JAKARTA – Despite a correction in PT Matahari Department Store Tbk’s (LPPF) revenue, its profit grew by 22.5% year-on-year (yoy), reaching IDR 828 billion in 2024, up from IDR 675 billion in 2023.

Monish Mansukhani, Chief Executive Officer (CEO) of LPPF, reported total sales of IDR 12.3 trillion, a slight decline of 2% yoy compared to IDR 12.55 trillion in 2023.

“This reflects ongoing challenges in consumer spending, especially during the Lebaran season and the fourth quarter,” he stated in a press release quoted on Friday (7/3).

Meanwhile, the company recorded a gross margin of 34.6%, up from 34.2% in 2023, and an EBITDA of IDR 1.39 trillion, a slight decrease of 0.9% yoy from IDR 1.41 trillion.

According to Mansukhani, LPPF’s achievements in 2024 demonstrate the company’s commitment to profitability. "We continue to prioritise strengthening the company’s economic fundamentals and refining our products to ensure sustainable growth," he added. (LK/ZH)