SIDO - Recorded a solid 1Q24' earnings

SIDO - Recorded a solid 1Q24' earnings Industri Jamu dan Farmasi Sido Muncul' (SIDO) 1Q24' earnings grew by 30.0% yoy/7.3% qoq to IDR1.05 tn, due to higher sales, lower raw material' prices and better cost management, yoy. While, SIDO' revenue grew 16.1% yoy/-12.6% qoq to IDR1.05 tn in 1Q24. SIDO' herbal & supplement remained as the biggest revenue contributor at IDR626.9 bn (+13.3% yoy/-29.8% qoq) or 59.5% of 1Q24' total revenue. Thanks to higher sales yoy with lower raw material' prices, yoy, SIDO' gross profit reached IDR625 bn (+29.4% yoy/-16.7% qoq) in 1Q24. On the operational side, SIDO' EBIT reached IDR492 bn (+35.7% yoy/-2.9% qoq) in 1Q24, due to better cost management yoy, despite a 10.4% yoy higher opex. All in all, SIDO' gross, EBIT and net margin expanded by 600bps, 680bps and 400bps, yoy, respectively in 1Q24. (Source : Company, KBVS)