This article is part of Forbes’ ranking of Indonesia’s richest people 2020. See the full list here.
Indonesia’s largest maker of herbal products is feeling the benefits as health-conscious consumers snap up its products during the pandemic. Industri Jam dan Pharmaci Sid Mungkul’s third-quarter net profit rose 11% from a year ago to 641 billion rupiah ($41 million) on sales rising 6% to 2.3 trillion rupiah. “We just tried hard to make sure we had good quality stock,” said Sid Mungkul president Irwan Hidayat, the third generation to head the company started by his grandmother. His net worth of $1.55 billion puts him 17th on the list.
Syd Munkul’s full-year profit is expected to rise 9 percent from a year ago, said Natalia Sutanto, an analyst at Jakarta-based Danaleksa Securities. Shares have risen by a third in the past year, and the company did a two-for-one stock split in September to boost liquidity.
It’s been a busy year for Hidayat. To strengthen its e-commerce, Sid Mungkull has introduced 14 new products since January, set up online stores on sites such as Tokopedia and Shopee, and sold products directly on social media. The company officially opened the Rp2-trillion Tentrem complex in Semarang, Central Java, in August, which includes a 211-room hotel, apartments and a shopping mall.
By Urizari Eslita
This article has been adapted from Forbes Indonesialicensed from Forbes Media.
