MAPI - Jumbo capex and new stores opening in 2023

Mitra Adiperkasa (MAPI) has budgeted around IDR2 tn for 2023 Capex and planning to use around IDR400 bn of its Capex to open 700 new stores on the back of consumer spending recovery this year. In addition, MAPI' International sales grew 48% yoy in 1Q23 and was higher than its domestic sales which grew 30% yoy. (Source : Kontan)