- RECORDING 72.5% INCREASE IN NET PROFIT IN H1 2022
- IMPROVING EBITDA GUIDANCE
Highlights :
- Strong first half (H1) performance despite Omicron-related operating restrictions supports full year 2021 EBITDA achievement of IDR 1.3 trillion in the first 6 months of 2022
- Sales of IDR 7.2 trillion, with SSSG of 10.9% and gross margin of 36.0% (vs 34.9% in H1 2021)
- H1 2022 Net Profit of IDR 918 Billion vs IDR 533 Billion in H1 2021
- Opening a new concept store at Taman Anggrek Mall Jakarta, bringing the total number of new store openings to 2 in H1 2022. Relaunching the Karawaci store with a new concept on July 8, 2022
- 2022 EBITDA guidance raised from IDR 2 trillion to IDR 2.1 trillion on strong H1 performance and solid July sales trend
- 2023 guidance is double-digit growth in sales and net income
- Withdrawal of 262 million treasury shares bringing the number of shares outstanding to 356 million.
- Full year dividend payment ahead is increased to Rp 525 per share or more supported by improving prospects and strong future cash flow
PT Matahari Department Store Tbk (“Matahari” or “Company”; stock code: “LPPF”) recorded gross sales of IDR 7.2 trillion for the period ended June 30, 2022, 9.2% higher than the same period in 2021.
(in Billion Rupiah)
|
Description |
Q2 2022 |
H1 2022 |
Difference |
|
|
from Q2 2021 |
from H1 2021 |
|||
|
Gross Sales |
4.756 |
7.160 |
6.1% |
9.2% |
|
Net income |
2.474 |
3,762 |
2.8% |
5.4% |
|
Net profit |
773 |
918 |
23.2% |
72.5% |
Successful Eid trading supported the achievement of EBITDA of IDR 1.3 trillion in the first 6 months of 2022, equivalent to full year 2021 EBITDA, and net profit of IDR 918 billion, compared to IDR 532 billion in H1 2021. Supported by the strong sales trend in July, the Company increased its 2022 EBITDA guidance from IDR 2 trillion to IDR 2.1 trillion, and targeted double-digit growth in sales and net profit for 2023. In line with that, the Company increased its full year dividend projection to IDR 525 per share or more with annual payment.
Matahari also opened a new concept store at Taman Anggrek Mall Jakarta during the period, bringing the total to 2 new stores in H1 2022, and relaunched the Karawaci store with a new and modern concept on July 8, 2022. The Company is further accelerating its store opening plan, with 8 new stores in the second half of this year, with 6 of them having secured contracts, namely in Tangerang (Banten), Gowa (South Sulawesi), Bondowoso (East Java), Semarang (Central Java), Kendari (Southeast Sulawesi), and Bontang (East Kalimantan). This series of openings will complete the number of stores nationwide to 148 by the end of 2022. The Company is developing a network opening plan in 2023 consisting of 12-15 stores and is confident of further growth in the future.
"The tangible evidence of this progress is reflected in our inclusion into the MSCI Small Cap Index [1] in May 2022 and is a driving force for us to continue to improve business performance and investor engagement. Our curated customer-led merchandising portfolio is leading to continued improvement of our core exclusive brands with healthy margins and rationalization of brands and product categories, resulting in higher sales and productivity. We will continue to focus on enhancing our product offerings to our customers, operational excellence, cost acuity to drive superior performance while enhancing the capabilities of our people, and managing our business and resources in the most sustainable manner. Reflecting our confidence in our core business, we have no acquisition or investment plans and we believe this focus will help us achieve double-digit growth in sales and earnings next year," said Terry O'Connor, CEO of Matahari.
[1] “MSCI Equity Indexes May 2022 Index Review” MSCI.com, May 12, 2022
