REG - DFI Retail Group Jardine Matheson Hdg - PT HERO SUPERMARKET TBK FIRST HALF 2024 RESULTS

DFI Retail groupAnnouncement

31/07/2024 11:15

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RNS Number : 5958Y  DFI Retail Group Holdings Ltd  31 July 2024

 Announcement
 31st July 2024

 

 

PT HERO SUPERMARKET TBK

SIX MONTHS RESULTS ENDED 30TH JUNE 2024

 

 

 

The following announcement was issued today by the Company's 89.3%-owned
subsidiary, PT Hero Supermarket Tbk.

 

 

 

For further information, please contact:

 

 DFI Retail Group Management Services Limited
 Diky Risbianto                                (62-21) 8378 8388

 

 

South Tangerang, 31(st) July 2024

 
PT HERO SUPERMARKET TBK
SIX MONTHS RESULTS ENDED 30(th) JUNE 2024

 

Highlights

·    Net Revenue of Rp 2,252 billion, up 4% year-on-year

·    Profit from continuing operations of Rp 8 billion

·    Continued strong growth in Health and Beauty segment

·    Weak home furnishings demand affected IKEA's results

·    Reported profit of Rp 162 billion, supported by gains from
divestments

 

Results

                                                      Unaudited

                                                      SIX MONTHS
                                                      2024             2023*            Change
                                                      Rp billion       Rp billion       %
 Net Revenue                                          2,252            2,163            4
 Gross Profit                                         931              913              2
 Profit/ (loss) from continuing operations            8                (144)            n.m.
 Reported profit                                      162              132              23
                                                      Rp               Rp               %
 Profit/ (loss) per share from continuing operations  2                (34)             n.m.
 Reported profit per share                            39               32               23

*Restatement of prior year results due to sale of Hero Supermarket segment

 

PRESIDENT DIRECTOR'S STATEMENT

 

Introduction

The Company reported improved financial performance in the first half of 2024.
 Guardian Health and Beauty continued to report strong sales and earnings
growth.  While IKEA's performance was impacted by weak home furnishings
demand, losses narrowed as a result of cost control measures.

 

Company Performance

The Company reported net revenue of Rp 2,252 billion in the first half, an
increase of 4% compared to the same period last year.  The Company reported
profit from continuing operations of Rp 8 billion for the period, a
significant improvement relative to Rp 144 billion loss reported in the prior
comparable period.  Reported profit for the period was Rp 162 billion, driven
by gains from divestment of the Hero Supermarket operations as well as
non-core properties.

 

Guardian Health and Beauty continued to deliver strong results in the first
half, benefiting from increased foot traffic in premium malls and tourist
locations.  Like-for-like sales increased double-digits and profit grew
substantially compared to the previous year.  Guardian continues
strengthening its value proposition by optimising its product range and
expanding its omnichannel presence to enhance customer accessibility.

 

IKEA's business remained adversely affected by weak home furnishings demand.
In response to these challenging market conditions, IKEA continues to
implement measures to manage its financial performance, including space
optimisation, cost control initiatives and inventory management, which has
supported improved profitability.

 

Business Update

The Company completed the divestment of its Hero Supermarket segment to its
affiliate, PT Hero Retail Nusantara, at the end of June 2024.
Post-completion, the Company's operations will fully pivot to the Guardian and
IKEA businesses in Indonesia.  A gain on sale of Rp 28 billion was recorded
in the first half as a result of this transaction.

 

During the first half, the Company also completed the sale of three non-core
properties, which further strengthened the Company's financial position.

 

Prospects

The Company anticipates continued positive momentum for the Health and Beauty
segment, although there remains uncertainty regarding the recovery of the Home
Furnishings business.  Despite these challenges, the Company is well
positioned to deliver sustainable growth in the medium to long-term.

 

Hadrianus Wahyu Trikusumo

President Director

31(st) July 2024

 

For further information contact:

Hadrianus Wahyu Trikusumo, President Director

PT Hero Supermarket Tbk

Tel: +62-21-8378 8388

E-mail: extcomm@hero.co.id (mailto:extcomm@hero.co.id)

 

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