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President Commissioner
"In 2024, Sido Muncul recorded revenue of Rp3.92 trillion, an increase of 10% compared to that of 2023 at Rp3.57 trillion."
We extend our highest gratitude to God Almighty, as PT Industri Jamu Dan Farmasi Sido Muncul Tbk has once again achieved strong performance in 2024, successfully maintaining operational performance and achieving positive financial growth.
Through this report, the Board of Commissioners provides an overview of the current condition of the Company. This report serves as a fulfillment of the Board of Commissioners' responsibility to the shareholders and stakeholders. The Board of Commissioners hopes that this document will provide valuable insights into the Company's performance and condition throughout the year 2024.
In general, the economic conditions in 2024 have not improved compared to 2023. However, the Company's industrial sector has successfully maintained stability. The International Monetary Fund (IMF) projected global economic growth to be at 3.2% for 2024, with a high inflation rate of 5.8% and is expected to fall to 4.2% in 2025. The instability in the global economy is largely influenced by tight monetary and fiscal policies, which contribute to rising interest rates among world banks.
Moreover, geopolitical instability in various countries continues to generate volatility in financial markets and results in fluctuations in global trade. This pervasive condition affects not only the energy sector but nearly all other sectors as well. Furthermore, extreme weather events impacting several developed nations exert a substantial influence on global growth rates anticipated for 2024.
The condition of the global economy does not significantly influence the national economy. According to data from Statistics Indonesia (BPS), the Indonesian economy experienced a growth rate of 5.03% in 2024. Such growth can be attributed to advancements in various business sectors, accompanied by a rise in public consumption. Additionally, the Central Government is implementing reforms to enhance investment and strengthen industrial downstream processes. Furthermore, Bank Indonesia (BI) successfully reduced the BI Rate by 25 basis points to 6.00%, thereby positively impacting national economic growth, which is becoming increasingly robust and stable.
The Board of Commissioners assesses that the Board of Directors, along with Management, has delivered their outstanding performance to achieve growth at Sido Muncul. In 2024, the Board of Directors formulated and successfully implemented strategic policies and strategies. Various policies are implemented appropriately, adhering to the provisions of applicable laws and regulations.
The Board of Directors has effectively overseen the Company’s operations and financial management, resulting in sustained positive growth alongside the introduction of various new products. Consequently, both revenue and operating profit have seen an increase in 2024. The Company’s financial performance in 2024 has improved relative to 2023 as evidenced by increased profits resulting from increased revenue and a reduction in operating costs.
Sido Muncul launched new products in 2024, including Sido Muncul Herbal Calci Bone, Sido Muncul Herbal Grape Seed + Vit C, Sido Muncul Vit C Muscat, Sido Muncul Natural Male Balance, SM Herbal Black Cumin, Vitamin C 500 mg, and Tolak Angin Batuk, Sido Muncul Natural Tolak Linu and Tentrem White Coffee Less Sugar. Additionally, the Company received various prestigious awards from multiple institutions in recognition of its achievements in 2024.
In 2024, Sido Muncul recorded revenue of Rp3.92 trillion, an increase of 10% compared to that of 2023 at Rp3.57 trillion. The revenue value met the target set by the 2024 RKAP by 100%. Revenue contributions were made by the herbal medicine and supplement segment of Rp2.49 trillion, the food and beverage segment of Rp1.3 trillion, and the pharmaceutical segment of Rp127.46 billion.
From the 2024 revenue, the Company achieved a net profit of Rp1.17 trillion , which increased by 23% from the previous year at Rp950.65 billion. The net profit met the target of the 2024 RKAP by 112%.
Therefore, as of December 31, 2024, Sido Muncul recorded a total asset of Rp3.94 trillion, liabilities of Rp451.78 billion, and equity of Rp3.49 trillion. The total asset value is higher compared to the total assets in 2023 at Rp3.89 trillion.
The Board of Commissioners assesses that the Board of Directors has effectively carried out business management, leading to positive growth in both the operational and financial aspects of the Company.
Throughout 2024, the Board of Commissioners effectively carried out its functions by exercising diligent oversight over the performance of the Board of Directors with respect to both operations and financial matters. The implementation of duties and responsibilities was anchored in a meticulously prepared work plan, which adhered to the principles of Good Corporate Governance (GCG) while ensuring sustainability in its implementation.
Furthermore, the Board of Commissioners conducted their supervisory role in accordance with the Key Performance Indicators (KPI) determined by the Company. Therefore, the Board of Directors and its staff are expected to carry out Sido Muncul's operations in accordance with the established strategic steps.
The Board of Commissioners fulfills its supervisory role by offering insightful advice and constructive input to the Board of Directors on the execution of operational activities. The Board of Commissioners ensures that the Board of Directors conducts its responsibilities in accordance with the established plans that have been developed and mutually approved. The Board of Commissioners also confirms that the Board of Directors is effectively working toward achieving the objectives outlined in Sido Muncul's work plan for 2024.
The Board of Commissioners has evaluated the performance of the Board of Directors and its staff and affirmed their capability to manage the operations of Sido Muncul effectively. Moreover, the Board of Directors has successfully engaged with various internal and external stakeholders, fostering collaboration that supports the Company’s objectives.
The implementation of the Board of Commissioners' supervisory role was carried out through effective coordination with the Board of Directors. The Board of Commissioners held regular meetings with the Board of Directors on a monthly basis, totaling 12 meetings in 2024. This effort ensured that the Board of Commissioners remained informed about the developments within Sido Muncul each month.
During these meetings with the Board of Directors, the Board of Commissioners provides an evaluation of the implementation of the duties and responsibilities carried out by the Board of Directors. Furthermore, the Board of Commissioners provides input, suggestions, and advice to the Board of Directors. The Board of Commissioners also makes recommendations for the Board of Directors, which are essential for improving the Company's strategy.
The Board of Commissioners has established Key Performance Indicators (KPIs) to effectively fulfill its responsibilities. This framework enables the Board of Commissioners to systematically monitor and control the activities undertaken by the Board of Directors, ensuring that these activities remain within established parameters and are in accordance with the work plan approved in 2024.
The Board of Commissioners observed that the Chemical, Pharmaceutical, and Traditional Medicine industries experienced significant growth in 2024. The Prompt Manufacturing Index (PMI) for these sectors was at 51.9%, with an export value of USD1.042 billion.
In 2024, the International Monetary Fund (IMF) projects the global economic growth rate for 2025 to be approximately 3.3%, with developing countries expected to see a growth rate of 4.2%. Additionally, the median inflation rate for these developing economies is projected to be around 3.8%. In contrast, Indonesia is expected to maintain stable economic conditions in 2025, with a growth rate ranging from 5.0% to 5.1% and an inflation rate of approximately 2.5% ± 1%.
In the Chemical, Pharmaceutical, and Traditional Medicine industry, the government is actively expanding the sector by investing in medical device manufacturing and the development of independently sourced natural medicines. The Ministry of Industry is also supporting Indonesia’s Golden Vision 2045 by targeting industry growth of 6.59% in 2025, with a goal of reaching 7.59% by 2029.
The Board of Commissioners optimistic that Sido Muncul will be able to provide another positive performance to maintain business growth and sustainability in the future. This optimism is supported by the recognition of herbal medicine as an intangible cultural heritage by UNESCO. By the end of 2024, the majority of Sido Muncul's sales came from the herbal medicine and supplement segments.
In 2025, Sido Muncul aims for a business growth rate exceeding 10%. The Board of Commissioners hopes that the business prospects and company targets in 2025 will surpass the previous year. This growth is expected to help realize Sido Muncul's vision of becoming a leading company that benefits both society and the environment, as well as growing sustainably.
The Board of Commissioners is committed to fulfilling its role based on the principles of Good Corporate Governance (GCG) best practices. In this regard, the continuous implementation of good governance is ensured. Each corporate organ carries out its duties and responsibilities in accordance with established work guidelines and the Company's designated targets.
The Board of Commissioners recognizes that strong corporate governance positively impacts the Company’s future performance. Therefore, the Board is dedicated to continuously enhancing governance practices with a strong sense of responsibility to achieve the highest quality outcomes for the Company.
In 2024, Sido Muncul consistently maintains its excellence in operational and financial performance. The Board of Commissioners appreciates the Board of Directors’ efforts in managing operations with sound corporate governance.
There were changes in the composition of the Company's Board of Commissioners in 2024. Information on changes in the composition of the Board of Commissioners is as follows:
Composition of the Board of Commissioners in 2024
January 01 –May 15, 2024
| Name | Position |
| Jonatha Sofjan Hidajat | President Commissioner |
| Johan Hidayat | Commissioner |
| Sigit Hartojo Hadi Santoso | Commissioner |
| Lindawati Gani | Independent Commissioner |
| Dr. Mohammad Adib Khumaidi | Independent Commissioner |
May 15, 2024 - December 31, 2024
| Name | Position |
| Jonatha Sofjan Hidajat | President Commissioner |
| Johan Hidayat | Commissioner |
| Sigit Hartojo Hadi Santoso | Commissioner |
| Venancia Sri Indrijati W* | Commissioner |
| Lindawati Gani | Independent Commissioner |
| Dr. Mohammad Adib Khumaidi | Independent Commissioner |
*) Appointed as Commissioner based on the Resolution of the Annual GMS dated May 15, 2024
Through this report, the Board of Commissioners hopes that shareholders and stakeholders can learn and understand the Company's performance throughout 2024.
The Board of Commissioners would like to express our appreciation and gratitude to the Board of Directors for their excellent performance on behalf of the Company. The Board of Directors successfully delivered positive performance for Sido Muncul's operational and financial growth in 2024. The Board of Commissioners hopes that this good performance can continue to be maintained and improved, enabling the Company to maintain and achieve business sustainability in the future.
The Board of Commissioners would also like to extend our gratitude to all Sido Muncul employees for their hard work and dedication in delivering the best performance for the Company. The Board of Commissioners hopes that the excellent performance can be maintained and improved in the future.
The same appreciation also goes to the shareholders and stakeholders. The Board of Commissioners hopes that Sido Muncul can provide a greater value and benefits to the Company's shareholders and stakeholders.
The Board of Commissioners is optimistic that Sido Muncul will focus on enhancing its quality to achieve strong performance in the upcoming year. It is anticipated that Sido Muncul will successfully meet its objectives in line with the Company’s vision, while also prioritizing the sustainability of its business practices for the future.