Back to Newsroom
Press Contacts
Agus Arismunandar
MPC’s Net Profit Grow to Rp172 billion in 2023 as It Continues to Expand Investments in New Businesses
28 March 2024



March 28, 2024


2023 Highlights:

  • Net profit of Rp172.0 billion, an increase of 13.8% from the previous year
  • Reduction of bank loans by Rp143.3 billion
  • Venturing into digital banking and healthtech businesses
  • Continues to expand investments in strategic technology-based services

Jakarta, March 28, 2024. MPC (PT Multipolar Tbk, “the Company”, ticker code MLPL) today reports its 2023 financial performance, posting revenues of Rp11.0 trillion, up 0.4% from Rp10.9 trillion in the previous year. On the bottom line, the Company recorded net profit attributable to the parent of Rp172.0 billion, an increase of 13.8% from Rp151.2 billion in the previous year, attributable in part to the Company’s continuous effort in improving operational efficiency.

The management continues to strengthen the Company’s financial structure, including reducing its liability. On a consolidated basis, the Company managed to reduce the amount of bank loans from Rp2.2 trillion at the end of 2022 to Rp2.0 trillion at the end of 2023. The Company repaid loans maturing in the next 1.5 years amounting to Rp1.3 trillion and obtained a new loan of Rp1.1 trillion with maturity of 5 years, thus improving the Company’s overall liquidity.

In 2023, MPC’s retail businesses delivered consistent performance to the previous year. Matahari Department Store (“MDS“, LPPF stock code) booked gross sales of Rp12.6 trillion, up from Rp12.4 trillion in 2022. MDS refreshed its merchandising strategy by revamping private labels and launching the SUKO brand, as well as strengthening partnerships with consignment vendors to offer favorite product brands. In 2023 MDS opened 8 new stores and revitalized 8 stores by incorporating new storefront designs and improved lighting, which positively influenced sales.

Matahari Putra Prima (“MPPA“, ticker code MPPA), with its Hypermart, Foodmart, Hyfresh, FMX & Boston stores, recorded net sales of Rp6.9 trillion, slightly down from Rp7.0 trillion, attributing lower sales in select categories due to a shift in retail discretionary spending. By increasing operational efficiency, however, the management managed to improve EBITDA by Rp116 billion compared to the previous year. Meanwhile, MPPA will continue its store network optimization and rejuvenation strategy to align with market trends and evolving consumer needs, bolstering its position through productivity enhancement. Embracing technology, particularly data analytics, MPPA aims to understand customer behavior and drive innovative marketing activities. MPPA’s steadfast commitment to innovation, efficiency, and customer satisfaction positions the company for sustained success in the dynamic retail landscape.

In the technology & digital business, Multipolar Technology (“MLPT“, ticker code MLPT) posted revenues of Rp3.3 trillion, slightly lower than the previous year’s Rp3.4 trillion. MLPT continues to support the acceleration of digital transformation in Indonesia by enhancing its capabilities in the latest technologies such as Cloud, Big Data & AI (Artificial Intelligence), Digital Business Transformation, Security, while expanding its digital & technology investment portfolio.

Through its subsidiaries, the Company has ventured into digital banking platform development, digital health insurance and third-party administration businesses. Its digital banking platform provides technology, application, infrastructure, product design and support to empower traditional banks in their journey into becoming digital banks. Meanwhile in healthtech, the Company’s subisidiary VIDA has started offering digital health insurance thru more than 300 hospitals and clinics by the end of 2023, and another subsidiary Meditap aims to optimize health & benefits processes by integrating high-quality care management & administrative services, successfully partnering with more than 3,300 healthcare providers and serving more than 300,000 active members by the end of 2023.

Adrian Suherman, CEO & President Director of MPC, said: “The implementation of efficiency strategy on all fronts supported by continued deleveraging has resulted in MPC’s improved performance. While continuing to optimize its balance sheet, MPC continues to expand its investments in new businesses, focusing in healthtech, fintech, and other technology-based services.”



MPC is an investment company focusing on consumer and technology space in Indonesia. MPC is listed in Indonesia Stock Exchange (IDX). MPC’s portfolio companies include several entities listed on the IDX, including PT Matahari Putra Prima Tbk (“MPPA”; ticker code MPPA), the operator of “Hypermart” which is one of the leading supermarket chains in Indonesia, PT Matahari Department Store Tbk (“MDS”; ticker code LPPF), which owns the largest department store chain in Indonesia, PT Multipolar Technology Tbk (“MLPT”; ticker code MLPT), PT First Media Tbk (“FM”; ticker code KBLV) & PT Bank National Nobu Tbk (“NOBU”; ticker code NOBU).



Agus Arismunandar

Chief of Business Development & Investor Relations – MPC

Press Contacts
Agus Arismunandar