Matahari Returns to Profitability and Strengthens Its Board of Commissioners and Board of Directors

PT Matahari Department Store Tbk (“Matahari” or “the Company”; stock code: “LPPF”) reported gross sales of Rp 6.6 Trillion for the period ending 30 June 2021, 67% above 2020 of the same period. Net revenue at Rp 3.6 Trillion, 58% above 2020.

 (in Billion Rupiah)


Q2 2021

 1st H 2021


of Q2


of 1st H 2020

Gross Sales





Net Revenue





Net Income





Matahari has returned to profitability, with a net income of Rp 533 Billion for the first half of 2021. This result was achieved despite Mudik restrictions impacting Lebaran sales, reduced purchasing power, mass leave cancellations, and measures to protect public health such as reduced operating hours.

Matahari has seen promising progress in the following key operational areas:

  • more predictable margins by the exit of underperforming brands and styles
  • ongoing modernisation of merchandise, with a pipeline of new initiatives which is bearing fruit
  • re-organised operating regions for greater productivity
  • store enhancement work for a smoother shopping experience
  • selective use of capital expenditures for essential customer improvements
  • shift to asset-light model with reduced warehouses, assets and low-performing assets is well underway

The Company believes that its shares have underperformed, and therefore launched a share buyback program in August 2021, for a maximum of 15% of the Company's paid-up and issued capital with the earmarked fund of Rp 450 Billion.

The Company also held the Annual General Meeting of Shareholders (“AGMS”) on 27 August 2021 approved the changes to the Company’s Board of Commissioners and Board of Directors structure. The changes were approved by the shareholders in order to support the Company’s continuing transformation and growth strategy in 2021 and beyond.

Board of Commissioners:

President Commissioner                                : Monish Mansukhani

Independent Vice President Commissioner      : Roy Nicholas Mandey

Commissioner                                              : Andy Adhiwana*

Commissioner                                              : Adrian Suherman

Independent Commissioner                           : Bianca Cheo Hui Hsin*

Independent Commissioner                           : David Fernando Audy*



Board of Directors:

President Director                                        : Bunjamin J. Mailool

Independent Vice President Director              : Terry O’Connor

Independent Director                                   : Niraj Jain

Independent Director                                   : Irwin Abuthan

Independent Director                                   : Miranti Hadisusilo*

Independent Director                                   : Herni Dian Anggreani*             


Terry O’Connor, CEO of Matahari said, “We are pleased to have returned to profitability and this is a testimony to the hard work and diligence of our people. We have fully repaid our debts and have a very healthy cash balance as at the end of the period. That said, we believe Matahari can perform much better post PPKM as initiatives gather pace and the constraints of COVID-19 are increasingly behind us and we intend to transfer key learnings from this past season forward to Lebaran 2022. With our people now fully vaccinated, and our strong safety protocols we believe that we are well placed to take full advantage of the coming recovery in our stores and in executing our omni-channel ambitions, especially currently our outlets Indonesia have been 100% opened by following the health protocols and PPKM regulations that apply in every respective regions.”