SIDO – Targeting net profit to increase by 15% in 2023

Sido Muncul's Herbal Medicine and Pharmaceutical Industry Target (SIDO) is in line with this year's capex allocation of IDR197 bn. This target is in line with the consistency of strategy applications, product sales optimization and od distribution channels. SIDO is also preparing new products to increase sales contributions. SIDO also continues to maximize the sales potential of its subsidiaries' products. Currently, SIDO is working on several raw material development projects with several pharmaceutical companies for personal care products. In terms of performance, SIDO will continue to improve efficiency, especially in existing factories. This increase in sales target was also marked by the positive financial statements of SIDO in 6M22. For business expansion, SIDO is more focused on maximizing the capacity of existing production machines and equipment through the production of existing products and new products. For further details, capex will be focused on adding some of these production tools and completing the green house project. SIDO is targeting the market share of Ghana, Cameroon, Kenya, Vietnam and China as export destination countries for herbal products and supplements. This effort is believed to trigger the profit target. Currently, SIDO is accelerating product registration and launch. SIDO will launch Tolak Angin products in Malaysia and STMJ beverage products in Nigeria in 2023. (Source : Investor Daily)