result from most of MAPI’s segments,” said Ratih D. Gianda, VP of Investor Relation, in the information disclosure in Indonesia Stock Exchange (IDX).

Throughout Q1 2024, MAPI continues to carry out its physical outlet expansion. Not only that, the company also keeps expanding its digital outlets by operating 49 online channels by the end of March 2024. The company also collaborates with several marketplaces in order to develop its digital outlets.

“As we navigate uncertain circumstances, we must be more vigilant amidst the dynamic business landscape in different countries where we operate. However, MAP remains committed to offer series of our best brands, products, and services,” added Gianda. (KR/ZH)