Sido Muncul's Profits Soar 32.7% in Q3 2024

PT Industri Jamu dan Farmasi Sido Muncul Tbk reported net profit attributable to the parent entity of Rp778.11 billion in the third quarter of 2024. This figure represents a 32.7% year-on-year (YoY) increase compared to Rp586.57 billion in the same period of the previous year.

This profit increase was driven by an 11.2% rise in the issuer's sales (SIDO code) to Rp2.62 trillion in the third quarter of this year.

Positive growth occurred across all of SIDO's business lines. Sales in the herbal jamu and supplements segment increased by 6.17% to Rp1.54 billion.

Food and beverage sales surged by 20.19% (YoY) to Rp986.04 billion, and the pharmaceutical segment grew by 11.65% (YoY) to Rp95.28 billion.

Despite the increase in revenue and profit, Sido Muncul's cost of goods sold also rose by 4.19% (YoY) to Rp1.13 trillion.

Specifically, sales and marketing expenses in Q3 2024 reached Rp386.84 billion, general and administrative expenses were Rp131.80 billion, and other expenses amounted to Rp35.12 billion.

As of the end of September 2024, SIDO's total assets were recorded at Rp3.94 trillion, a 1.37% increase from the Rp3.89 trillion recorded at the end of December 2023.

Entering the final quarter of 2024, SIDO's management is optimistic about a seasonal increase in demand expected at the end of the year due to favorable weather conditions.

"The company is on track to achieve its annual sales growth target of over 10%," SIDO wrote in its press release on Thursday, October 24, 2024.

Furthermore, Sido Muncul will focus on strengthening its distribution network and introducing new products, both in the domestic and export markets.