MAP profit jumps 79% in 2011

29 Mar '12

2 min read

Indonesia's leading lifestyle retailer, PT Mitra Adiperkasa Tbk (MAP) announced its financial results for full year 2011.

For full year 2011, the company posted record net revenue growth of 25% to Rp 5,890 billion - up from the Rp 4,712 billion achieved in 2010. Operating profit grew 39% from Rp 449 billion to Rp 622 billion. Net profit jumped from Rp 201 billion to Rp 360 billion - a massive 79% increase over 2010.

Commenting on the full year 2011 results, Fetty Kwartati, Corporate Secretary of MAP said: "2011 was an exceptional year for MAP. Our same-store growth was a strong 14% as Indonesia surges ahead on a wave of spending by a growing middle class. With a portfolio of over 100 international brands, MAP is poised to reap the full benefit of this rising tide. For 2012, we have set aside a capex of Rp 600 billion with plans to add 60,000 sqm to our total retail footage which currently stands at 467,503 sqm. Looking ahead, we are truly excited about our future."

All in all, MAP opened a net total of 190 new stores in 2011 - including new retail concepts: Max&Co, Stradivarius, Bershka, Pandora, New Look, BCBG Maxazria, Payless and Travelogue.

As part of its growth strategy, MAP launched another two new concepts in the first quarter of 2012: Spanx and DKNY. The First DKNY store opened in the first week of March in Plaza Indonesia.

A multi-award winning company, MAP was listed in Forbes Indonesia's A-list of "Top 40 Companies in Indonesia" and Fortune Indonesia's "Most Admired Companies in Indonesia (Top 20)" in 2011. The share price of MAP was quoted by Bloomberg as the "Best Retail Performer in the World" with 641% rise between July 2010 and July 2011. Currently, MAP is the no. 1 Lifestyle Retailer in Indonesia with a portfolio of over 100 international brands and a retail network of 1,062 stores in 38 cities.

PT Mitra Adiperkasa Tbk (MAP)

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