JAKARTA – PT Industri Jamu dan Farmasi Sido Muncul Tbk (SIDO), more popularly known as Sido Muncul, reported fantastic growth in exports by up to 73% year-on-year (yoy) in the first half (H1) of 2024.

According to Budiyanto, Director of Finance of Sido Muncul, the contribution of export to total sales of the company in H1 2024 reached 8%, with three primary export destinations, namely Malaysia, the Philippines, and Nigeria.

“Malaysia contributed 4% to total sales, while the Philippines brought in 1-2%, and Nigeria, 1-2%. The remainder came from other countries,” said Budiyanto during Public Expose Live 2024 of SIDO today (28/8).

The momentum of this export surge is then utilised by the management to plan an expansion to Vietnam in the near future. “We target initial delivery in the second half,” added Budiyanto.

Budiyanto then mentioned that SIDO is currently reviewing the opportunity to expand the export market to other countries in Africa. “We aim for the export contribution increase from 8% to 15%, or double, within the next 3-5 years,” he added confidently.

However, SIDO claims to have yet hatched a plan to establish factories directly in said countries. “Our factories’ utilisation rate is still at 50%, on average, and they still are capable of catering to domestic and export needs,” said Budiyanto.

At the end of 2024, SIDO is targeting revenue and net profit to grow at least 10% from the record in 2023. It is worth mentioning that at the end of 2023, revenue and net profit declined to IDR 3.56 trillion and IDR 950.64 billion, respectively. (ZH)