MAPI - A good performance in 2023

MAPI - A good performance in 2023 Mitra Adiperkasa' (MAPI) revenue grew 17.4% yoy to IDR9.5 tn in 4Q23 due to continuous store openings with more online sales and portfolio expansions, i.e. Sports Direct, Flying Tiger Copenhagen and BOSS. As a result, MAPI' revenue grew 23.7% yoy to IDR33.3 tn in FY23. Thanks to its wide range brands portfolio, MAPI' gross margin expanded by 90bps yoy and 60bps yoy, respectively in 4Q23 and FY23. Moreover, MAPI' operating profit grew 15.6% yoy in 4Q23 and 16.1% yoy in FY23, on the back of better cost management. All in all, MAPI' earnings reached IDR506 bn and IDR2.3 tn, respectively in 4Q23 and FY23. (Source: Company, KBVS)