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Jakarta, October 30th, 2024 – PT Mitra Adiperkasa Tbk (MAP), the leading lifestyle retailer in Indonesia today announced its Q3 and 9M 2024 results.
For the consolidated 9M, MAP’s net revenue grew 16.1% YoY to Rp27.6 trillion. Gross profit during the period increased to Rp11.8 trillion from Rp10.9 trillion, with GPM at 42.8%. Operating profit was Rp2.4 trillion, whereas EBITDA reached Rp4.5 trillion. For the bottom line, MAP posted a net profit of Rp1.6 trillion.
In the third quarter, MAP reported 17.4% YoY growth in net revenue, reaching Rp9.6 trillion. Gross profit grew to Rp4.0 trillion, while GPM was 41.9%. Operating profit was Rp772 billion, while EBITDA rose to Rp1.5 trillion. On the bottom line, MAP’s net profit for the quarter reached Rp543 billion.
Ratih D. Gianda, VP Investor Relations, Corporate Communications, and Sustainability of MAP Group commented, “We concluded the quarter with sales growth across nearly all business segments, highlighting MAP’s ability in effectively leveraging customer preferences. Additional gains also came from sales during the ‘Back to School’ season, which garnered positive responses. Step by step, we will continue on improving operational efficiencies in all aspects of the business, including better inventory management and back-end support.”
The focus on digital integration is also part of MAP’s broader strategy to drive stronger direct-to-consumer engagement and streamline operations. Therefore, sales growth from online platforms for the 9M period reached 23% YoY, contributing to 9% of total Company’s sales. The result reinforces the Company’s confidence in its plan to leverage the harmonious synergy between its online and offline stores, with a fully-integrated CRM that unites MAP’s ecosystem of brands and concepts in the evolving retail landscape.
“As we navigate through an uncertain environment, we are focused on maintaining our growth momentum in the last quarter of the year and we continue to pursue prudent expansion to ensure sustainable growth. We remain hopeful in achieving long-term results thanks to our unique business model and the growing appetite for our brands and products amongst the ASEAN consumer base,” Ratih concluded.
MAP recently received two prestigious awards, including “High Market Capitalization” from TEMPO-IDN Financials, and “Indonesia’s Best Companies 2024” from Fortune Indonesia. Ranking 40th based on net revenue, MAP secured a spot in Fortune Indonesia’s Top 100 Best Companies. These recognitions underscore the Company’s solid financial performance and its vital role in Indonesia’s economy.
About PT Mitra Adiperkasa Tbk
MAP has a portfolio of more than 150 world-class brands from department stores, sports, fashion, kids, food & beverage to lifestyle. As at end of September 2024, MAP operates 3,463 retail stores in over 80 cities across Indonesia. The main retail concepts managed include; Department Stores: Sogo, Seibu, The FoodHall; Fashion & Beauty: Zara, Marks & Spencer, Kipling, Cotton On, Mango, Massimo Dutti, Swarovski, Zara Home, Boots, Sephora; Active (Sports & Leisure): Sports Station, PlanetSports.Asia, Foot Locker, Converse, Golf House, Reebok, Skechers, Onitsuka Tiger, Staccato, Clarks; Kids: Kidz Station, Smiggle, Lego; Digital: Digimap, Digiplus; Food & Beverage: Starbucks, Pizza Marzano, Krispy Kreme, Cold Stone Creamery Ice Cream, Godiva, Genki Sushi, Subway; Others: Alun Alun Indonesia. For more information about MAP, please visit map.co.id.
For more information, please contact:
Ratih Darmawan Gianda
VP Investor Relations, Corporate Communications and Sustainability of MAP Group
PT Mitra Adiperkasa Tbk
Sahid Sudirman Center 30th Floor
Jalan Jend. Sudirman Kav. 86 Jakarta 10220
Telephone: +6221 8064 8498, +6221 574 5808