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MAP targets 20% growth in revenue, net profit in 2023
The Indonesian retail giant is targeting significant growth this year, with Rp 2 trillion ready to roll out 700 new stores focusing on its sports and F&B business segments.
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The global coffee chain’s iconic siren logo and logotype adorns a Starbucks outlet in Labuan Bajo, East Nusa Tenggara, as seen in this file photo from 2019. (JP/Ni Komang Erviani)
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ifestyle retail giant PT Mitra Adiperkasa (MAP Group), which operates popular chains like Starbucks, Sports Station and Zara, is aiming this year for a growth target of 20 percent in both revenue and net profit.
"I expect bottom-line growth to be similar, if not more. And in my opinion, the top-line growth for next year will not be less than this year’s figure," MAP vice president director Virendra Prakash Sharma told a press briefing on Tuesday.
MAP booked net revenue of Rp 7.46 trillion (US$497 million) in the first quarter of this year, marking a 32 percent year-on-year (yoy) increase. Its net profit meanwhile dropped 23 percent to Rp 496.5 billion, which was attributed to a one-time effect from last year’s sale of its Burger King franchise.
Its first quarter revenue growth was fueled by a 42 percent increase in its subsidiary PT MAP Aktif Adiperkasa (MAP Active), which manages sportswear brands like Skechers and New Balance. Meanwhile, the group’s food and beverage (F&B) segment, dominated by Starbucks and Subway, posted 35 percent yoy growth in the first quarter.
According to Sharma, MAP Active is poised to become the group’s fastest-growing segment this year, followed by Digimap, an electronic retailer and authorized local reseller of tech giant Apple’s products.
"F&B will also [grow fast], despite a challenge in profitability," Sharma said.
The net profit of the group’s F&B segment plunged to Rp 20.5 billion in the first quarter of the year, around half the figure it was a year earlier.
