JAKARTA – PT Industri Jamu dan Farmasi Sido Muncul Tbk (SIDO) concluded its 2024 financial year with a net profit of IDR 1.17 trillion, a sizeable increase from IDR 950.65 billion recorded in 2023.

According to its latest financial report, SIDO’s sales reached IDR 3.92 trillion, a 9.9% yoy increase from IDR 3.56 trillion recorded in 2023.

All business segments experienced sales growth, including the herbal and supplement segment, which grew 6% yoy to IDR 2.49 trillion; food and beverages, which increased by 18% yoy to IDR 1.3 trillion; and the pharmaceutical segment, which surged by 10% yoy to IDR 127.45 billion.

With the cost of goods sold rising by only 4.6% yoy, SIDO’s gross profit was able to grow by approximately 14% yoy to IDR 2.3 trillion, boosting its gross profit margin to 59%.

"This significant growth in profit and margin reflects the Company’s cost efficiency and operational leverage," SIDO's Management stated in its disclosure to the Indonesia Stock Exchange (IDX) on Friday (7/3).

Despite an increase in several expense items in 2024, such as the cost of goods sold, sales and marketing expenses, and income tax expenses, SIDO was still able to post a double-digit net profit surge of 23.18% to IDR 1.17 trillion.

According to data from IDNFinancials.com, SIDO's share price on Friday's trading session (07/3) strengthened by 2.60% to IDR 615 per share, as of 11 AM WIB. (DH/ZH)