Net Income Up 26%, Midi Utama's Profit Reaches Rp390 Billion in Q3 2023

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Nabilah Muhamad 06/11/2023 15:54 WIB

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PT Midi Utama Indonesia Tbk (MIDI) recorded a net profit of Rp390.51 billion in Q3 2023, a year-on-year increase of 26.48%.

PT Midi Utama Indonesia Tbk's Revenue and Net Profit for Quarter III (2022-2023)

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Net Income Up 26%, Midi Utama's Profit Reaches Rp390 Billion in Q3 2023

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PT Midi Utama Indonesia Tbk's Revenue and Net Profit for Quarter III (2022-2023)

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PT Midi Utama Indonesia Tbk reported positive performance throughout the January-September 2023 period. According to its financial report, net profit attributable to the parent entity was recorded at Rp390.51 billion during this period.

This achievement increased by 26.48% year-on-year (yoy) from Rp308.74 billion in September 2022.

The increase in profit for the company with the stock code MIDI was supported by net revenue reaching Rp12.92 trillion until Q3 2023. This revenue grew by 11.81% (yoy) from Rp11.55 trillion.

In detail, revenue for the company which oversees Alfamidi and Lawson was mostly contributed by food sales amounting to Rp7.85 trillion, or a 15.85% increase (yoy).

Then, fresh food product revenue reached Rp1.79 trillion, growing by 13.78% (yoy), and non-food product revenue amounted to Rp3.27 trillion, increasing slightly by 2.28% (yoy).

Along with revenue growth in all segments, MIDI's cost of goods sold also increased by 10.94% (yoy) to Rp9.55 trillion by the end of Q3 this year.

Citing IDX Channel, the company is targeting double-digit growth in profit and revenue by the end of 2023.

"Indeed, the target is not as large as last year's growth, but we are optimistic about this year because the pandemic has begun to subside," said MIDI Corporate Secretary Suantopo Po in his statement at Alfa Tower, Tangerang, as reported by IDX Channel, Wednesday (17/5/2023).

To achieve this year's performance, the company is preparing a number of strategies, such as strengthening MIDI's positioning as a multi-format company overseeing Alfamidi, Alfamidi Super, Midi Fresh, and Lawson.

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."