Company Report | [SIDO IJ] Coasting to Its Seasonal High In 2H24

2Q24 Revenue sunk 20% QoQ to IDR 843 bn due to seasonally lower sales in the second quarter mainly in its Herbal and Supplement segment (-22% QoQ) and Food and Beverage (-19% QoQ).
Despite contribution being miniscule at 3%, only the pharmaceutical segment exhibited steady growth at 18% QoQ to IDR 36 bn. However, On an annual basis, 2Q24 indicated strong recovery momentum of 12.9% YoY vs. the stable top-line growth of 2Q23 (+2% YoY). 2Q24 had the biggest growth with 21.2% YoY followed by Pharmaceuticals (12.3% YoY) and Herbal and Supplements (8.1% YoY).