Sido Muncul (SIDO) Gearing Up for Turnaround

Sido Muncul (SIDO) is preparing for a potential turnaround after posting a loss last year, with expectations that the recovery may continue into the current year.

Reni Lestari

25 Okt 2023 - 18.39
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Sido Muncul (SIDO) Gearing Up for Turnaround

Activities at Sido Muncul's Herbal Medicine Factory. Source: sidomuncul.co.id

Bisnis, JAKARTA — PT Industri Jamu dan Farmasi Sido Muncul Tbk. (SIDO) is gearing up for better prospects as purchasing power improves, leading to the normalization of demand for pharmaceutical products.

This comes after some analysts had lowered their recommendations for SIDO shares due to its performance decline in Q2 2023.

In the first half of 2023, SIDO reported stable performance with a 2.6% year-on-year (yoy) increase in sales to IDR 1.7 trillion. Profit also saw a slight uptick of 0.6% yoy to IDR 448 billion. 

However, the company's Q2 performance declined compared to the Q1 2023. In Q2 2023, SIDO's net sales were IDR 746.49 billion, a 17.72% decrease compared to Q1 2023 of IDR 907.30 billion.

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