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Matahari Reported IDR 3.7 Trn Sales and EBITDA of IDR 519 Bn

30 April 2024
Corporate Communications
Matahari Reported IDR 3.7 Trn Sales and EBITDA of IDR 519 Bn


·       1Q24 Sales grew by 35.9% to IDR 3.7 Trillion.

·       Gross Margin for the quarter was 34.9%, lower than last year of 35.4%, as stock clearance activity in the early part of the quarter lowered margin.

·       1Q24 EBITDA for the year was IDR 519 Billion, and Net Income was IDR 326 Billion.


Matahari ("Company"; stock code: "LPPF") reported IDR 3.7 Trillion of sales, an increase of 35.9% against last year, with 34.3% Same-Store Sales Growth (SSSG), contributed by the early Lebaran season relative to last year. The first two months delivered 0.7% SSSG, while the Lebaran period achieved -2.4% SSSG. 

Despite a slight decrease in 1Q24 Gross Margin to 34.9% from 35.4% the previous year due to stock clearance efforts in January an February, the Gross Margin for the Lebaran period itself improved by 0.2% compared to the same period last year. The Company’s 1Q24 EBITDA stood at IDR 519 Billion, while the corresponding Net Income was IDR 326 Billion, nearly half of the previous full year’s total. Effective purchasing strategies and the timing of the Lebaran season allowed the Company to conclude the quarter with 27% less stock compared to the first quarter of last year, leaving business in a better position from a stock-clearance perspective.


Description (in billion IDR) 1Q 2024 1Q 2023 Variance
Gross Sales 3,731 2,746 35.9%
Net Revenue 1,973 1,443 36.7%
%Gross Margin 34.9% 35.4%  
EBITDA 519 234 121.9%


Progress on initiatives include the opening of the new concept store at AEON Deltamas, which was well received. A more selective approach to new store openings has reset the new store opening target to 3 to 4 new stores for 2024. Refurbishment progress remains on track, with closure plans for 8 out of 10 stores for 2024 finalized with landlords. Similarly, digital channels are further developed by continuing to improve customer experience and technology by enabling wider product offering, personalized marketing and rewards, and enhancing UI/UX features. 

Matahari’s merchandise portfolio continues to evolve, with a recent private label rebranding exercise and store expansion of private label SUKO. Additionally, over 30 new third-party brands have been introduced this year that cater to higher-income segment customers. At the same time, the Company is engaging targeted younger customers through social media initiatives, community building, and personalized marketing efforts. 

"Our performance this Lebaran season has been affected by macroeconomic factors like decreased spending among mid- to lower-income segments. We are actively identifying areas where we can enhance our business operations, develop our offerings, and refine our strategic approach. Despite the obstacles, we remain committed to advancing our existing strategic initiatives to better position our business for future opportunities," said Monish Mansukhani, CEO of Matahari.