Phapros Successfully Opens New Export Market in Timor-Leste

JAKARTA, August 30, 2024 - PT Phapros Tbk, one of Indonesia's leading pharmaceutical companies, continues to aggressively expand as part of its strategy to increase revenue by the end of this year. The expansion involves opening a new export market in Timor-Leste during the first half of 2024.

Acting Director of Phapros, Ida Rahmi Kurniasih, stated that Timor-Leste is one of the new countries targeted for exports by the company, which is listed under the stock code PEHA.

Despite its geographical proximity to Indonesia, Timor-Leste is one of the new countries targeted for exports this year. Currently, the country does not have any pharmaceutical companies, so our expansion opportunities remain wide open. This clearly demonstrates Phapros' efforts to establish cooperation with new countries. The collaboration will not only have a positive impact on the company's revenue but also promote strategic global collaboration,” she said.

The products exported to Timor-Leste include Antimo Tablets, multivitamins, and other pharmaceutical products such as herbal medicines and antiallergic drugs.

In addition to Timor-Leste, Ida added that the company is also shipping products to Cambodia and the Philippines. “Cambodia was our first export destination in 2014, and to this day they remain loyal customers of Phapros products. This indicates that the products we produce have proven quality, not only domestically but also internationally,” he explained.

“Phapros' export performance in the first half of 2024 increased by over 100% compared to the same period last year. Although the export value is not yet significant, we are optimistic that it will grow further in the future, especially with potential government tenders from local authorities.”

“With these export enhancement efforts, we aim for exports to contribute nearly 10% of total revenue within the next few years,” he added.

On the other hand, the company listed under the stock code PEHA recently released its first-half 2024 financial report, showing a 33% decline in sales performance compared to the same period in 2023.

Acting President Director of Phapros, Ida Rahmi Kurniasih, acknowledged that this year the company's main strategy is focused on continuous internal restructuring, so the performance correction in the middle of 2024 is not a bad sign, but rather evidence that fundamental improvements have been made in the company's business through operational excellence and commercial excellence. Therefore, the company is confident that with a solid strategy and sustained innovation across the entire organization, the results to be achieved by the end of 2024 will yield positive outcomes for all stakeholders.