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Retail Trade

PT Mitra Adiperkasa Tbk

Company Background

Mitra Adiperkasa is one of Indonesia's largest retail companies. Its franchise portfolio features more than 150 brands including Starbucks, Zara and Lacoste as well as department stores such as Debenhams and Seibu. The company had nearly 1,800 stores as of the end of 2013.

Mitra's vice president, Virendra Prakash Sharma, has been with the company since it started in 1995. He is known to be the key figure in building Mitra up from a few sports shops to a retail empire.

However, the company is now facing headwinds. In 2014, it cut back on expansion plans after its profit plunged due to a weakening rupiah, rising wages and intensifying competition. To revamp its poorly performing food and beverage business, it agreed with a Singapore-based investor, Everstone Capital, to sell a stake in its Burger King and Domino's Pizza franchises.

Business Summary

PT Mitra Adiperkasa Tbk engages in the retail trading of clothing, shoes, accessories, bags, and sports equipment. It operates through the following segments: Retail Sales, Department Stores, Cafe and Restaurant, and Others. The Retail Sales segment includes Trading of clothes and accessories, sports equipment and accessories, toys and accessories, Cellular phones, tablets, computers and accessories. The Others segment includes property, investment, book store, handicraft trading and manufacturing. The company was founded on January 23, 1995 and is headquartered in Jakarta, Indonesia.

Financial Highlights

Dec 2022 IDRUSD
Gross Profit9,657.76B650.25M
Operating income2,806.54B188.96M
Income before tax3,172.62B213.61M
Net income2,109.64B142.04M
Diluted EPS127.550.00
Dividends Per Share80.00
Total Assets20,968.04B1,346.91M
Total liabilities11,240.42B722.04M
Total equity8,098.05B520.18M
Operating cash flow4,075.51B274.40M
Currency in IDRCurrency in USD

Historical Data

 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 18,921.12B 21,637.30B 14,847.39B 18,423.80B 26,937.34B
Gross Profit 8,290.86B 9,488.75B 3,892.01B 5,503.29B 9,657.76B
Operating income 1,391.80B 1,938.25B -1,045.79B 232,749M 2,806.54B
Income before tax 1,173.41B 1,625.50B -723,806M 675,331M 3,172.62B
Net income 735,829M 933,493M -553,716M 420,176M 2,109.64B
EBITDA 2,158.94B 2,764.17B 1,282.65B 2,444.47B 5,205.08B
Diluted EPS 44.49 56.44 -33.47 25.40 127.55
Dividends Per Share 10 0 0 0 8
Total Assets 12,725.33B 13,937.11B 17,650.45B 16,767.97B 20,968.04B
Total liabilities 6,663.15B 6,566.57B 11,151.05B 9,618.25B 11,240.42B
Total equity 5,452.44B 6,171.00B 5,348.67B 5,932.62B 8,098.05B
Operating cash flow 1,626.47B 2,443.29B 1,208.01B 2,897.39B 4,075.51B
 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 1,329.03M 1,530.04M 1,021.02M 1,288.83M 1,813.68M
Gross Profit 582.35M 670.98M 267.64M 384.98M 650.25M
Operating income 97.76M 137.06M -71.91M 16.28M 188.96M
Income before tax 82.42M 114.94M -49.77M 47.24M 213.61M
Net income 51.68M 66.01M -38.07M 29.39M 142.04M
EBITDA 151.64M 195.46M 88.20M 171.00M 350.45M
Diluted EPS 0.00 0.00 -0.00 0.00 0.00
Dividends Per Share 0.00 0 0 0 0.00
Total Assets 884.93M 1,003.93M 1,256.25M 1,176.49M 1,346.91M
Total liabilities 463.36M 473.01M 793.66M 674.84M 722.04M
Total equity 379.16M 444.51M 380.68M 416.25M 520.18M
Operating cash flow 114.24M 172.77M 83.07M 202.68M 274.40M

Valuation Measures

Dec 2022
Operating margin10.41%
Profit margin7.83%


  • President Director: Herman Bernhard Mantiri
  • Group Chief Financial Officer & Director: Susiana Latif
  • Director & Head-Department Store: Handaka Santosa
  • Vice President-Investor Relations: Ratih Darmawan Gianda
  • Vice President Director: Virendra Prakash Sharma


  • PT Schroder Investment Management Indonesia (2.3%)
  • Norges Bank Investment Management (2.0%)
  • The Vanguard Group, Inc. (1.7%)
  • E. Ohman J :or Fonder AB (1.4%)
  • BlackRock Fund Advisors (1.0%)
  • J.O. Hambro Capital Management Ltd. (0.9%)
  • Polar Capital LLP (0.9%)
  • Fideuram Asset Management (Ireland) DAC (0.8%)
  • Dimensional Fund Advisors LP (0.8%)

Contact Details

  • Website:
  • Address: Sahid Sudirman Center, Jalan Jenderal Sudirman Kavling 86, Jakarta, 10220, Indonesia
  • Phone: +62.21.8064.8498

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