Executive Summary

Key insights and market outlook

PT Industri Jamu dan Farmasi Sido Muncul Tbk (SIDO) reported 3.89% revenue growth to Rp 2.72 trillion and 5.19% net profit growth to Rp 818.54 billion for Jan-Sep 2025 ¹

². The company's herbal products segment, led by Tolak Angin, remains a key growth driver while food and beverage segment showed 4% growth ². Analysts highlight export potential and domestic demand challenges as key factors for future performance.

Full Analysis

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Deep Dive Analysis

Sido Muncul Maintains Positive Performance Amidst Economic Challenges

Strong 9M 2025 Financial Results

PT Industri Jamu dan Farmasi Sido Muncul Tbk (SIDO) has reported robust financial performance for the first nine months of 2025, with revenue reaching Rp 2.72 trillion, representing a 3.89% year-on-year growth ¹

². The company's net profit also showed positive momentum, reaching Rp 818.54 billion, marking a 5.19% increase compared to the same period last year ¹².

Segment Performance Analysis

The herbal products segment, led by the flagship brand Tolak Angin, continues to be the primary contributor to SIDO's revenue. The brand maintained its strong market position with a 6% increase in its brand index score ²

. The food and beverage segment also demonstrated resilience with a 4% year-on-year growth, driven by double-digit growth in milk and coffee products ².

Challenges and Future Prospects

While SIDO has maintained its positive performance trajectory, analysts highlight that the company faces challenges related to weakening domestic purchasing power ¹

. Fath Aliansyah Budiman from Maybank Sekuritas noted that increasing sales volume amidst declining consumer purchasing power will be a key challenge for SIDO in the coming year ¹.

Analyst Insights

Rifdah Fatin Hasanah from Ina Sekuritas observed that SIDO's performance was supported by strong sales of Tolak Angin during the seasonal transition and robust demand for essential oils in both domestic and export markets ²

. The company's ability to navigate these challenges while maintaining its growth trajectory will be crucial for its future performance.

References