SIDO - Optimist to record positive performance in 2023

Industri Jamu dan Farmasi Sido Muncul (SIDO) is determined to continue its positive financial performance after the first quarter of 2023. SIDO management is optimistic that this positive performance trend will continue in the following quarters. SIDO is also trying to continue to expand its business into foreign countries. Based on the 2022 annual report, SIDO's contribution to export sales has only reached 4% of total sales. The food and beverage segment is a fairly solid business segment for SIDO in the export market. SIDO's flagship product overseas is Kuku Bima Ener-G!, of which around 16% of product sales come from the export market, with strong sales volumes in Malaysia and Nigeria. The focus of SIDO's export sales this year is still on countries such as Nigeria, Malaysia, and the Philippines. Currently, the political conditions in Nigeria have stabilized after the presidential election, thus providing an opportunity for SIDO to strengthen sales there, including in countries around Nigeria. Meanwhile, in the Philippines, SIDO will strengthen its distribution network by adding new distributors. It is hoped that SIDO's sales in the Philippines will increase in the future. (Source : Kontan).