Highlights :
- Strong Q1 2022 performance with Q1 2022 Gross Sales of IDR 2.4 Trillion and SSSG of 18.6% despite Omicron cases peaking in February 2022
- Q1 2022 gross margin reached 35.5% vs 33.3% in Q1 2021
- EBITDA of IDR 251 billion vs IDR 14 billion in Q1 2021
- Net Profit Reaches IDR 145 Billion vs Net Loss of IDR (95) Billion in Q1 2021
- Store expansion is accelerating, with the opening of Plaza Ambarrukmo Jogjakarta in late March, followed by Mall Taman Anggrek Jakarta in mid-April, with new store concepts and trading results that are higher than expected.
- The final dividend of Rp 250/share for the full year has been approved by the GMS, to be paid on April 28, in addition to the Interim dividend of Rp 100/share paid in December 2021. Management recommends a dividend payment of Rp 500/share for FY 2022 (to be distributed in 2 interims of Rp 125/share and a final of Rp 250/share), which will be the highest in the Company's history.
- EBITDA forecast guidance of Rp 2 Trillion will be reviewed for increase in Q2 Results communication period
- The EGM will be held on June 6, 2022 to seek approval for the cancellation of treasury shares and the long-term share buyback program.
PT Matahari Department Store Tbk (“Matahari” or the “Company”; stock code: “LPPF”) reported gross sales of IDR 2.4 trillion for the period ended March 31, 2022, 16% above the same period in 2021.
Strong sales resulted in EBITDA of IDR 251 billion in Q1 2022 compared to IDR 14 billion in Q1 2021, and net profit of IDR 145 billion in Q1 2022 compared to a net loss of IDR (95) billion in Q1 2021. The Company had a strong Q1 2022 performance despite the Omicron case peaking in February 2022.
Store expansion is accelerating, with the opening of Plaza Ambarrukmo Jogjakarta in late March followed by Mal Taman Anggrek Jakarta in mid-April, with new store concepts and trading results that exceeded expectations. The addition of these two new stores brings the total number of stores to 140 stores in 77 cities across Indonesia. Matahari plans to open a minimum of 10 stores in 2022. The development of new format concepts has been well received by customers, and the Company has also completed a new store format at Supermal Karawaci Tangerang.
The Company's Annual General Meeting of Shareholders held on April 5, 2022 has approved the distribution of a final dividend of IDR 250 per share to be paid on April 28, 2022, in addition to an interim dividend of IDR 100 per share to be paid on December 2, 2021. With clearer recovery visibility and a strong balance sheet and cash flow, the Company's Management recommends a dividend payment of IDR 500/share for 2022 (distributed in 2 interims of IDR 125/share and a final of IDR 250/share), which will be the highest in the Company's history.
Matahari plans to hold an Extraordinary General Meeting of Shareholders (“EGMS”) on June 6, 2022, to seek approval for the cancellation of treasury shares and obtain a mandate for a longer-term share buyback program for the period June 6, 2022 – December 5, 2023. In addition, the Company also plans to renew the current share buyback to end on June 3, 2022.
Terry O'Connor, Matahari Vice President Director and CEO said, "We had a strong Q1 performance despite the Omicron variant peaking in February. Normalising retail operating hours and removing most restrictions also helped trading conditions going forward. New merchandise and practices merchandising We support the achievement of sales productivity and margins, and the strong recovery momentum enhances our ability to invest in stores, technology and marketing to create a virtuous cycle. We continue to focus on operational excellence, strategy execution and prudent spending to drive superior results. Management’s current EBITDA guidance is IDR 2 Trillion and will be reviewed for increase during the Q2 Results communication period. We thank our hardworking and passionate colleagues for all their continued contributions to our strong progress.”
