Highlights :
- FY 2022 sales were 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, despite a high base effect in October 2021.
- FY 2022 gross margin was at 35.7% vs. 35.0% in FY 2021, supported by new merchandise and less closeout activity.
- FY 2022 EBITDA reached IDR 2.0 trillion, up 50.9% from 2021.
- Net Profit in 2022 amounted to IDR 1.4 trillion, up 51.5% from 2021 and slightly exceeding 2019.
- In Q4 2022, the inflationary effects on October and November trading were offset by strong double digit growth in Christmas trading, resulting in overall Sales growth of 5.2% for the quarter.
- The new premium format initiative is progressing well, with a target of up to 3 stores to open by 2023.
- Digital advancement with huge growth in Shopee, successful launch of Lazada and complete range of exclusive brand merchandise now available on Matahari.com. Further improvements are expected from the new POS project.
- The Company's rebranding in Q4 2022 was successful, marked by significant improvements in price, value, products, customer shopping experience, and human resource development.
For the period ended December 31, 2022, Matahari (“the Company”; stock code: “LPPF”) reported Gross Sales of Rp12.4 trillion, up 20.7% from last year. EBITDA for 2022 reached Rp2.0 trillion, up 50.9% from last year and above consensus. Net Profit reached Rp1.4 trillion, returning to pre-pandemic levels.
In 2022, Matahari opened 10 new stores with a new look and feel, and has identified 7 new locations for new store openings before Lebaran 2023. The Company is accelerating the opening of new stores to provide optimal impact during the upcoming Lebaran season. The two most recently opened stores 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 stores will open between March and early April 2023, with openings accelerating during the month of Ramadhan.
“We would like to thank our hardworking and passionate colleagues who have made significant contributions to our progress. The pre-pandemic profitability floor has been reached and we have moved into a new phase of growth going forward. By executing our strategy rigorously, we expect EBITDA performance of Rp2.3 trillion or better in 2023,” said Terry O'Connor, Matahari CEO.
Matahari is committed to maximizing shareholder value and therefore the Board of Commissioners recommends a dividend of IDR525/share for the 2022 financial year as well as an extension of the current share buyback program until December 2023. In 2022, Matahari used IDR1.1 trillion in funds to buy 252.8 million shares.
