MAPI – Maintaining revenue growth target of 20% yoy in 2024

MAPI – Maintaining revenue growth target of 20% yoy in 2024 Mitra Adiperkasa (MAPI) posted an increase in revenue of IDR17.99 tn (+15.38% yoy), but recorded a decrease in net profit of IDR899.33 bn (-11.4% yoy) in 1H24. MAPI's revenue growth is expected to increase in 2H24 in line with the historical data. MAPI will also focus on maintaining margins through effective inventory. Moreover, the strengthening of the rupiah, which has a positive impact on consumer purchasing power, provides a positive sentiment. MAPI still maintains the target guidelines of increasing revenue and net profit by 18-20% yoy this year. To achieve this target, MAPI will drive sales through online and offline stores, accelerate regional brand sales, market major brands in the Asean market, drive digital and technology transformation as well as make acquisitions and establish strategic partnerships. Note that, MAPI has allocated a capex of IDR2 tn this year, most of which is used for the addition of new outlets. (Source: Bisnis Indonesia)