JAKARTA – PT Industri Jamu dan Farmasi Sido Muncul Tbk (SIDO) aims for sales growth of up to 10% year-on-year (yoy) in 2025, surpassing last year's growth of only 9.9% yoy.

SIDO's management announced this target during an earnings call discussing 2024 performance and the 2025 outlook, which was attended by several analysts.

SIDO posted sales of IDR 3.92 trillion in 2024. With a projected 10% growth, the traditional herbal medicine producer is expected to record sales of approximately IDR 4.3 trillion throughout 2025.

Edi Chandren, Investment Analyst Lead at Stockbit Sekuritas Digital, believes SIDO's top-line growth this year will be driven more by product sales volume than price increases.

Earlier this year, SIDO raised the price of Tolak Angin, its flagship product with a 72% market share. Other products had their prices raised at the end of 2024 in response to higher raw material costs.

"The decision to raise prices again will be selective, taking into account purchasing power and raw material prices," Edi stated in his note to investors.

In addition, SIDO projects net profit growth of up to 10% in 2025, significantly higher than the analyst consensus, which is around 4%.

Nonetheless, Edi believes SIDO has a relatively easier path to achieving its net profit growth target this year, suggesting the consensus may be upgraded. (KR/ZH)