PT Matahari Department Store Tbk : Matahari Achieves 2022 EBITDA of IDR 2.0 Trillion and Recommends a Dividend of IDR 525/Share
February 24, 2023 at 04:17 am EST
Share
Matahari Achieves 2022 EBITDA of IDR 2.0 Trillion and Recommends a Dividend of IDR 525/Share
News
24 February 2023
Corporate Communications
Share:
whatsappfacebooktwitterlinetelegram
Highlights :
Sales for FY 2022 at IDR 12.4 Trillion, 20.7% above FY 2021, driven by pent-up demand in early 2022, as well as strong Lebaran, back-to-school campaigns, and Christmas trading, despite high-base effect in October 2021.
FY 2022 gross margin was at 35.7% vs 35.0% in FY 2021, backed by fresh merchandise and fewer clearance activities.
FY 2022 EBITDA was at IDR 2.0 Trillion, growing 50.9% from 2021.
Net Income for FY 2022 was IDR 1.4 Trillion, growing 51.5% from 2021 and slightly surpassing 2019.
In Q4 2022, inflation effect in October and November trading was offset by strong double-digit Christmas trading, resulting in overall 5.2% growth in Sales for the quarter.
New premium format initiative well underway, targeting up to 3 stores to open within 2023.
Digital progress with huge growth in Shopee, successful launch of Lazada and full range of private label merchandise now on Matahari.com. Further improvements expected from new POS project.
The Company's rebranding in 4Q22 was successful, signifying improvements in price, value, products, customer experience, and people development.
For the period ending 31 December 2022, Matahari ("the Company"; stock code: "LPPF") booked Gross Sales of IDR 12.4 Trillion, grew by 20.7% year-on-year. Full-year 2022 EBITDA was at IDR 2.0 Trillion, higher 50.9% than last year and above consensus. Net Income reached IDR 1.4 Trillion, returning to pre-pandemic level.
(in Billion Rupiah)
Description
FY 22
Variance
of FY 21
Gross Sales
12,413
20.7%
Net Revenue
6,455
15.5%
EBITDA
1,968
50.9%
Net Income
1,383
51.5%
Matahari completed 10 new store openings with its new look and feel in 2022 and has secured 7 new locations for new stores to be opened before Lebaran in 2023. The Company is accelerating the new store openings to make an optimal impact on the coming Lebaran season. The two most recently opened outlets are at REVO Town Mall, Bekasi and Pollux Mall Chadstone, Cikarang, West Java. The next five new stores will be opened in Central Java (The Park Semarang, Uptown Mall Semarang, and Sleman Mall Jogjakarta), Bali (Discovery Mall Kuta) and East Kalimantan (Plaza Balikpapan). The upcoming outlets will operate between March and early April 2023, with the openings gathering pace during Ramadan.
"We thank our hardworking and passionate colleagues for their strong contributions to our progress. The baseline of pre-pandemic profitability is achieved and we have moved into a new phase of growth ahead. By rigorously executing our strategy, we expect EBITDA performance of IDR 2.3 Trillion or better in 2023," said Terry O'Connor, CEO Matahari.
Matahari is committed to maximizing shareholder value with the Board of Commissioners recommending a dividend of IDR 525/share for 2022 as well as an extension of the share buyback program currently running until December 2023. In 2022, Matahari spent IDR 1.1 Trillion to purchase 252.8 Million shares.
PT Matahari Department Store Tbk published this content on 24 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 February 2023 09:16:06 UTC.
PT Matahari Department Store Tbk is an Indonesia-based company, which is engaged in the retail business for several types of products such as clothes, accessories, bags, shoes, cosmetics, and household appliances, and management consulting service. The Companyâs segments include Sumatra; Java; Kalimantan, Sulawesi and Maluku, and Others. It operates approximately 156 stores. The Companyâs brands include Nevada, Details, Little M, connection, Cole and Pipiniko. It offer clothes, such as chaos and polo shirt, blouse shirt, sweater and cardigan, dress, outerwear, long pants, jeans, shorts, underwear and sleepwear, maternity clothes, sports clothing, playsuits and jumpsuits. It offers shoes, such as slippers, sneakers, sport shoes, slip Ons, formal shoes, and boots. It offers products under suitcase, such as backpack, shoulder bags, handbags, suitcases and travel bags, wallet, and sports bag.