SIDO – Targets a double digit growth yoy in 2024

SIDO – Targets a double digit growth yoy in 2024 Industri Jamu dan Farmasi Sido Muncul (SIDO) targets double digit growth in 2024, which is still in line with the prospect of health products, especially herbs and supplements that are still promising as higher demand from domestic and export market. SIDO will launch 3 new products and it also will continue to expand its export markets, especially in the markets of Asia, the Arabian Peninsula and Africa, in order to achieve the company' targets. To maximize the domestic market, SIDO consistently expand its distribution networks to reach more outlets. Note that, SIDO' 9M23 sales reached IDR2.36 tn (-9.7% yoy) and net profit reached IDR586.57 bn (-18.58% yoy). Thus, with 9M23' lower performance yoy, SIDO anticipates for a 10% yoy lower sales and net profit in 2023. (Source: Kontan)