ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Retail Trade

PT Hero Supermarket Tbk

Company Background

Hero Supermarket is one of Indonesia's largest retailers. Established in 1971, it runs several brands, including the country's largest supermarket chain, Guardian drug stores and Giant hypermarkets. It operates around 700 stores in total, the majority located in Jakarta's metropolitan areas. It focuses on middle-income segment customers.

The majority of Hero's shares are indirectly owned by Jardine Matheson Holdings, a Hong Kong-based conglomerate with interests in the Mandarin Oriental hotel chain and Indonesia's largest automotive distributor, Astra International. Its board of directors and commissioners is cosmopolitan. President Stephane Deutsch is French, and the former chief of Carrefour Malaysia.

Hero has recently been hit by falling profits in the face of competition, rising wages and a decline in the Indonesian rupiah. The company recently signed a franchise agreement with Ikea, the Swedish furniture maker, in an effort to diversify. Ikea opened its first Indonesian store in October.

Business Summary

PT Hero Supermarket Tbk engages in the management and operation of supermarkets, hypermarkets, and minimarkets. It operates through the Food and Non-Food segment. The Food segment consists of supermarket and hypermarket stores. The Non-Food segment relates to retail operations such as pharmacy, drugs stores, health and beauty stores, and home furnishing. The company was founded by Muhammad Saleh Kurnia on October 5, 1971 and is headquartered in Tangerang Selatan, Indonesia.

Financial Highlights

Dec 2021 IDRUSD
Gross Profit1,209.75B84.62M
Operating income-517,523M-36.20M
Income before tax-746,485M-52.22M
Net income-932,079M-65.20M
Diluted EPS-230.30-0.01
Dividends Per Share00
Total Assets6,273.51B440.16M
Total liabilities5,399.69B378.85M
Total equity873,820M61.30M
Operating cash flow-661,682M-46.28M
Currency in IDRCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 13,033.63B 12,970.38B 12,181.02B 3,559.33B 3,481.22B
Gross Profit 3,022.38B 3,254.79B 3,228.89B 1,561.85B 1,209.75B
Operating income -272,883M -100,902M 9,992M -354,187M -517,523M
Income before tax -251,647M -1,252.99B -43,124M -438,772M -746,485M
Net income -191,406M -1,250.18B -28,216M -518,856M -932,079M
EBITDA 147,183M 338,803M 228,750M -139,569M -209,396M
Diluted EPS -46 -298.82 -6.74 -290.32 -230.30
Dividends Per Share 0 0 0 0 0
Total Assets 7,363.14B 6,154.74B 6,194.00B 4,838.41B 6,273.51B
Total liabilities 2,164.40B 2,330.37B 2,527.44B 2,983.72B 5,399.69B
Total equity 5,198.74B 3,824.37B 3,666.56B 1,854.68B 873,820M
Operating cash flow 542,268M 506,890M 10,768M -270,313M -661,682M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 973.98M 911.04M 861.36M 244.76M 243.52M
Gross Profit 225.85M 228.61M 228.32M 107.40M 84.62M
Operating income -20.39M -7.08M 0.70M -24.35M -36.20M
Income before tax -18.80M -88.01M -3.04M -30.17M -52.22M
Net income -14.30M -87.81M -1.99M -35.68M -65.20M
EBITDA 10.99M 23.79M 16.17M -9.59M -14.64M
Diluted EPS -0.00 -0.02 -0.00 -0.02 -0.01
Dividends Per Share 0 0 0 0 0
Total Assets 542.70M 428.00M 446.17M 344.37M 440.16M
Total liabilities 159.52M 162.05M 182.05M 212.36M 378.85M
Total equity 383.17M 265.95M 264.11M 132.00M 61.30M
Operating cash flow 40.52M 35.60M 0.76M -18.58M -46.28M

Valuation Measures

Dec 2021
Operating margin-14.86%
Profit margin-26.77%

Key executives

  • President Director: Ipung Kurnia
  • Director-Operations Guardian Health & Beauty: Naresh Kumar Kalani
  • Director: Ingemar Patrik Lindvall
  • Director: Hendy
  • Head-Internal Audit Unit: Carolus Ola Boli


  • DFI Retail Group Holdings Ltd. (81.0%)
  • PT Hero Pusaka Sejati (2.6%)
  • First Sentier Investors (Singapore) (2.3%)
  • Wellington Management Co. LLP (0.1%)
  • Wellington Management Hong Kong Ltd. (0.1%)
  • Probus Middle East Ltd. (0.0%)

Contact Details

  • Website:
  • Address: Graha HERO, CBD Bintaro, Sektor 7 Blok B7/A7, Tangerang Selatan, 15224, Indonesia
  • Phone: +62.21.8378.8388

Related Companies

  • Koninklijke Ahold NV /Indonesian Operations/


  • PT Sumber Alfaria Trijaya
Last Updated on 4 Oct, 2022

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more