SIDO – Posted a decline in revenue and profit throughout 2022

Sido Muncul's (SIDO) accumulated net profit fell 12.38% yoy to IDR1.1 tn, compared to IDR1.26 tn in 2021. The decline in profit cannot be separated from the sales correction of 3.86% yoy from IDR4.02 tn in 2021 to IDR3.87 tn in 2022. However, SIDO reported that sales in 4Q22 grew 25% compared to 3Q22. Similarly, net profit rose 40% on a quarterly basis. SIDO's bottom line performance in 4Q22 was also better than the previous quarter. Net profit in 4Q22 reached IDR384.72 bn, while in the previous quarter it was IDR274.85 bn. This made SIDO's profit margin improve from 27.44% to 30.70%. (Source : Cnbc Indonesia)