Matahari Records Sales of Rp7.2 Trillion and Net Profit of Rp626 Billion in the First Semester of 2024

Matahari Catatkan Penjualan Rp7,2 Triliun dan Laba Bersih Rp626 Miliar di Semester Pertama 2024

"The Sun Records Sales of Rp7.2 Trillion and Net Profit of Rp626 Billion in the First Semester of 2024"

"Dream - Matahari released its financial report for the first semester of 2024. Sales during this period reached Rp7.23 trillion, a decrease of 2.2% compared to the first semester of 2023, equivalent to an SSSG of -2.8%."

Matahari Records Sales of Rp7.2 Trillion and Net Profit of Rp626 Billion in the First Semester of 2024

"The gross margin reached 34.9%, down from 35.4% in the same period last year, due to inventory clearance at the beginning of the year. The company highlighted the impact of the challenging Eid period and the ongoing low consumer spending ability. Despite facing these challenges, the company continues to make progress in implementing its strategic plans."

"Earnings Before Interest Tax, Depreciation, and Amortization (EBITDA) of the company reached Rp988 billion, with a net profit of Rp626 billion. Based on the results of the first semester, Management projects EBITDA for the fiscal year 2024 to be Rp1.2 trillion."

The company plans to increase productivity through the expansion of areas and the addition of product variations from its main consignment brands. Rebranding of exclusive brands is ongoing to attract more customers, and the in-house brand SUKO is ready to expand its reach to more outlets.

"The sun will continue to leverage influencers and social media to increase brand awareness. The company is also planning a major campaign in the second half of 2024, focusing on building community and enhancing brand engagement."

The digital initiatives continue to make progress, with 58% of consignment vendors (CV) now having joined the supplier platform. User experience is expected to improve with a greater variety of CV products, live commerce, order fulfillment from stores, and better search features. The company has postponed the opening of new stores for the second half of this year and is selectively opening stores only in high-quality malls.

“Financial results in the first half show the weakness of consumer spending ability that continues, especially for clothing and footwear. Nevertheless, we remain committed to strategic plans for long-term growth,”

said CEO of Matahari, Monish Mansukhani, in a statement quoted Wednesday, July 24, 2024.

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We are also focused on improving operations and efforts to expand our reach so that we can serve our customers better,” he continued. The company remains focused on cost management. Negotiations on rental costs in the first half of this year have resulted in savings, supported by rent reductions and flexible lease agreements. Initiatives to improve labor productivity have been planned for the second half of this year and are expected to yield positive results.

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