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Matahari profit back at pre-pandemic level after 51% rise
Sales of the retail chain increased 20.7 percent last year to Rp 12.4 trillion due to a strong performance during Lebaran, Christmas and the back-to-school season.
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Shopping carts of Indonesian retail company Matahari are pictured in an undated illustration photo. (www.shutterstock.com/-)
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epartment store chain Matahari posted a 51.5-percent jump in net profit to Rp 1.38 trillion (US$90.32 billion), which is slightly higher than the pre-pandemic figure, in its 2022 annual report.
The hike was supported by a 20.7-percent rise in sales to Rp 12.4 trillion, buoyed by strong sales during Lebaran, Christmas and the back-to-school season.
The publicly listed retail player opened 10 new stores last year and plans to open up to 15 more this year, seven of which are expected to be up and running before Lebaran in late April. In total, the company currently has around 150 stores in 80 cities.
"By rigorously executing our strategy, we expect an [Earnings before interest, taxes, depreciation and amortization] EBITDA of Rp 2.3 trillion or better in 2023," said Matahari CEO Terry O'Connor in a statement on Friday. The target represents a 15-percent increase from its EBITDA last year.
Read also: Matahari to open 10 new stores this year as sales recover
According to Cheril Tanuwijaya, head of research at Jasa Utama Capital Sekuritas, Matahari's growth was owed to increased public mobility and consumer spending.
"It is also backed by seamless adaptation of people amid fuel-price hikes and the success of Matahari's effort to rebrand itself from a traditional store to a digital player," Cheril told Kontan.
