Share Name Share Symbol Market Type Share ISIN Share Description
Jardine Matheson Holdings Ld LSE:JARJ London Ordinary Share BMG507361001 ORD US$0.25(JERSEY REG)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 0.00 -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - - 0

Dairy Farm International Hldgs Ltd PT Hero Supermarket Tbk Nine Months 2021 Results

29/10/2021 10:29am

UK Regulatory (RNS & others)

Jardine Matheson Holding... (LSE:JARJ)
Historical Stock Chart

From May 2021 to May 2022

Click Here for more Jardine Matheson Holding... Charts.


RNS Number : 7332Q

Dairy Farm International Hldgs Ltd

29 October 2021

 29th October 2021 



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

For further information, please contact:

Dairy Farm Management Services Limited 
Diky Risbianto                           ( 62 - 21 ) 8378 8388 

South Tangerang, 29(th) October 2021




   --    Results for first nine months significantly impacted by COVID-19 
   --    More severe Government restrictions on movement impacted third-quarter sales 
   --    IKEA opens fourth store in Indonesia 
   --    HERO Group remains well-positioned as a strong, competitive retailer in Indonesia 


                                                NINE MONTHS 
                                            2021         2020      Change 
                                         Rp billion   Rp billion      % 
---------------------  ---------------  -----------  -----------  -------- 
 Net Revenue                               4,448        6,863       -35.2 
 Gross Profit                              1,216        1,791       -32.1 
 Loss for the period                       (747)        (339)       n.m. 
                                             Rp           Rp          % 
                       ---------------  -----------  ----------- 
 Loss per share                            (179)         (81)       n.m. 
--------------------------------------  -----------  -----------  -------- 



The Company faced significant challenges for the first nine months of 2021 due to the COVID-19 pandemic, the related imposition of PPKM ( Enforcement of Limitation on Community Activities ) and consequent changes in customer shopping habits. During the third quarter, Government restrictions on movement were increased, severely impacting store trading hours and store traffic.

Following a detailed strategic business review, the Company announced in May that it would be changing its trading approach by increasing its investment in the IKEA, Guardian and Hero Supermarket banners and pivoting away from the Giant brand. During the third quarter, the Company successfully executed the restructure of Giant Indonesia.

Financial Performance

The Company reported a net loss of Rp 747 billion for the first nine months of 2021, with Rp 456 billion non-recurring charges incurred due to the Giant restructure.

IKEA's like-for-like sales were impacted by severe Government-imposed store trading restrictions in the third quarter. However, the number of store visits improved in September relative to July and August. E-commerce contribution in the quarter continued to increase relative to prior quarters. Profitability has been impacted by pre-opening expenses associated with new store openings and reduced sales revenue. During the quarter, IKEA Indonesia opened its fourth store in Jakarta Garden City. Following this opening, IKEA has more than doubled the total area of its store network since the start of the year. This expansion follows IKEA's strategic imperatives to be more accessible and affordable to the people of Indonesia.

Guardian Health and Beauty performance continued to be significantly impacted by pandemic-related restrictions in Indonesia and associated changes in customer behaviours. Like-for-like sales performance were impacted by increased Government-imposed restrictions on movement, with performance improving in September. In addition, underlying profitability was affected in the third quarter by reduced sales.

Following the Giant Indonesia restructure, six Giant stores have been successfully converted into Hero Supermarket stores. The new Hero Supermarket stores have a strong fresh food offering and a broad array of high-quality products sourced locally and worldwide. However, Hero Supermarket's underlying sales performance in the third quarter has been impacted by increased Government imposed movement restrictions, which have particularly affected mall traffic.

Business update

Following the announcement of the change in PT Hero's strategic approach, the Giant banner in Indonesia ceased operations in July. Six Giant stores have been successfully converted into HERO stores, with several stores planned to be converted into IKEA stores. In addition, the Company has successfully divested a number of stores to third parties and remains in active discussions to divest several additional stores.


The duration of the COVID-19 pandemic and the extent of its impact on PT Hero remain uncertain. As a result, the Company expects the remainder of 2021 to be challenging. However, PT Hero remains committed to its retail future in Indonesia and confident in its position as a strong competitive retailer over the long term.

Patrik Lindvall

President Director

29(th) October 2021

- end -

For further information contact:

Patrik Lindvall, President Director

PT Hero Supermarket Tbk

Tel: +62-21-8378 8388


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact or visit

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.



(END) Dow Jones Newswires

October 29, 2021 05:29 ET (09:29 GMT)

1 Year Jardine Matheson Holding... Chart

1 Year Jardine Matheson Holding... Chart

1 Month Jardine Matheson Holding... Chart

1 Month Jardine Matheson Holding... Chart
ADVFN Advertorial
Your Recent History
Jardine Ma..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20220525 15:56:07